If you are considering setting up a bare trust to convey property to your children or grandchildren, getting the advice of a Traverse City attorney skilled in bare trusts can help you determine if such a trust is the right tool for achieving your wishes.
In a bare trust, or simple trust, the beneficiary has the complete right to the capital and assets within the trust and the income generated by the assets. Assets of the trust are held in the name of a trustee, who must manage them to maximum the benefit for the beneficiaries. The trustee has no control over the trust's income or capital and must act according to the beneficiary's instructions. The beneficiary is entitled to take ownership and control of the trust property.
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An attorney consultation should provide you with enough information so that you can make an informed decision on whether to proceed with legal help.
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