Full question:
On the Michigan Mutual Wills for Married Couple with Minor Children, under article seven, do we need to establish the trust or is that established by the Personal Representative? Also, what is the difference between field 37 and fields 38 - 41? Wouldn't the beneficiaries property be placed into a trust once we die rather than field 37?
- Category: Wills and Estates
- Date:
- State: Michigan
Answer:
In Michigan Mutual Wills, specifically in field 37, you indicate the age below which a trust will be created for your children, including naming the trustee and their duties. Field 38 specifies the age at which the trustee can start distributing trust proceeds to the children. Field 39 indicates when the trust will end, based on the age of the youngest child. Field 40 specifies the age a grandchild of a deceased child must reach for the trust to terminate if a child dies before the trust ends, creating a trust for that child's heirs. This field is relevant if the wife dies first, allowing you to specify that when the youngest child reaches a certain age, the trust clauses become void, and the property passes according to the residuary clause in Article 6.
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