Every person should have an estate plan. A good estate plan would have a financial power of attorney, medical power of attorney, and a will. A really good estate plan might also have a revocable living trust. A living trust is an estate planning device which avoids probate by transferring ownserhip of assets to the trustee of a living trust. A common transfer is a house, vacation property, or a bank account to the trust. When the trustee of a trust is also the creator, or settlor, then that trust is called a self-settled trust which is for the benefit of the settlor initially and the heirs upon the settlor’s death.

What happens when a person files for bankruptcy protection, at least in Michigan, when they have a living trust Continue Reading