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There's a significant difference between being a beneficiary or trustee of a trust. If you're named as a beneficiary then you stand to benefit from the assets in the trust. On the other hand, if you're the trustee it's your job to manage those assets ing to the wishes of the trust creator.

After the grantor has died, the trustee must typically notify beneficiaries of a trust, usually within a certain period of time. The beneficiary may receive notice from the trustee via mail or in person, and they can request to see a copy of the trust document if they're about to inherit trust assets.

TRUST REGISTRATION If an individual has created a Trust, he or she may want to register it with the Probate Court. To do so, the individual must complete the Trust Registration form, PC 610 and submit it to the Probate Court along with a $25 filing fee.

Generally speaking, a trustee cannot withhold money from a beneficiary unless they are acting in ance with the trust. If the trust does not indicate any conditions for dispersing funds, the trustee cannot make them up or follow their own desires.

It isn't difficult to create a living trust in Michigan. However, it does require some planning and research. You can set up a living trust your own, but unless you're very confident in your financial abilities you might want to hire a lawyer.

You are entitled to a copy of the Trust if you are a direct beneficiary. A direct beneficiary is a person who receives an immediate benefit from the trust. For example, if the trust is created and you have been given an immediate right to some portion of the income of the trust, then you are a direct beneficiary.

Once established, irrevocable trusts can't be changed or canceled by the grantor (hence the ?irrevocable? in their name). The grantor forfeits ownership and authority over the trust and is unable to make any changes or amendments to the terms of the trust without permission from the beneficiary or a court order.

The assets you cannot put into a trust include the following: Medical savings accounts (MSAs) Health savings accounts (HSAs) Retirement assets: 403(b)s, 401(k)s, IRAs.

Depending on the type of trust you have, there are many assets you can put in a trust, including your bank accounts, real estate property, and insurance policies. There are also several things that generally shouldn't be included in your trust plans, like retirement accounts, everyday vehicles, and HSAs.