Serving Southeast Michigan For Over 30 Years.

What You Need to Know Before You Create A Trust

Creating a trust can be important for people who are putting together their estate plan. Trusts can help you avoid the probate process, while also securing your assets and property for your beneficiaries.

What you need to know before you create a trust

If you are the one creating the trust, then you are the "grantor." When you place your assets and property into your trust, your appointed "trustee" will be in charge of, and must manage, the trust. The person who ultimately benefits from your trust is the "beneficiary."

The main types of trusts include:

Revocable – With a revocable trust, the trust grantor may designate him or herself as the trustee and take control of assets within the trust. The grantor is free to change the beneficiaries or undo the trust at any time.

Irrevocable – With an irrevocable trust, the grantor waives certain rights to control the trust. The trustee becomes the legal owner, and the named beneficiaries are set. The grantor can do little to change the agreement.

When you create your trust, it will be bound by local laws and the trustee will be bound not only to those laws, but the provisions and terms of the trust. A deed will be created when the trust is created, called a "declaration of trust." If trustees are negligent in their duties, they can be held responsible for their actions.

The biggest benefit to having a trust is the ability to transfer assets and property to the trust, thus protecting them from the probate process. Probate can be costly and time-consuming, so avoiding this process is a major goal for many people when putting together an estate plan.

Help is available

The estate planning attorneys at O’Reilly Rancilio are ready to answer your questions regarding trusts. For more information please call 586-726-1000 or visit our website.

For More Information

  • This field is for validation purposes and should be left unchanged.

Press Room

Congratulations to O’Reilly Rancilio founding member, attorney John Nitz, on receiving Distinguished Volunteer recognition from Advancing Macomb. Mr. Nitz is a fou… Read More
Attorney Sean M. Colonna has joined O’Reilly Rancilio P.C. as an associate in the firm’s estate planning, business law, and litigation and disputes practice area… Read More
Read More From Our Press Room


The U.S. Equal Employment Opportunity Commission (EEOC) recently posted updated and expanded technical assistance related to the COVID-19 pandemic, addressing questi… Read More
Business owners want to know where you shop, what products you like, what you may want to buy in the future, and much more. Data brokers are companies that utilize t… Read More
Read More From Our Blog