Generally, nearly every estate plan will be governed, in some form, by the Michigan Estates and Protected Individuals Code (EPIC) (MCL 700.1101 et seq.) and the Michigan Trust Code (MTC) (MCL 700.7101 et seq.). When developing a proper estate plan, both statutes and common law should be reviewed.

As a legal title holder of valuable assets, such as real property or jewelry, it is essential that a procedure is developed, well before death, to assure they are handled properly after death. Placing those assets legal title under the management of a trust is one step in ensuring smooth passage of assets to proper parties (beneficiaries) after death (MCL 700.7401). A living trust (inter vivos trust) is different in several aspects from a trust created at death (testamentary trust); those aspects should be considered with the assistance of legal and tax professionals.

Choosing a trustee wisely is an important step to consider. The trustee is responsible for the proper management, safeguarding, and administration of trust assets. Thus, not only should the trust creator (settlor/grantor) choose wisely, it is critical that the trustee (him or herself) understands the full weight of accepting the position. They should be counseled on the details of the asset management of the trust as well as any liability that accompanies (statutory, implied, or written).

The establishment of a trust and regulation thereof, is outlined in MCL 700.7401 et seq. When you consult with your professionals, be clear and frank with him or her. Think about what your 5 year and 10 year goals are before and after death so you may articulate those goals to your chosen professionals. Establishing a trust is a very detail rigorous process, thus it is important that you express your desires to your attorney and accountant so that the trust may take over, as you wish, in the case of incapacity or death.