As the name implies, a trustee is someone in whom people place their trust. When it comes to trusts, a trustee is the person named to manage the assets according to the specific terms in the document. It can be a devastating thing to learn that a trustee has broken his or her honor and misused the faith people have placed in him or her.
When people in Michigan and elsewhere have planned well for the future, they likely feel confident that family members and loved ones will be provided for. Plans may include wills & trusts, as well as life insurance policies and retirement accounts. One common mistake people make after creating their plans is to fail to review their beneficiary designations on a regular basis. This is important because one's life and situations can change frequently and rapidly.