TRUSTS ATTORNEY IN MINNEAPOLIS, MINNESOTA

If you are currently exploring the estate planning tools that might be best for you, you may want to consider putting a portion of your estate into a trust, which can be an effective way to manage and distribute your assets. However, setting up a trust properly requires the expertise of a skilled trusts attorney in Minneapolis, Minnesota.  

Our attorney at Engel Professional Association can guide you through the process of creating a trust that meets all the legal requirements for it to be valid in the state of Minnesota. We can explain the different kinds of trusts available in your situation and advise you on the best plan to achieve your specific goals and needs. Our law firm provides a complete range of estate planning services to clients in Minneapolis, St. Paul, and other parts of Minnesota, including Maple Grove, St. Cloud, Mankato, and Woodbury.  

Overview of Trusts

A trust is a legal arrangement in which the trustor (creator of the arrangement) appoints a trustee to hold and manage certain assets for the benefit of another person, called the beneficiary. Similar to a Last Will and Testament, a trust can be used to manage the distribution of your assets, though trusts offer greater control over your assets.   

The most notable advantage of creating a trust is that the assets held in trusts are not normally subject to probate. However, there is no need to choose just one document. A trust and a Last Will and Testament can complement each other because they are separate documents.  

The most common type of trust is a living trust, though there are also charitable trusts, testamentary trusts, special needs trusts, and other types. Living trusts are established during the trustor’s lifetime and can remain up and running after their death. These trusts can be revocable and irrevocable. An irrevocable trust cannot be revoked or modified without the named beneficiary’s consent, while the revocation or modification of a revocable trust does not require anyone’s permission.  

Why You Need a Trust

While everyone’s circumstances are different, anyone who creates an estate plan might want to consider setting up a trust. Some of the things a trust can do include: 

• Avoiding probate. By placing assets into a living trust, these assets can avoid the costly and lengthy probate process. When you set up a trust, you transfer ownership of your assets to the trust, allowing you to bypass probate.  

• Save money. As mentioned earlier, the assets placed into the trust can bypass probate, which means you can minimize the cost of the probate process. Setting up a trust can also save your estate money because it is unlikely that someone will challenge the distribution of assets under the trust. The same cannot be said about a Last Will and Testament.  

• Protect your privacy. A living trust is a private document between the trustor, the trustee, and the beneficiary. Unlike a will, a trust does not become a matter of public record, which helps the parties to maintain confidentiality.  

• Provide certainty and peace of mind. A trust can help achieve many of your estate planning goals. This legal arrangement provides a high level of control and certainty, allowing you to rest assured that your estate will be correctly administered.  

If you are not sure how to get started, our attorney at Engel Professional Association can help. We can walk you through your end-of-life arrangements and ensure that all legal aspects surrounding your estate have been addressed appropriately.