Taking Your Future Seriously
Estate planning can be an overwhelming and challenging process. There are seemingly endless options to include. One of the most popular documents in an estate plan is a trust. A trust is one of the best methods for passing assets to your family and loved ones after you’re gone, especially if you want to leave assets to your loved ones without the hassle of dealing with the probate process.
In Minnesota, the probate process can take months or years and can be expensive and emotionally draining for your loved ones. Setting up a trust with an experienced estate planning attorney can help your family avoid these contentious situations in the future.
Our team can work with you to answer all your questions and fully understand your goals before drafting your trust. With something as serious as your future and the future of your loved ones, we use care and consideration when providing legal guidance.
Protecting Your Family
A trust is a fiduciary agreement that gives a trustee the right to hold and manage assets for the benefit of a specific person or organization. A trust enables you to transfer your property and assets to particular beneficiaries. It offers control over your estate and the possibility of minimizing estate taxes.
Two main types of trusts are commonly used in estate planning: a revocable living trust and an irrevocable living trust. A revocable living trust allows you to alter the trust by adding or removing assets or changing beneficiaries. Upon your passing, the trust’s assets will be preserved and protected for your beneficiaries. An irrevocable living trust does not allow for changes once you have gifted the assets to the trust.
There are many benefits to having a trust, including:
- Low maintenance
- Avoid probate court
- Protect your wealth and assets
- Reduce estate taxes
- Prevent conservatorship
- No delays in distributing assets
Trusts can be complicated to draw up, especially if you have a large estate. However, working with an experienced trust attorney can make the process more manageable. We can help you create a trust that will protect and maintain your heirs and estate.