If you are looking for an option that allows you to maintain control of your assets, a revocable living trust might be the perfect solution. Revocable living trusts are the most popular type of trusts in Minnesota. When you need help establishing your revocable trust, our attorneys are here to assist.
Revocable Living Trusts in Minnesota
In simple terms, a living trust is any trust that is made while the person establishing the fund is still alive. There are many different ways a living trust can operate, but many people use them to establish a trust for a child. Typically, an individual will name the child as a beneficiary, while keeping control of the property as the trustee. While the person establishing the trust is still alive, he or she maintains full control over all assets in the trust. The child does not own the property within the trust; instead, the child receives income derived from the trust.
With a revocable living trust, you have the ability to make adjustments to the trust at any point during your lifetime. Adjustments could include adding or removing assets or property to the trust, naming a new beneficiary, or modifying aspects of the distribution of the trust. Oftentimes, the person establishing a revocable living trust will name himself or herself as the trustee and the beneficiary. No matter how you choose to set up your revocable living trust, you maintain control over the property while you are alive. Once you die, the revocable living trust acts similar to a Will in that it can dictate what will happen to the property. However, there are some distinct advantages that a Trust has over a Will.
A revocable living trust is a very flexible way to plan an estate. It gives you the ability to make changes as often as you like while you are still alive. It also can help prevent probate after your death. Another advantage of a revocable living trust in Minnesota is privacy. This type of trust document is not accessible to the public, unlike probate proceedings. There are several other advantages to revocable living trusts, and it’s important to speak with a qualified estate attorney so that you can best understand all of your options.
There are many different types of trusts, and finding the right one for you can be confusing if you don’t have the proper guidance. Our Minnesota estate planning attorneys can help determine the best course of action for you to take when it comes to establishing your living trust. We’ll help you figure out if a revocable living trust is the best option for you. Contact the Brown Law Offices, P.A. today at 763-323-6555 for a free consultation.