A revocable trust in Minnesota is not a document solely for the rich or wealthy.
Yes, a revocable trust is a fantastic way to reduce stress in your family and reduce the possibility of having your affairs managed by a probate court.
Yes, Minnesota has very specific rules governing trusts. If you need help or have questions about a revocable trust in Minnesota, contact this law office for help.
What is a Revocable Trust in Minnesota?
But wait, what is it? Keeping it simple, a revocable trust in Minnesota is a document that acts much like a cardboard box. A revocable trust allows you to put your “stuff” in a box and hand deliver or distribute it among your friends and family when you are no longer able to think on your own behalf or when you die.
Sticking to my box example, a revocable trust is an opportunity to move your stuff without needing a moving company like a probate court.
Still confused? Revocable trusts in Minnesota are documents used to transfer assets to friends, family, and entities without requiring your assets to be reviewed or managed by a Court. The use of a revocable trust keeps your distribute private and is implemented at your command.
Is a revocable trust in Minnesota complicated?
Your revocable trust can be as simple or as complicated as you desire. For example, some people want their stuff or assets divided equally among their children or grandchildren. Other people, like Coach Dean Smith, prefer to add details like paying for a dinner in their honor.
Yes, a person can have a revocable trust in Minnesota. However, a “trust” can mean many different things because they are documents used to describe a specific goal or process.
Yes, the most common type of trust is a Revocable Trust in Minnesota. However, people sometimes inquire about an irrevocable trust and or a special needs trust. If you have questions about the differences, please contact this law office for help.
What is the hardest part about a revocable trust?
The hardest part about a revocable trust in Minnesota is funding the trust.
Continuing with the analogy above, funding a revocable trust is the actual process of placing your stuff inside the box. Generally, a person seeks help building the box. The person in charge of placing your stuff inside the box can be you, your accountant, an attorney, etc.
How do you fund a revocable trust in Minnesota?
The process of funding a revocable trust in Minnesota depends on the asset. Adding your car to a revocable trust is different than adding a bank account to a revocable trust.
Also, a person will not necessarily put all of their assets into a Minnesota revocable trust because of tax consequences or to prevent their stuff from being distributed among other assets.
How long does it take to write a Revocable Trust in Minnesota?
The time required to draft, edit, and for a Client to formalize a revocable trust largely depends on a person’s organization. Some people are able to identify their assets very easily while others have not visited their bank for many years.
On the other hand, if a person is experiencing a medical issue, the process to draft, edit, and formalize a revocable trust in Minnesota should be expedited. Yes, it is very common for this law office to expedite the drafting process to accommodate the health of a Client.
How many beneficiaries can you list in a revocable trust?
Here is another wonderful benefit to a revocable trust versus not having a revocable trust – you can pick as many people (young and old) and entities (your Church, a park, scholarship fund, charitable organization, etc.) as you wish. Also, a revocable trust helps keep your wishes private.
However, if you do not have a revocable trust, your affairs may become public upon being distributed by a probate court.
Do you need an attorney to create a revocable trust?
This law office is biased. Yes, it is my opinion you should contact a lawyer to draft your revocable trust in Minnesota.
Given the legal rules and laws applicable to revocable trusts, keep it simple and don’t create more headaches for your family and friends.