How do you write a trust? In Minnesota, a trust should be created using a written document that affirms the fact you are transferring your stuff (property, real estate, belongings, etc.) or money to another person or entity on a specific day (like when you die). The rules for writing a trust are outlined below.
Then, the power that person or entity has over your stuff is described in detail as a duty or power.
What else is required when you write a trust?
The person transferring their stuff or money must have the capacity to grant the transfer.
This means the person must be of sound mind and not under duress. For example, a person who is taking a medication and unable to think for themselves does not have the capacity to transfer their stuff or money into a trust.
What else do you need to write a trust?
Next, for a person to write a trust, they must also want to move forward with the process.
In other words, a person cannot accidentally or unknowingly transfer their stuff or money into a trust without knowing and intending to do so.
Do you need anything else to write a trust?
Yes, to write a trust, a person must also specifically identify a beneficiary of their stuff or money.
This means you need to identify a recipient. An unborn or unnamed person or entity cannot be a beneficiary without meeting very specific conditions not defined or outlined in this article.
Can your three-year-old grandchild be a beneficiary?
Yes, if you write a trust and all of the previously mentioned issues are affirmed, a young person can be a beneficiary.
However, the person writing the trust will identify a trustee or another person to manage the stuff or money until the grandchild reaches a certain age you get to designate.
Need more help?
If you need help writing a trust, please contact this law office for help.