Anoka Trusts Lawyer

Anoka Trusts Attorney

If you are considering estate planning, organizing a trust that meets your needs can be an important part of organizing and managing your assets. There are many regulations governing these arrangements, and setting them up can be a confusing process. With an experienced Anoka trusts lawyer by your side, you can find the arrangement that works for you and your loved ones.

About Us

At Trek & Trust Law, we have been helping the communities of rural Minnesota address their legal issues, offering peace of mind and experienced counsel. With dedication and a comprehensive approach to clients’ concerns, we have garnered a reputation for honesty, communication, and personal attention to our clients.

What Are Trusts?

Minnesota trust laws define trusts as legal mechanisms arranged by their creator (called the settlor) with regard to those who will manage their assets (known as the trustee) and the person or persons for whom they will be managed (the beneficiary).

Like wills, trusts can provide for the management of assets in the event of death or incapacity. Unlike wills, which also address family issues such as guardianship, trusts only address the management of assets and their disbursement.

Common Types of Trusts

Trusts can be set up anytime, and are extremely versatile, depending on what the settlor hopes to achieve. While there are many types of trusts, some common forms of trusts that first-time settlors may come across are:

• Revocable Trusts. This type of trust is set up to be easily amended. It can be revoked or changed at any time by its settlor. This allows for a versatile arrangement that remains flexible, depending on the needs of the creator, while assets are managed by a trustee.

• Irrevocable Trusts. These trusts are much harder to change. In these arrangements, the ownership of the assets is transferred from the settlor to the trustee, who administers them to the beneficiary based on the parameters of the trust.

• Spendthrift Trusts. This type of trust enables limited access to the assets within it to prevent mismanagement. This is a common arrangement made for beneficiaries who are unable to responsibly manage wealth.

The Benefits of a Trust

There are extensive benefits to setting up a trust. They can be used to plan for eventualities of incapacitation, help mitigate issues of probate and taxation, and help responsibly manage the assets of those who otherwise may be unable to, among many others. In aging populations, such as Anoka, where over 10% of residents are over 65, these options can provide peace of mind.

Revocable trusts, with their accessibility and ease of change, make an excellent way to ensure that assets remain available to you should you lose the capacity to manage your own estate. Irrevocable trusts are often preferred by those wishing to avoid taxation issues and probate after death. As assets are transferred to another individual, they are not subject to the same scrutiny and rules that owned property or wealth might be.

Spendthrift trusts are excellent ways to ensure that those not responsible enough to manage their assets are taken care of. These are commonly applied to children below eighteen who may not be financially responsible, or those who have some form of disability that prevents them from managing their assets.

Why Choose Trek & Trust Law?

When setting up a trust, it is critical to have experienced counsel that can walk you through the appropriate steps. Regulations regarding the establishment and appropriate criteria for trusts can be complex. They require a deep knowledge of the legal landscape, an eye for detail, and strong communication skills to ensure that the trust you are setting up is the right one for you.

When hiring a trust lawyer, it is essential to find an Anoka trust attorney with experience. At Trek & Trust Law, our experienced lawyers have been working for years across a broad range of trust cases. We understand the magnitude of decisions being made over trust issues, and we communicate with you openly, honestly, and frankly on appropriate options.

FAQs

What Is the Difference Between a Trust and a Will?

There are several key differences between a trust and a will. A will is usually created in order to ensure that certain actions are taken after a person dies or becomes incapacitated. A trust, on the other hand, is a legal mechanism for the management of assets and can be set up anytime during a person’s life.

How Can Trusts Help With Tax Issues?

Trusts can help with tax issues in several ways. One of the clearest examples of this is the case of irrevocable trusts, where actual ownership of the assets is transferred from the settlor to the trustee. In such cases, those assets cannot be taxed by the individual. This is also an ideal situation for those seeking to exempt certain properties from the probate process after death.

What Are Common Types of Trusts?

There are many different types of trusts, but for those first engaging with the topic, there are three that are helpful to be informed about. Revocable trusts are those set up between a settlor, trustee, and beneficiary that may be easily changed at any time. Irrevocable trusts are near-permanent situations where ownership of assets transfers from the settlor to the trustee, and spendthrift trusts are those that have a highly structured disbursement regime.

What Qualities Should a Trust Lawyer Have?

A trust lawyer should have several qualities to be effective. They must be experienced in handling and setting up different kinds of trusts with clients, be familiar with relevant laws regarding trusts and their management, and be effective communicators. These qualities are essential for them to effectively serve their clients’ interests.

Hire an Anoka Trusts Lawyer

Today, 67% of Americans don’t have any form of an estate plan. With an increasingly growing and aging population, setting up mechanisms to manage assets can be an important part of planning for the future. Whether you want to set up a revocable, irrevocable, spendthrift, or other form of trust, Trek & Trust Law is prepared to assist you. Contact us today to learn how we can help.