Elk River Trusts Lawyer

Elk River Trusts Attorney

Contrary to what many people believe, trusts are not just for individuals with vast wealth or considerably high-valued estates. Trusts can actually be used to benefit individuals from all backgrounds who wish to protect their hard-earned assets, legacy, and loved ones. When deciding on whether to establish a trust, you will need the assistance and support of an Elk River trusts lawyer, who can help you navigate this process.

In estate planning, many individuals opt to only establish a will. While a will can be extremely beneficial in almost all estate plans, having a trust can compliment this will in many ways. It is vital that a trust be set up with the assistance of an attorney who can make sure it is legal and operating in a way that aligns with your goals and purposes. At Trek & Trust Law, we have the experience required to establish and manage all types of Minnesota trusts.

Types of Trusts Available in Elk River

Trusts are an essential tool in many estate plans, as they give you flexibility and control over your assets. They are also customizable to fit your unique and personal needs. A trust can be tailored to suit a wide range of personal objectives. At Trek & Trust Law, our team can review the unique details of your estate and help you determine which kind of trust might be right for you. Common Minnesota trusts include:

• Revocable Living Trusts: A living trust is created when the person is still alive. These are often used in cases where a parent establishes the trust for their child and designates themselves as the trustee. As the trust’s beneficiary, the child does not own the property but rather receives income from the trust. This form of trust can be changed or modified at any time, and it can also be revoked.
• Irrevocable Trusts: This form of trust offers less flexibility than its revocable counterpart. Once this trust has been established, it cannot be changed, modified, or terminated. However, it can be beneficial for avoiding taxes, preserving your wealth, and helping your loved ones avoid probate following your death.
• Charitable Trusts: This trust can be used to make charitable donations to organizations of your choosing. It can also allow you to save on certain estate tax liabilities. In most cases, the individual who creates the trust will transfer property holdings, such as real estate or art collections, into the trust. It will then hold onto these assets until they are transferred to the charity upon the grantor’s death.
• Bypass Trusts: In these trusts, a married couple, in most situations, can shelter more of their estate from tax liabilities. The first spouse who passes can leave assets held within the trust, which can provide income to the surviving spouse. Upon their death, the assets can be transferred to the couple’s children without facing taxes due to the second death.
• Spendthrift Trusts: These trusts can be a good idea in cases where the beneficiary of the trust is too young or does not have the mental ability to handle the money responsibly. This type of trust can be created so that the beneficiary can receive the funds at certain times. It can help a younger individual manage their finances without squandering money on poor choices.
• Life Insurance Trusts: These trusts are often established to improve an estate’s liquidity. The trustee of the life insurance trust is named as the beneficiary of the insurance policy, and the trust receives the proceeds from this policy at the time of the grantor’s death.

Professional Trust Establishment With Trek & Trust Law

When you work with the team at Trek & Trust Law, we can offer experience and resources in the legal establishment of a trust. Our team thoroughly comprehends trust creation law and can use this knowledge to your benefit, helping you and your loved ones avoid certain tax liabilities and probate. Our firm can work to protect your family members and legacy.

FAQs

How Much Does It Cost to Get a Trust in MN?

How much it might cost to set up a trust in Minnesota will vary based on the specific estate at hand. There are many variables in these cases, and each can influence the amount of money it will take to establish a trust. These include the complexity of your estate and your assets, the value of the assets you wish to place in the trust, and the kind of trust you establish.

What Are the Benefits of a Trust in Minnesota?

There are several benefits in creating trust. First, as a will is public record, a trust can provide you and your loved ones privacy. Trusts can also help your family avoid probate court and all the headaches and fees that come with that process. Creating a trust is also tax efficient, as it allows you to mitigate the impact of certain tax liabilities.

How Do I Set Up a Trust in MN?

When you establish a trust in Minnesota, you will want to be sure you have certain information with you. First, create a document that specifies all your wishes for your assets. You will also want to have the names of your trustee or trustees, a list of all the beneficiaries of the trust, and another document describing the responsibilities of these trustees. Your lawyer can then help you prepare and file the necessary forms.

Can I Update My Trust in MN?

Yes, in certain cases, such as one involving a revocable living trust, you can and should update a trust. A trust should be updated when certain life circumstances change. These can include a change in marital status, new births, or the acquisition of new assets. It is wise to regularly review your trust with your estate planning attorney. They can make sure your trust is up to date and still fits your purposes and goals.

Speak With an Experienced Trusts Lawyer Today

When creating a comprehensive estate plan, the establishment of a trust can be extremely beneficial, no matter your wealth, your status, or the value of the assets you own. At Trek & Trust Law, our team can help you create a trust that fits your needs, your assets, and your loved ones. Contact our offices today for more information.