Ramsey MN Living Trust Attorney
Establish a Living Trust
A Trust can complete a broad range of goals: avoiding probate and legal battles, lowering estate and/or income taxes and protecting privacy. Trusts are not always the best solution, and it’s important to carefully weigh the benefits and potential drawbacks.
The intention for an heir be provided for financially is the most frequent reason for creating a Trust. In the case of minors, a trust allows a parent to provide for a child in their absence while not giving the child control over the property. The parent can also mandate how the property is to be dispersed and for what purposes.
A trust is also an sufficient tool for supporting recipients who have mental impairments or otherwise lack investment experience. The trust document can establish that all money is controlled by a trustee with demonstrated investment experience and judgment. Likewise, a trust can preserve assets when the beneficiary has a history of poor spending or invest habits. It can also protect assets against a recipient’s poor choices, and even from judgments and other collection actions.
A “spendthrift” provision in a Living Trust is commonly used to further preserve the integrity of assets. It prohibits an heir from transferring his or her interest and bars creditors from reaching into the trust. Living Trusts are quite easy to update, modify or revoke in most cases.
A Trust established by a Will is a testamentary Trust, and can accomplish every purpose discussed above.
Serving Ramsey, MN for all Living Trust Establishment Services.
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