Do I Need To Create A Trust For My Estate?
From time to time, you may see information encouraging you to create a trust for your estate, in place of or in conjunction with a will. At its most basic, a trust is an agreement between three parties:
- The person making the trust agreement, known as the trust-maker, grantor, or settlor
- The person named as responsible for managing the property and assets placed in the trust, known as the trustee
- The person who receives benefits from the assets/property placed in the trust, known as the beneficiary
At Mary Ebb Law, an attorney from our law firm can examine your estate planning needs and give you honest counsel on whether a trust would make sense for your situation. We work with clients from throughout Ramsey County, including White Bear Lake, Roseville, North Oaks, Shoreview and elsewhere.
Cases In Which A Trust Makes Sense
A trust may be helpful for your estate plan if you have a number of assets that are spread across different holding companies in different locations. It can also be useful if you have a number of real estate holdings in far-flung places. Consolidating these items into a trust will make it much easier for the trustee you name to manage them after you are gone.
If you have a high-asset estate, a trust can provide you with important tax-planning advantages. Specific types of trusts can assist you in removing assets from your estate, reducing the amount your estate may have to pay in taxes after your death.
Trusts Can Resolve Special Situations
If you have a person for whom you would like to make special provisions beyond what can be done in a will, a trust may provide a valuable option for you. Your attorney can help you set up a trust specifically to aid a disabled or vulnerable adult, or to provide financial oversight for a beneficiary who needs it. The trustee you designate can be empowered to use trust funds to assist the beneficiary with needs such as adjunctive therapies, pet care, mobile phone or internet service, or special activities such as concerts or travel.
Turn To Us For Advice On Trusts
Lawyer Mary Ebb understands how trusts function in Minnesota. Make an appointment with our firm today by calling 651-323-2236 or contacting us online.