Frequently Asked Questions
Trusts and estate planning can be difficult to understand. Our Minneapolis estate planning attorneys are ready to help you get what you need to plan for your family’s future. Click on the question to view the answer.
Trusts have many uses and can provide many benefits depending on what someone's planning goal are. A revocable living trust will help a family to avoid a cumbersome probate administration (versus a will document which goes through probate). Some irrevocable trusts are used to keep assets out of a person's directly "ownership" so that assets cannot be reached by debt collectors or will not be subject to estate tax. Not everyone needs a trust, but for many families there can be tremendous benefits.
A revocable trust is a type of legal arrangement (we usually refer to this as a "private family entity") which can own assets or receive assets (real estate, life insurance, cash) at death. Anything that ends up in this trust entity will be controlled by the private family agreement (the "trust agreement"). You sign private agreements every day... credit card agreements, account agreements, leases, mortgages ... similar to these types of private agreements, a trust agreement does not require a judge to work. This is what differentiates a will-based estate plan from a revocable trust-based estate plan: Will documents are court documents and require a judge. Trust documents govern the private family entity and do not require a judge.
In a combined 35 years of practice between our team, we have never once completed a "basic will." Every family is different, every asset is different, and the interplay between them is always different. We have never created the exact estate plan twice. Because of this, it can be very challenging to give an accurate cost. We recommend booking a free phone strategy session with one of our attorneys. They will be able to get a little better understanding about you and will be able to give an idea of the process and possible cost options.
While we can help with general questions like these on our website, contact us to get answers more specified to your situation. We are always happy to help!