Revocable Trust Lawyer in Minneapolis Helping You Plan for the Future
When it comes to estate planning, there is no shortage of options. One of the centerpieces in many estates is a revocable trust. Without a revocable trust created by a competent trust and estate planning lawyer, your loved ones face a potentially complex, expensive, and messy legal process known as probate. The more you plan in advance, the easier the process will be for your loved ones. Including a revocable trust can be a very wise move.
Probate in Minnesota typically takes months or even years and can be very expensive. In more populous estates, probate may cost tens of thousands of dollars. Far too often, probate causes major conflicts between family members as they stand in front of a judge and argue their rights to the assets you’ve left behind. Setting up a trust with the help of an experienced attorney can help to head off these situations. The most popular type of trust is a revocable trust.
What is a Revocable Trust?
Think of a revocable trust as a kind of legal “container” you create with the counsel of an attorney. You place some or all of your assets into this container, and throughout your lifetime you are both the trustee, or “manager” of the container, and the beneficiary, or recipient of everything the container has inside it. If you are married, you might decide to make your spouse an equal trustee and beneficiary.
When you pass away, a new trustee, whom you selected in advance, is handed the container. Often that’s a family member or trusted loved one, but it could be a professional trustee. The role of a trustee is to distribute the assets from the trust to the beneficiaries you listed within it. If done properly with the help of a trust attorney, a trust may help to avoid any legal disputes, court hearings, or additional fees. Your loved ones will receive your assets exactly in the way you wanted.
Because a revocable trust is just that revocable you can modify it as often as you like during your lifetime. To create a professional revocable trust, be sure to hire a trust and estate planning lawyer to make sure your hard-earned assets go to the right people, the right way, at the right time.
How Do I Create a Revocable Trust?
A trust is created simply by signing the trust document. Your signature “brings the trust to life.” That said, a lot of websites and snake oil salesmen will try to sell you a “do it yourself” trust. Tread cautiously if you’re considering that approach. While a revocable trust can be a huge asset when it comes to protecting your assets, it can also become the center of a legal battle if anyone contests the trust. The best way to create a revocable trust that will hold up and provide you the security you are looking for is to create it with the help of an experienced trust attorney.
Is a Revocable Trust Right for Me?
An experienced trust attorney will quickly gain a clear understanding of your assets, family standing, and testamentary goals. Our team of estate lawyers does these assessments every day and can help you get started immediately.
Do I Really Need a Trust and Estate Planning Lawyer?
Some people don’t think you need an attorney if you want to set up a revocable trust, but the truth is, your trust is one of the most important documents you’ll ever create. Having your revocable trust set up with the assistance of an experienced attorney ensures that it will protect your assets and that your wishes will be honored.
Give Stone Arch Law Office, PLLC a call at 612.444.5555 to speak to a skilled attorney and start drafting your revocable trust today.