Revocable Living Trust Attorney In Eden Prairie, Minnesota

Andy Gregory Law, PLLC, helps you protect your assets in Eden Prairie, Minnesota and throughout Eden Prairie, Plymouth, Minnetonka, Edina, Bloomington, Roseville, Woodbury, Minneapolis and St. Paul by creating a plan tailored to your situation that provides peace of mind for years to come.

What Is A Revocable Living Trust?

A revocable living trust is an estate-planning document that creates a legal entity to hold assets; ownership is transferred when you actively fund the trust by retitling your property into its name. A trust, however, is flexible and can be revised or eliminated as long as you are able to make decisions.

A revocable living trust allows you to retain management and control over your assets as trustee during your lifetime, provided you remain competent.

Benefits Of A Revocable Living Trust

There are incredible strengths a living trust provides that a simple will cannot; it allows you to keep your estate out of the court’s sight, also avoiding a prolonged delay.

• Avoid probate: Properly funded trust assets pass directly to beneficiaries without going through Minnesota probate court; however, any assets not transferred to the trust may still be subject to probate.
• Privacy: Unlike wills – which become public records when submitted to probate court – revocable living trusts generally remain private unless a court dispute or judicial proceeding arises.
• Control during lifetime: You’re managing accounts and investments and real estate as usual, exactly as they always were.

These legal protections allow your family to face the transition of assets smoothly, privately and directly.

How Revocable Trusts Work In Minnesota

A trust only manages assets formally transferred into it. This step – called funding the trust – involves retitling your bank accounts, real estate and investments in the name of the trust. You also select a trustee (typically yourself initially) and a successor trustee to manage these assets if you become incapacitated or pass away.

Trust Vs. Will: Which Is Right For You?

While both documents name an heir, a will does not take effect until your death and requires probate. A revocable trust is an effective instrument during your lifetime and after your death and does not require probate or judicial intervention.

A trust offers structured asset management for minor children and avoids probate for real estate, though parents must still use a will to designate a legal guardian. Real estate can also avoid probate via a Transfer on Death Deed.

When Should You Create A Living Trust?

Establish a trust when you purchase a home, start a business or expand your family. It is also invaluable for ensuring continuous, seamless asset management if you ever face a sudden medical crisis.

Speak With A Trust Attorney Today

If you would like to understand how a revocable trust may assist your family, contact Andy Gregory Law, PLLC. Contact Andy at 612-778-0759 or fill out the form online to make your appointment.