There are some issues with estate planning that cannot be addressed in wills. A revocable trust, also known as a living trust, can be used to solve some of these issues, though opinions about their usefulness vary.
A revocable trust is one that is created and set into motion while you are still living. This legal document can outline instructions for caring for you in the event that you become ill and cannot care for yourself. You can also describe your wishes for what should be done if you become disabled or simply handicapped by the process of natural aging. These trusts are unique in that you are able to remove or change the trust as you please.
You may also opt to create a non-revocable living trust, which outlines the same key features, you just do not have to power to change the legislation at a later date.
This legal document often contains important information about the division of assets and care for property in the event that you are unable to manage your wealth on your own, yet you are still living. This helps to protect your property in Minnesota, but does not exempt your estate from being taxed.
You will need to find a trustee or co-trustee to be the executor of your estate. This should be a trusted individual who is capable of managing your wishes effectively. If you have additional questions or concerns about estate planning, speaking to an experienced attorney could be beneficial and may help you better understand your rights.
