Over the years of their lives, most Minnesota residents accumulate property and assets that become important to them. As a result, they often want to protect those assets as best as possible. Some people may take out insurance policies on certain items as a form of protection, and other individuals may utilize their estate plans to protect property from certain scenarios. In the latter case, revocable trusts could come in handy.
Revocable trusts appeal to many people due to the flexible nature of the account. This type of trust can be altered or dissolved entirely if the trust creator, or grantor, chooses to make such changes. The grantor also typically acts as the trustee during the course of his or her lifetime, which means that the individual remains in control of the assets placed in the trust.
Additionally, a revocable trust can protect property in the event that the grantor becomes incapacitated. The account would pass to the successor trustee to control, and that individual would then manage the account as needed. In the event that the grantor recovers, he or she can resume the role of trustee and manage the account on his or her own.
Revocable trusts can offer many useful gains to parties looking to protect assets while also remaining in control. If Minnesota residents are interested in learning more information on this type of estate planning tool, they may wish to consult with knowledgeable attorneys. Legal professionals could offer sound advice and provide facts on various estate planning options that may suit individuals’ particular needs.
Source: fool.com, “Revocable Trusts: What You Need to Know“, Dan Caplinger, June 23, 2017