Revocable Living Trusts are an increasingly popular alternative to Wills. A Trust provides for management of finances during lifetime, when healthy or disabled, as well as efficient distribution of assets upon death. It does all this without involving the Probate Court. In contrast, a Will has no effect during lifetime and can only be implemented by the Probate Court upon death.

Avoid Probate: Trusts operate without court supervision. When carefully created, funded and administered, a Revocable Living Trust will avoid considerable expense and the delays in probating an estate. If a trustmaker becomes disabled, guardianship or conservatorship proceedings are usually unnecessary.

Maintain Control: Trustmaker(s) may retain complete control over their assets, income, distributions and investment decisions.

Preserve Privacy: “Financial” and “Family” privacy are maintained. Information about the trustmaker’s property and/or disability(ies) does not become public through documents filed at the Probate Court.

Defeat Challengers: A Living Trust is “ratified” every time a trustmaker exercises a power under the Trust. Potential challengers must launch and pay for any investigation. Also, they are not invited by the Probate Court to appear and object.

Most Revocable Living Trusts Estate Crafters draft are “Self-Trusteed,” meaning they are designed so the trustmakers are their own trustees. A person’s financial wealth and property are both transferred into their Trust. As long as the trustmaker is capable, he/she can manage and operate their Trust any way they wish. In case of disability, a trusted family member or loved one is named to manage Trust assets as “successor” trustee. After the surviving trustmaker’s death, the successor trustee distributes Trust assets much like one would under a Will. RLTs are a “Will substitute.” Distribution can be immediate or held in Trust for several years to meet the beneficiary’s special needs.

Your Revocable Living Trust Can:
• Name yourself or a family member as a trustee.
• Allow you to change trustees.
• Avoid estate taxes for married couples whose family estate is less than $2 million in 2002 or singles whose estate is $1 million or less.
• Avoid two probate proceedings for married couples who otherwise have to use two Wills to minimize estate taxes.
• Allow land transfers after death in a state other than where you live, without an ancillary probate proceeding.
• Be especially useful for those married a second time and single persons with unique needs.
• Benefit those with a family business or farm.

Avoids Probate at Death: Avoids publicity, costs (largely attorney’s fees) & delays (at least six months, sometimes years) of Probate Court proceedings upon death. Your RLT does not need to be probated.

Retain Your Control: You retain the right to direct all trust income and principal distributions throughout your lifetime.

Backed By Minnesota Law: Over 30 years of Minnesota legal experience stands behind your Trust. Your documents will be more than generic, mass-produced forms shipped by non-lawyers that overlook advantages to trustmakers available under Minnesota Law.

Avoids Lifetime Probate: Your successor trustee is given powers like a guardian/conservator to handle financial affairs in the event you become disabled. Guardianship or conservatorship proceedings in Probate Court are unnecessary.

Preserves Privacy
Financial
The family’s financial condition is not spread across public records at the Probate Court for prying eyes to see or to generate gossip.

Personal and Family
Potentially embarrassing diagnosis of a disability, including bizarre behavior resulting from it, does not become part of the Probate Court’s public records.

 

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