Minnesota Living Trust Attorney

Are you a Minnesota resident beginning the task of planning for your estate when you pass away? Have you started your will? Let us show you how a Minnesota living trust attorney could save your heirs time and money.

A living trust is a trust that is created while you are alive, as apposed to one created at your death. A trust takes precedence over your will and items placed into the trust should avoid probate court upon your passing. There are also tax advantages for large estates.

Estates valued at under $100,000 can usually be passed on to your heirs without going through probate court. If your estate is valued at over two million dollars there may be substantial tax benefits from a living trust. A correctly written trust could save thousands of dollars in estate taxes.

For all matters regarding probate and taxes it is very important to consult an Estate Lawyer.

Having your property in a living trust could keep your heirs from contesting your final wishes. Trusts are much harder to contest than a will. Another advantage for placing property into a living trust is avoiding probate courts outside of Minnesota. While property in Minneapolis and Burnsville fall under the Minnesota laws, property in other states, can be placed into your trust possibly saving your beneficiary’s time and money.

There are certain issues, such as child and pet custody, which can not be dealt with in a living trust. For these issues, as well as any property not in your trust, a will is still needed. Even if everything is in your trust a will is still a good idea. You simply grant the estate executor the right to deal with anything that may have been forgot.

Creating a simple living trust can usually be done on your own, visit a website, such as Legal Zoom, to get started. Additionally, visit NOLO or get software and books to help you write your living trust.

Make Your Own Living Trust

More complicated trusts are definitely worth hiring a professional to prepare. The advice given by a Minnesota living trust attorney could be priceless. This is especially true when you are trying to take advantage of the tax breaks offered for larger estates. The smallest mistake could cost your heirs for more than the price of an attorney.

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