Skilled Assistance Creating Trusts For Minnesotans

Do you have a comprehensive estate plan? Did you draft a will for yourself a few years ago, but wonder if it does all the things you want it to? At the Minneapolis law firm of Groshek Law PA, our lawyers will help you understand what a trust can do for you and your family.

Doing More Than Dividing Your Assets

A trust, created as a part of your estate plan, can help you accomplish much more than simply providing guidance to your family when you are gone. A will takes effect only upon a death; a trust can be used during your lifetime and allows you more options:

  • Immediate transfer of assets: Assets placed in a trust during your lifetime can be transferred to your beneficiaries immediately upon death. Your beneficiaries do not need to wait until the probate, estate or trust administration process is complete — a process that can sometimes take years.
  • Scheduled payments: Some people do not want their grown children to receive their inheritances all at once. In your trust, you may create a plan for disbursements over time or as designated milestones are reached.
  • Providing for special needs: If a dependent has special needs, a trust can be established to provide continued care for an extended period.
  • Decision-making upon incapacity: A trust allows you to designate a successor trustee who can handle your affairs on your behalf if you are no longer able to do so yourself. For example, if you appointed your adult child as your successor trustee, he or she can continue to manage your assets if you become disabled.
  • Privacy: While the details of a will can become public upon a death, the details of a trust are usually kept private.

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Establishing a trust may not be on the top of your to-do list at this point in your life. However, you may find that planning ahead can provide you and your loved ones with peace of mind about the future.

Contact us online or call us at 612-424-5829 to schedule a consultation with our estate planning attorney. Trusts we can help you draft include:

  • Revocable living trusts
  • Irrevocable trusts
  • Qualified terminable interest property (QTIP) trusts

Our law firm also handles appeals of litigated trusts, wills, probate and estate planning matters.