What Is A Trust?
While we hope you will not need to actually utilize any parts of your estate plan for years to come, it is important that you make sure everything is in place and set up ahead of time.
When it comes to setting aside assets for heirs, many parents create a trust. In the most basic of terms, a trust is either another individual or an institution that oversees and manages the asset or property for the trustee – such as a child or grandchild.
From our Maple Grove office, Steven H. Snyder & Associates will help you create an estate plan that fully encompasses all of your wishes. With over 30 years of experience, our lead lawyer Steven H. Snyder understands the nuances of estate and probate law in Minnesota and will help you set up a trust that makes the most sense for your family’s needs.
A Trust Gives You Control And Flexibility
Many families like the control and flexibility that a trust provides. With many different options to choose from, you can create the plan that works for you and your family.
There are many benefits to creating a trust. These include:
- You set the rules: Want your child to first graduate from college before receiving funds? Or how about only allowing your son or daughter half of their inheritance before college and the rest upon completion? With a trust, you get to decide how and when assets are distributed.
- Avoid probate: The probate process can be long and costly, leaving your beneficiaries with less than you intended. To avoid this, many create specific types of trusts to avoid the probate process.
- Peace of mind: Like with any part of estate planning, creating a trust is just one more way that you know your loved ones are going to be taken care of when you are no longer here.
With trusts, know that you have the option of the assets transferring after you pass, or have it transfer while you are still alive and continue after you pass. The type of trust you decide on will be entirely dependent on the unique needs of your family.
Set Up A Trust Today
While having talks about estate planning can be uncomfortable, none of us knows what the future holds and it is better to be prepared. Call our law firm to speak with an attorney at 612-504-6499 or reach us online to set up a free initial consultation.