Protecting Your Family’s Assets with Trusts & Probates
Watch Keith Cambre and John Brandt address questions about trusts and estate planning:
- What are the advantages of a trust compared to a will?
- What is a “Supplemental Needs Trust” and when do you use it?
- What are some of the ways you help people plan for incapacity?
Planning Your Legacy
Merrigan, Brandt, Ostenso & Cambre, P.A. can help you protect your assets for today and tomorrow. With more than five decades of legal experience, we have the skills and knowledge to meet all your estate planning needs. Whether you need a revocable living trust or a simple will, we’ll protect your interests.
The Advantages of a Trust
A trust can be a useful estate-planning tool. It allows property to be held by one party (the trustee) for the benefit of another (the beneficiary). The most common type of trust is the revocable living trust, which is created while you are still alive and allows you to make changes to the trust during your lifetime. Some of the benefits of the trust include:
Transfer Assets Without Probate — Property held in a trust does not need to be probated when you die. This allows assets to be transferred to beneficiaries with less time and expense.
Protect Privacy — If your assets are part of your probate estate, they often become public record when an inventory is filed with the court. A trust transfers property out of the public eye.
Manage Property in Other States — If you own rental or vacation property outside of Minnesota, your personal representative may have to pursue probate proceedings in another state when you die. Putting the property in a trust avoids this hassle.
An Experienced Ally for Minnesota Families
Like a guardianship, power of attorney, or other estate-planning tool, creating a trust is often a complicated legal process. The trust document delineates your wishes, designates beneficiaries, appoints a trustee to manage the assets and outlines the powers and obligations of the trustee. You should always consult with an experienced estate lawyer to help you evaluate the advantages and disadvantages of a trust in light of your overall objectives.