A trust is not just for the rich, a trust can be a valuable estate planning tool for many different people. A person may want to set up a trust if they have minor children or grandchildren that they want to leave money to and want to ensure the money is there for the children’s benefit. A special needs trust can be set up to leave property to a person who receives government assistance in order to allow them to continue receiving that assistance. When two people get married, they may want to set up a trust in order to take advantage of property protection and tax exemptions. There are many different situations that a trust could be a beneficial tool for a person to use in order to protect their estate better than a will.
Two typical trust categories are revocable and irrevocable. With a revocable trust, changes can be made while you are of sound mental state, and you can control the assets. With an irrevocable trust, the trust cannot be modified and once you place your assets in the trust, you no longer have control over them. An irrevocable trust may not seem beneficial, but it certainly has its perks such as helping minimize taxation of your estate.
If you have never considered your estate to be in need of a trust, you may want to reconsider and contact an attorney in order to review your estate and your goals for your estate. Having a trust may be the right tool to maximize the benefits of your estate plan. You can call Ken Wasche at 763 280 5100 today to talk about your estate needs and what you need to do to protect your assets.