Using Trusts To Protect Your Assets And Beneficiaries
What are your intentions for distribution of your assets when your life is over? Many people who take time to think about this question realize their concerns extend well beyond themselves. Most people prefer to leave remaining assets to family members, charitable causes and/or other entities they trust to make good use of money and other property belonging to them during their lifetimes.
Benefits And Workings Of Trusts
A trust is a legal tool that allows for detailed planning and control of how assets may carry on one’s legacy smoothly and effectively.
Trusts provide significant flexibility and privacy for handling various estate planning needs. A trust can be used to minimize estate tax, to provide a disabled loved one with a continuous income stream, to make small distributions of assets at specific intervals or to make distributions to support a favorite cause.
A trustee is selected to manage the trust assets and to make distributions according to your instructions.
Unlike wills, which become part of the public record, revocable trusts are private and prevent strangers from learning confidential information. They are also a favorite estate planning tool allowing many people to avoid probate. Trusts may help avert will contests and other estate-related conflicts.
Consult With An Estate Planning Attorney To Discuss Setting Up A Trust
Will a trust (or more than one) help you achieve your objectives regarding your estate? Talk with one of our Minnesota lawyers about estate planning strategies suitable for your circumstances. Contact Patton, Hoversten & Berg, P.A. through our intake form or call our law offices in Waseca at 507-835-5240, in Owatonna at 507-451-9000, in Faribault at 507-332-7425 or in Janesville at 507-234-5106, or call 1-888-835-5244 toll-free.