One of the unfortunate guarantees in life is that no one lives forever. At some point in time everyone will pass away. People wish to ensure that their possessions are given to certain individuals or entities, which may include: family members, friends, charities or other organizations. However, in order to ensure that possessions go to the intended people or entities, you should go through the estate planning process.
During that process documents will be drafted to direct where your possessions will go when you pass away. You have different options, but popular options are wills or revocable trusts. Both options accomplish the goal of ensuring that your possessions go where you want them to go, but revocable trusts have some advantages over a will.
One is that people actually transfer their possessions to the trust, which allows their families to avoid having to go through probate. Generally, this will keep the inventory of their possessions as well as who receives them private compared to probate, which is a public proceeding. It also can speed up the process of distributing the possessions to the proper people. The trustee of the trust can immediately begin distribution whereas the probate process requires a notice and hearing process, which can be a longer period of time. Trusts also can allow a trustee to manage people’s finances while they are living, which can have benefits as well.
People in Minnesota plan for many important aspects of their lives and they should also plan for their deaths as well. One way they can do this is by drafting and funding a revocable trust. These trusts have benefits, a major one being the fact that they can allow the family to avoid the probate process. These documents can be complicated though and need to be drafted and funded correctly.
Established more than 95 years ago, Quinlivan & Hughes ranks among the oldest and largest law practices in Central Minnesota. The full-service law firm has an experienced trust and estate planning group, able to guide you through your estate planning options. Learn more at Quinlivan.com.