Living Trust Revocable

This form is a living trust form prepared for your state. A living trust is a trust established during a person's lifetime in which a person's assets and property are placed within the trust, usually for the purpose of estate planning. The trust then owns and manages the property held by the trust through a trustee for the benefit of named beneficiary, usually the creator of the trust (settlor). The settlor, trustee and beneficiary may all be the same person. In this way, a person may set up a trust with his or her own assets and maintain complete control and management of the assets by acting as his or her own trustee. Upon the death of the person who created the trust, the property of the trust does not go through probate proceedings, but rather passes according to provisions of the trust as set up by the creator of the trust.

Minnesota's trust and estate lawyers specialize in providing legal services related to trusts and estates in the state of Minnesota. These legal professionals possess extensive knowledge and expertise in areas such as estate planning, trust administration, probate, and guardianship. One type of Minnesota trust and estate lawyer is an estate planning attorney. These attorneys assist individuals in creating comprehensive estate plans to ensure their assets are distributed according to their wishes after their death. They help clients navigate the complexities of wills, trusts, powers of attorney, and healthcare directives, offering advice tailored to their specific circumstances. Another type of Minnesota trust and estate lawyer is a trust attorney. These lawyers focus on the establishment, administration, and management of trusts. They guide clients through the process of creating trusts and ensure that they are structured to protect and manage assets efficiently. Trust attorneys also handle issues related to trust modification, termination, and disputes. Minnesota also has probate lawyers who specialize in the legal process of administering the estate of a deceased person. They guide executors or personal representatives through probate proceedings, which involve validating the will, inventorying the assets, paying debts and taxes, and distributing the remaining assets to beneficiaries. Guardianship lawyers in Minnesota deal with matters related to legal guardianship. They assist individuals in establishing guardianship arrangements for minors or incapacitated adults who are unable to make decisions for themselves. These lawyers help clients understand the legal responsibilities of guardianship and handle any legal proceedings necessary to establish or modify guardianship arrangements. Overall, Minnesota trust and estate lawyers play a crucial role in advising and representing clients in matters concerning trusts, estates, probate, guardianship, and related legal issues. Their expertise ensures that individuals receive comprehensive guidance and support in the often intricate and sensitive areas of trust and estate law.