Trusts 101

When you are faced with the need to draft estate planning documents such as wills and trusts, working closely with an attorney who will explain all of your options is vital. Contact our firm today to speak with an experienced estate planning attorney.

Answers to Your Estate Planning Questions

Wills, Trusts, Powers of Attorney, Health Care Directives

Cummins Law Office is here to assist you with all your estate planning needs. We are here to answer your questions, address your concerns and help you meet your goals of passing you assets to loved ones according to your wishes, probate avoidance, estate tax planning and all other estate planning concerns. We provide all-inclusive representation that works for your family.

Responsive to Your Legal Needs • Contact Cummins Law Office

Thank you for contacting Cummins Law Office, P.A. Your message has been sent.

Call us now

or use the form below.

For over twenty five years, we have been helping individuals throughout the Twin Cities metro area of Minnesota, the entire St. Croix River Valley, and Western Wisconsin. We are here to give our clients peace of mind by getting a complete estate and incapacity plan in place to meet your needs and goals of probate avoidance, estate tax planning and transition of assets to your loved ones according to your wishes. Our law office located in Bayport, Minnesota, offers a comfortable environment where you will meet with your lawyer one-on-one for a frank discussion of your unique situation. Contact us today to learn more about our legal services.

Wills and trusts are both estate planning tools that can help you meet goals and ensure that your wishes are honored. Additional instruments that may be needed include Powers of Attorney, Health Care Directives and HIPAA Releases are also an essential part of a complete estate plan. We also offer a free 30 minute consultation and are able to meet our clients at their home if needed. Whatever your needs, we can draft an estate plan that meets your goals and protect your interests. Contact us today for more information.

A trust is a great estate planning tool for anyone who wants to avoid the costs associated with probate, decrease the amount of taxes paid at death and provide limitations on their young children's ability to access money left to them. An attorney experienced in estate planning at Cummins Law Office, P.A. in Bayport, Minnesota, can explain trusts and how they can be a viable component of your estate plan.

Trust Basics

A trust is a legal property interest held by one person, called the trustee, for the benefit of another person, called the beneficiary. The person establishing the trust is called the grantor. The grantor chooses whom he or she wants to be the trustee. The trustee should be someone the grantor believes will carry out the purpose of the trust faithfully. The trustee cannot also be a beneficiary of the trust.

A trust can be revocable or irrevocable. A revocable trust can be changed or terminated by the grantor at any time, for any reason. An irrevocable trust, however, cannot be changed or terminated for any reason by the grantor at any time.

A trust also can be a living trust or a testamentary trust. A living trust, also known as an inter vivos trust, is created while you are alive and is not part of the probate estate, thus helping you avoid probate and the costs associated with it. A testamentary trust is created through a will, and as a consequence, generally must go through the probate process.

Specialized Trusts

There are many types of trusts that can be used to meet specific needs or purposes, including:

Charitable trusts — trusts created to benefit a specific charity or the public
Discretionary trusts — trustees are given authority to determine when and how much trust income or property should go to the beneficiaries
Honorary trusts — trusts to honor or remember deceased persons or to provide for the care of pets, animals or other property
Insurance trusts — trusts that contain insurance policies and their proceeds
Spendthrift trusts — trusts that prevent beneficiaries from assigning their interests in the trust to others and prevent creditors from attaching their interests to trust assets (for example, if the beneficiary owes money to a creditor, the creditor cannot go after the trust assets to satisfy the debt)
Supplemental needs trusts — trusts crafted to provide supplemental income for a disabled person in a way so as not to jeopardize the receipt of government benefits
Support trusts — trustees are given discretion to pay as much as necessary for the support of the beneficiaries

Conclusion

Trusts come in a variety of forms. Whether you are looking to bypass probate, donate to your favorite charity or provide care for a disabled adult child, an experienced estate planning attorney can help you choose the appropriate trust document for your situation. If you have questions about trusts or estate planning in general, contact an experienced estate planning attorney at Cummins Law Office, P.A. in Bayport, Minnesota, today.

DISCLAIMER: This site and any information contained herein are intended for informational purposes only and should not be construed as legal advice. Seek competent legal counsel for advice on any legal matter.

Back to Main