In Minnesota, a Revocable Trust is one created while a person is alive and can changed or revoked (terminated) at any time during the Grantor's lifetime - as long as they are still competent to do so.
(NOTE: A Revocable Trust BECOMES Irrevocable when the Grantor's dies, becomes incapacitated - e.g. comatose, or is determined to be incompetent.)
Revocable Trusts are the most well-known and popular Trust type. This is mostly due to the powerful benefits and protections they can provide. The virtually unlimited options possible with a Revocable Trust provide an amount of flexibility not offered by any of the other Estate Planning tools.
While a Will is a basic and necessary part of any Minnesota Estate Plan. However, adding a Revocable Trust gives the savvy Estate Planner the edge in asset control, asset distribution, asset protection, reducing estate taxes, reducing estate fees, increasing privacy and the overall reduction in estate administration hassle - ALL of which your family and loved ones will appreciate.
Check out this helpful information on Minnesota Revocable Trusts:
As there is not a uniform legal definition, combining generally accepted definitions of 'Revocable Living Trust' components provides the answer. Such as 'Living vs Testamentary' and 'Revocable vs Irrevocable' Trusts.
Why should you use a Trust when a Will so much cheaper? A Will IS a basic, and necessary, part of any Estate Plan, but they are no match for the power of Trusts. Check out these 14 Top Benefits of Trusts to find out why!
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