In Minnesota, a Revocable Trust is one created while a person is alive and can be changed or revoked (terminated) at any time during the Grantor's lifetime - as long as they are still competent to do so (the 'Grantor' is the person who establishes the Trust).
NOTE: A Revocable Trust BECOMES Irrevocable when the Grantor 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 at a relatively low cost. The virtually unlimited options possible with a Revocable Trust provide an amount of flexibility not offered by any of the other Estate Planning tools.
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 - if necessary, reducing estate fees, increasing privacy and an 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, we need to combine generally accepted definitions of 'Revocable Living Trust' components to gain a reasonable understanding.
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. These Top 14 Benefits of Trusts explain why!
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