What is a trust?
Minneapolis, MN estate planning attorney Cameron R. Kelly talks about the overall definition of a trust.
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Phone: (715) 381-7112
I talk to people about a trust, a revocable trust that someone might create during their lifetime like an open box. It holds your property for you while you’re living and while you’re living it’s open, you can put your property into it, you can take it out, and you’re in complete control of that property, which is important to people. But once you pass away the box closes, someone else becomes responsible for managing it, and they have to follow the instructions that you put in place while you’re living. And the nice part about that is that you can avoid probate, your trustee steps in, can make investment decisions, can distribute property to your beneficiaries, and is in charge of taking care of the assets for these other people. And so you put someone that you trust in that position and it’s an easy way for your property to transition to someone else after you pass away.