Minnesota Testamentary Trust

Minnesota Testamentary Trust

A Minnesota Testamentary Trust is a trust created in a Minnesota Last Will and Testament, which will commence upon the Will Maker’s death.

A common Minnesota Will drafting technique involves the creation of a Minnesota Testamentary Trust at the Will Maker’s death – which can be beneficial in certain situations.

A trust is a legal arrangement in which trust assets:

• are owned by one person (a trustee),
• but held for the benefit of other persons (beneficiaries).

What is the Primary Purpose of a Minnesota Testamentary Trust?

The primary purpose of a Minnesota Testamentary Trust is to declare how the trust assets are to be distributed over a time period specified by the Will maker.

Minnesota Testamentary Trust Distributions

The beneficiaries of a Minnesota Testamentary Trust could receive a certain amount of the trust assets annually, and the remainder of the trust assets at some future date.

Can a Minnesota Testamentary Trust be Used to Provide Beneficiaries with Protection From Creditors?

A Minnesota Testamentary Trust can temporarily protect trust assets from the beneficiaries’ creditors, since the trust assets are owned by the trustee until they are distributed to the beneficiaries.

Such protection may be a significant benefit to youthful beneficiaries, particularly given the level of gambling opportunities available in Minnesota.

Can a Minnesota Testamentary Trust be Used to Control the Distribution of Trust Assets to Beneficiaries?

Provisions imposed by the Will maker in a Minnesota Testamentary Trust allows the Will maker to exercise considerable control regarding the manner in which Minnesota Testamentary Trust assets are distributed, which can be:

• held in trust until the beneficiaries reach a certain age, and
• thereafter distributed for specified purposes, such as to pay for college or medical expenses.

The distribution schedule of a Minnesota Testamentary Trust can be tailored to satisfy the Will maker’s personal preferences.

Do-it-Yourself Minnesota Testamentary Trust

While fill in the blank Minnesota Will forms can either be downloaded from the Internet, or otherwise obtained from many sources – which allow for the creation of a Minnesota Testamentary Trust – the preparation of such documents is best left to licensed attorneys, who:

• can not only fill in the blanks properly,
• but also provide appropriate counsel regarding the legal effect, and perhaps the tax consequences, of the execution of the Minnesota Will document, and any Minnesota Testamentary Trust created therein.

Minnesota Testamentary Trust – Conclusion

Please contact Minnesota Attorney Gary C. Dahle for assistance with the preparation, or probate, of any Minnesota Last Will and Testament which creates a Minnesota Testamentary Trust.

Copyright 2018 – All Rights Reserved.

No claim to original government works.

Gary C. Dahle – Attorney at Law

2704 Mounds View Blvd., Mounds View, MN 55112

Phone:  763-780-8390     Fax: 763-780-1735

[email protected]

North Dakota Probate, Mineral Rights, and Real Estate

In addition to Minnesota Probate Law, Attorney Gary C. Dahle also provides services with respect to North Dakota probate law.

• North Dakota Probate
• North Dakota Ancillary Probate
• North Dakota real estate, and mineral rights issues .

Legal Disclaimer

Information provided herein is only for general informational and educational purposes. The laws relating to Minnesota Wills involve many complex legal issues. If you have a specific legal problem about which you are seeking advice, either consult with your own attorney, or retain an attorney of your choice.

Gary C. Dahle, Attorney at Law, is licensed to practice law only in the State of Minnesota, and in the State of North Dakota, in the United States of America. Therefore, only those persons interested in matters governed by the laws of the State of Minnesota or North Dakota should consult with, or provide information to, Gary C. Dahle, Attorney at Law, or take note of information provided herein.

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