A will is a legal document that provides instructions for distributing property to beneficiaries after death.
A trust is a legal structure that allows an individual (the grantor or trustor) to transfer assets to a trustee for management and distribution according to the grantor’s wishes. Trusts can be used both during a person’s lifetime and after death, while wills only take effect after death. Both can be practical estate planning tools, either separately or together.
Will-Based Estate Plan
Ideal for people with minor children, dependents, or designated beneficiaries on investments that reflect your estate wishes.
Trust-Based Estate Plan-Individuals who want to distribute assets while alive, married couples who expect to have over $3 million in assets after their death, have real property in multiple states or wish to avoid probate.
Probate in Minnesota
Minnesota has a simple informal probate process that is typically done through the mail. Other states such as Iowa and Wisconsin have a much more complicated probate process. Minnesota Probate documents are filed with the court and the public may view them.
