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Costs: Because a trust avoids litigation in a probate court, it may be easy to assume that the savings in court costs make it a less expensive option than a will. However, a trust involves the expenses of attorneys, any property registration or title transfers, filing fees, and any compensation granted to the trustee.

Creating a living trust in Minnesota is finalized when you sign the trust document in front of a notary public and then transfer assets into the name of the trust to finalize the process.

When filing the trust's Minnesota return: Complete the demographic information for the trust on the Form M2. ... Attach a copy of the federal Form 1041, U.S. Income Tax Return for Estates and Trusts, and a statement showing trust income, credits and deductions that are attributable to the grantor.

The three most common types of trusts are: living, revocable, and irrevocable. A living trust is one that's created while you're still alive and can be revocable or irrevocable. A revocable living trust can be changed while you're still alive. An irrevocable living trust can't be changed after it's created.

A trust manages the distribution of your assets. A trust is created by the transfer of property by the owner (sometimes called the ?grantor,? ?donor,? or ?settlor?) to another person (the ?trustee?). A trustee can be a professional with financial knowledge, a relative or friend, or a professional trust company.

Minnesota Estate Planning Document Price List Power of Attorney$75Complex Will$300 ? $400Complex Pour-Over Will with Trust Provisions$300 ? $400Revocable Trust$750 ? $1000Specialty Trust (Special Needs Trust, Supplemental Needs Trust, etc.)$750 ? $100011 more rows