Revocable Living Trust Minnesota

Revocable Living Trust requirements in Minnesota

Be at least 18 years old and of sound mind.
Identify a trustee (you can be your own trustee).
List beneficiaries who will inherit your assets.
Fund the trust by transferring assets into it (bank accounts, real estate, etc.).
Sign the trust document in front of a notary public (Minnesota requires notarization for real estate deeds, but the trust itself is typically notarized for validity).

Get started with a revocable living trust in Minnesota today to protect your assets and avoid probate.

How to create a Revocable Living Trust in Minnesota, step by step

List your assets and decide which to put in the trust.
Choose a successor trustee to manage the trust if you become incapacitated or die.
Draft a trust document using a template or with an attorney.
Sign the trust document and have it notarized (recommended).
Transfer assets into the trust by retitling them (e.g., deed for real estate, change beneficiary on accounts).
Store the trust document safely and update it as life changes.

Cost considerations

In Minnesota, creating a revocable living trust can cost from $300 to $1,500 for an attorney, or you can use online templates or software for $50 to $150. The cost mainly covers drafting and legal advice, but you can save by doing it yourself.

Minnesota Living Trust Checklist

Before drafting your revocable living trust in Minnesota, gather key documents and understand state-specific signing rules to ensure it's valid and effective.

List all significant assets (real estate, bank accounts, investments, personal property) to be transferred into the trust.
Identify your beneficiaries and a successor trustee who will manage the trust if you become incapacitated or pass away.
Decide on a name for your trust (e.g., 'The Smith Family Trust') and ensure it's not already in use in Minnesota.
Prepare a signed and notarized Certificate of Trust (or trust abstract) to provide to financial institutions without revealing the full trust terms.
Have your Social Security number and legal identification ready for the trust document and potential notarization.
Ensure you sign the trust document in the presence of a notary public—witnesses are not required in Minnesota, but notarization is essential.
Be aware that funding the trust (transferring asset titles) is a separate step; the trust won't be effective until assets are actually titled in its name.

Common questions

What is the difference between a living trust and a will?

A will goes through probate, a court-supervised process that can take months and cost money. A revocable living trust avoids probate because assets in trust pass directly to beneficiaries. A will is simpler and cheaper, but a trust gives more privacy and control.

Do I need a lawyer to create a revocable living trust in Minnesota?

No, you can use a living trust template or online service. However, if you have complex assets, real estate in multiple states, or want to minimize mistakes, an attorney can help ensure the trust is valid and properly funded.

Can I act as my own trustee in Minnesota?

Yes, you can name yourself as trustee, which means you keep control over assets. You also need to name a successor trustee to take over if you pass away or become incapacitated.

What happens to assets not in the trust?

Assets not funded into the trust go through probate. To get the full benefit, you must transfer ownership of assets to the trust. For example, change bank account titles and file a deed for real estate.