Tag Archive for testamentary trust

Revocable Living Trusts v. Testamentary Trusts

Trust Doc 2Which is better – a Revocable Living Trust or a Testamentary Trust? What’s the difference between them?

As the names imply, a Revocable Living Trust exists during your lifetime whereas a Testamentary Trust becomes effective only upon your death. » Read more..

Trust Within a Will? Probate Required

Probate CourtWhen you hear that a trust avoids probate in Minnesota, dig a little deeper.

If your trust is buried inside your Will, it is known as a Testamentary Trust, and is not the type of trust that will avoid probate. » Read more..

Testamentary Trusts v. Revocable Living Trusts

Which is better – a trust written inside a Will (a Testamentary Trust), or a Revocable Living Trust?  The answer depends upon your situation and preferences.

A Testamentary Trust only becomes effective upon your death, at which time the trust becomes irrevocable. A Revocable Living Trust is effective as soon as you create it during your lifetime, and is amendable and revocable until you become mentally incapacitated or die.  » Read more..