A contingent trust, also known as a testamentary trust, is a trust created in your Will that goes into effect after your death or under other circumstances specified in your Will. A contingent trust is generally used to appoint a trustee to both manage and distribute assets used for the comfort, care, and education of minor children until those beneficiaries have attained a specified age.
Contingent Trusts are very flexible and can be customized to suit the parents' wishes for how they want property distributed to their children as well as specify uses for the property before full distribution, such as education expenses, health care, down payments on houses, etc. These trusts also ensure that the money in that trust is protected from creditors of the children - at least until the money has been distributed.
Contingent Trust can be affordable to set up and the long-term benefits outweigh the cost. Because it is Will-based, a contingent trust in MN does not avoid probate, and will not supersede beneficiary designations on your financial accounts, retirement assets, or life insurance.
Our estate planning attorneys discuss your specific situation and your estate planning goals so you can decide if a Contingent Trust is right for you. You may find that establishing several different types of trusts would suit your needs.
Contact Martin & Wagner, P.A., by e-mail or call 763.425.6330 to schedule a free ½ hour consultation with an experienced Rogers, Minnesota, trusts lawyer.
From our office in Rogers, Minnesota, we provide legal representation to clients throughout the Greater Metropolitan area, including but not limited to, Maple Grove, Albertville, Elk River, Buffalo, St. Michael and other communities North and West of Minneapolis.