Pass Down The Family Cabin With A Cabin Trust In Minnesota
Enjoying the great outdoors at the family cabin is a common pastime for many Minnesota families. A Cabin Trust Estate Plan can ensure that your treasured family cabin and the memories made in it is legally protected. A cabin trust can mitigate family arguments, while future generations continue to enjoy good times at the family cabin, even after you are gone.
What Is A Cabin Trust In A Minnesota Estate Plan?
The Estate Plan Trust For Family Cabin is an extension of your Minnesota estate plan. A Cabin Trusts Lawyer will create a plan that establishes the essential aspects of your family cabin. Included in a cabin trust are detailed rules on equity, taxes, expenses, maintenance, labor, leasing/renting agreements, and responsibilities for the cabin. Other issues that might be addressed in the Family Cabin Estate Plan are property ownership issues, clarifying who the cabin is passed down to as an inheritable asset. You, the owner, will decide exactly how funds are to be used and who will take care of the cabin and how.
Why Do You Need An Estate Plan Trust For Your Family Cabin?
When the cabin owner passes away, there are often family disputes over the family cabin. If a Cabin Trust Estate Plan is created, family arguments can be avoided. A Cabin Trusts Lawyer can help parents maintain control of the property during their lifetime. The cabin can remain in the family after the parents die. Without proper planning though, the family cabin could become a point of contention for the surviving family members, when it should be a place to bring them together.
If you are lucky enough to own a family cabin, you need to work with a Cabin Trusts Law Firm to create a plan to keep your cabin in the family. The attorneys at the Law Office of Neil P. Thompson have the experience you need. If you live in or near Bloomington, Minnesota, call 612-473-4990 for a free consultation.
How Does A Cabin Trust Help The Family Who Owns It?
When a Cabin Trusts Lawyer creates a cabin trust, it operates similar to other trusts. Funds, along with the cabin itself, are put into a trust. A trustee then manages and makes decisions for the trust according to the instructions given by the creator. The funds that are in the trust are used for all expenses regarding the cabin, such as insurance, property taxes, and required maintenance.
The cabin trust is very flexible, allowing the creator to have control over a number of things, such as who gets to use the cabin, when it can be used, and what happens if the parties involved do not comply with the terms set forth by the creator of the cabin trust. The creator can continue to change the terms of the trust while they are still alive. Once the creator dies, the trust is no longer flexible. This means that it can no longer be changed by anyone once the creator passes away.
Your family memories and happy times at your family cabin are worth protecting and preserving. You want to keep the family unified and enjoying cabin time once you pass away. The Law Office of Neil P. Thompson is an expert Cabin Trusts Law Firm that will create a secure cabin trust for you and your loved ones. If you live in or near Bloomington, Minnesota, call 612-473-4990 for a free consultation.
Is There An Alternative To Creating A Cabin Trust?
Some families choose not to create a cabin trust, for one reason or another. Some families choose to place their cabins in a Limited Liability Company, or LLC. An LLC is created and dictated by an operating agreement. This agreement allows for all cabin-related decisions to be made by a majority vote. The beneficiaries are the LLC members who vote to make decisions, such as how expenses should be divided or if amenities should be added. This allows for some flexibility in how each family member controls the property.
If you would like to create a Cabin Trust Estate Plan or a Limited Liability Company for your family cabin in Minnesota, an experienced Cabin Trusts Lawyer at the Law Office of Neil P. Thompson will guide you in the right direction for your family. If you are located in or near Bloomington, Minnesota, call 612-473-4990 for a free consultation.