Why Trust Drafting Costs More

Setting up a trust, whether in life or after you die, involves creating your own “private law.” It’s common for states to provide default rules governing gifts. In Minnesota, you can do without a will and the rules of intestacy will kick in; you can make gifts to minors governed by the Uniform Transfers to Minors Act, naming a Custodian to serve; you can ask your bank to help you set up a JTWROS account under the Minnesota Multi-Party Accounts Act. But when you have trust purposes that can’t be served by state-provided frameworks, you need an instrument that covers the rules for all the questions the state would have answered for you, and more. Read More...