Who needs to set up a simple rust?

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Who needs to set up a simple rust?

My dad passed away last year and we found out he has a very small life insurance policy. When we sent our contact information to them, they told us we needed a simple trust for them to put the funds into. Is this something we can do ourselves or would it be best to have an attorney set up?

Asked on March 14, 2018 under Estate Planning, Minnesota

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

I am so sorry for your loss.  I am thinking that there is more to this question.  What does the beneficiary designation state?  That is to whom the proceeds are paid.  Are you attempting to have the funds placed in to a Trust so that they are not counted as income?  I would speak with a lawyer about this and possinly writing a letter to get a copy of the designation.  He or she could also help with the Trust if need be.  Good luck. 


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