What is a trust deed?

A trust deed is a legal document used in Minnesota to transfer the ownership of real estate from one party (grantor) to another (trustee) for the benefit of a third party (beneficiary). It is typically used in Minnesota Trust and Estates Law to hold title to real estate assets for the benefit of a person or other legal entity, such as a trust. The trust deed is executed by the grantor in favor of the trustee, usually with the help of an attorney, and recorded with the local county registrar. This document outlines the specific terms of the trust, such as the duration of the trust, who the beneficiaries are, the purpose of the trust, and what the trustee’s duties are. The trust deed also allows the trustee to manage the real estate on behalf of the beneficiary. This may include collecting rent, making mortgage payments, and paying taxes. When the terms of the trust are fulfilled, the assets are transferred to the beneficiaries according to the terms of the trust deed. In addition to the trust deed, other trusts may include a will, power of attorney, and/or living trust. These are all important documents used in Minnesota Trust and Estates Law to ensure that a person’s wishes are carried out upon death or incapacity.

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