Trusts & Beneficiaries
A trust is a legal term to describe an ownership arrangement for a piece of property or assets.
The grantor of the trust is the person or persons who created or established the trust. They are also referred to as the trustor(s).
The trustee is the person or entity who has the custodial duties, who oversees the trust. Often a trustee is a disinterested 3rd party like a bank or law firm, but a trustee can be anyone, even the grantor or beneficiary.
Anyone who receives any kind of benefit from a trust is a beneficiary. For example, if you had the right to live on property held under a trust, you would be a beneficiary.
Qualifications
In order to qualify for the homestead classification for property held under a trust, you must meet all 3 of the following criteria:
- Occupy the property that is held under the trust on or before December 31
- Be either the grantor of the trust or their surviving spouse or a qualifying relative or surviving relative of the grantor or the trust
- Be a Minnesota resident
Application Process
To apply for the homestead classification for your residence, you must complete the Property Held Under a Trust Application (PDF) by December 31. You will need to provide Social Security numbers for each grantor.