Homestead for properties held under a Trust:
The following information was obtained from a Minnesota Department of Revenue Fact Sheet titled "Homestead Classification for property held under a Trust".
What is a Trust?
A Trust is a legal term to describe an ownership arrangement for a piece of property or assets.
Who is the Grantor?
The grantor of the trust is the person or persons who created or established the trust. They are also referred to as the trustor or trustors.
Who is the Trustee?
The trustee is the person or entity who has the custodial duties, or oversees the trust. Often a trustee is a disinterested third party like a bank or a law firm, but a trustee can be anyone, even the grantor or beneficiary.
Who is the beneficiary?
Anyone who receives any kind of benefit from a trust is a beneficiary. For example, if you have the right to live on property held under a trust, you would be the beneficiary.
How can I apply?
In order to qualify for the homestead classification for property held under a trust, you must meet all three of the following criteria:
1. Occupy the property that is held under the trust on or before December 1st.
2. Be either:
a. the grantor of the trust or their surviving spouse; or
b. a qualifying relative or surviving relative of the grantor of the trust.
3. Be a Minnesota resident.
To apply for the homestead classification, you must complete the application provided by the Assessor's Office no later than December 15th. You will need to provide Social Security numbers for each grantor.