Minnesota Estate Planning Lawyer
Kyle R. Bailey and his staff are pleased to provide clients with everything needed to have a solid estate plan.
An estate plan is a plan that is put in place for the distribution and preservation of assets in the event of your passing. These plans can also benefit you in life. What you are doing is ensuring that personal and family goals are met and easing the worries of your family members when they have to deal with the management of your legal and financial affairs. You can also take steps to minimize taxes if the estate is large enough for taxes to be an issue.
It is important for you to know that estate planning covers all of your assets no matter their value. This means protecting your business interests, real property, insurance proceeds, investments, personal effects, and other personal property. Dictating how all of this is passed on to your loved ones after your death will make matters much easier through them and that can be accomplished by your Minnesota estate planning lawyer doing any of the following for you
- Last Will and Testament
- Revocable living trusts
- Joint ownership
- Lifetime gifting
- Life estates
- Beneficiary designations
These actions, especially trusts, can keep your estate out of probate, which could be very helpful to your family. Even if your estate would land in probate court, your family has an experienced Minnesota lawyer who is ready to work by their side throughout the entire process.
Benefit Of Estate Planning
Without a solid estate plan, there are issues that arise for the surviving family members. However, a well-drafted estate plan is going to make sure that the estate passes on to who it is supposed to and when you want it to. Everything is carried out in the way that you have specified. This means that you can rest assured that your family will not have to go through the costly and public process of probate. The government also won’t be able to seize what you spent your lifetime earning, which is an important safeguard to set up to make sure nursing home care or assisted living care doesn’t take assets from the ones you love.
Contact A Minnesota Estate Planning Lawyer
Having an estate plan is very important so that your family has instructions on what to do with your property, your bills, in the case that you are incapacitated, and much more. When you create an estate plan that your family can follow, you make matters much easier on them during their time of grief. To find out more about how we can help you or to take the first step toward establishing an estate plan, contact Bailey Law Office at 763-541-0320 for a consultation.