Minnesota Wills And Trusts
The will is the first thing that comes to mind when individuals think about planning their estates. This is because the will makes a person’s last wishes known to their heirs. While the will is a wonderful start, it is just one of many tools needed in your estate plan to make sure your assets are transferred properly. If your goal is to avoid the cost of probate and the time that it takes, avoid high and unnecessary taxes, ensure living and financial decisions are made according to your wishes if you are incapacitated, and to make sure your special needs and the needs of your family are met, more documentation than just a will is needed and your Minnesota wills and trusts attorney can help you.
You will need to talk to your Minnesota lawyer about what you wish to accomplish in your estate plan so the appropriate documentation is prepared and filed. In this conversation, you will be advised of all of the options and which will work best in your case. From there, you and your attorney will work closely together to make sure your goals are met.
The will is the last will and testament for an individual and gives them a way to transfer any assets that will have to go through the probate process. A will also addresses issues such as guardianship of minor children and adults requiring care, as well as who is to receive specific pieces of property.
Trusts are very useful in making sure assets are transferred directly to heirs without having to go through the probate process. Probate can be costly, confusing, and it is a public process that delays grieving due to having to take care of technicalities. There are different types of trusts and one may benefit your situation more than another. There is the charitable trust, special needs trust, revocable trust, and various others that your attorney can review with you so you can find the right one.
There are other important documents that you should make a part of your estate plan. The first is the health care directive so your family and doctors know what you want if you are unable to make medical decisions on your own. Your family will not have to deal with the burden of possibly making a decision you wouldn’t want them to make.
The second document is the power of attorney, which is the document that designates a specific person to make financial decisions if you are unable to. If this is not in place, then it is the court that will make a decision regarding your finances. The power of attorney directs who will make medical, financial, and living decisions when you are incapacitated or deemed incompetent to make your own decisions.
Contact A Wills And Trusts Lawyer
Wills and trusts are valuable tools in ensuring your family is taken care of in the event of your passing. Your beneficiaries are able to know how everything is to be handled so they do not have to do any guesswork. To learn more or get started in the creation of your will and/or trust, call Bailey Law Office at 763-541-0320 to schedule a consultation.