“How Does A Will Help Me?”
A Will is an important document that directs who will get your assets after your death – and who will not. We all have an unwritten Will under Minnesota State Law that directs how our assets will be distributed if there is no Will.
Not everyone is pleased by who might get proceeds under the state plan (which is called “intestacy”, meaning there is no will).
What’s more, there are things you can accomplish if you have a Will which you can’t do if you don’t. Your personal representative (also known as the “executor”) will need certain information for handling your assets in the process called “probate”.
“Is A Trust Right For Me?”
A Trust can administer your assets before or after your death. A trust is as unique as you are and can distribute assets to your beneficiaries over a period of years, provide care for you if you are disabled, provide a fund for children or grandchildren, reduce estate taxes if you are subject to them, avoid probate proceedings and a number of other things for you and your heirs.
There are two basic types of trusts. “Living Trusts” are established while you are alive and “Testamentary Trusts” are established after your death. Any trust is a specific estate planning tool that takes time to create after full discussions with you in order to meet your needs. It may also require some annual followup with you and your trustee to maintain it and adjust it where necessary.
