Estate Planning & Probate

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 Here are a few items to clarify some common misunderstandings in the Minnesota Estate Planning Process

Myth: Attorneys are expensive. You never know what you will get charged. I’ll just get a will from the internet.

Fact: I have a set price list that I am happy to email to you before your consultation. If you do not like the prices listed, simply cancel your consultation.

Myth, I am young and do not need an estate plan.

Fact:· Families with young children need an estate plan to ensure that if a tragedy does occur your children are raised by whoever you choose. · Also your estate plan can provide guidelines for tailored distribution of assets to ensure your children have funds available for higher education, wedding and housing, etc.

Myth: If I leave something in my will to a loved one, they will inherit it. 

Fact: An asset with a named beneficiary or a payable upon death designation is      transferred via those designations regardless of what it says in a will.   In other words, if you designate your cousin as the beneficiary of your   401k and you draft a will leaving everything to your children, your cousin      (not your children) will receive the 401k funds.

Myth: TRUSTS ARE BETTER THAN WILLS

Fact:  Many  times, yes, a trust is desirable as it is private and grants more control over who gets your assets at what age and provides for handling your  assets if you are incompetent. 

• IMPORTANT:   Probate can be avoided with a well-designed will-based state plan along      with properly drafted beneficiary designation forms.
• Even if you have a trust, probate is still necessary if if the trust is not properly funded.  This means if an item is not in the trust and there's no named beneficiary, your heirs will still need to go through probate.  

Myth. Probate should be avoided.

Fact: 

• Yes, it is often times best to avoid probate. However, Minnesota has a  stream-lined probate process. Unlike Iowa or Wisconsin, Minnesota's informal probate is quick and can typically be done in a few months. 
• Probate is sometimes necessary to ensure your family receives their inheritance without worrying about a creditor claim against the asset.