Estate planning, Wills, Power of Attorney and Probate. estate and probate law wills and estates lawyer
Wills and Estates-Frequently Asked Questions
Who needs estate planning? Many people think that estate planning is only for the wealthy. This is not true. Almost everyone can benefit from a Will. If you do not have a Will, the state will dictate how your assets are distributed and your estate will most likely be subject to the costs and expenses of going through probate. The probate may become a formal probate and involve hiring a lawyer for 1/2 day to go to court.
Why not just print a Will off the Internet? Unfortunately, many of the forms off the Internet are not in compliance with Minnesota's laws. Also, the laws of estate taxation change every year as Congress makes changes. Internet forms often do not reflect this. Frankly, you are sometimes better off doing nothing than attempting to draft your own Will!
What are the benefits of a trust? A trust in conjunction with a will can help provide money for the care of young children or a disabled person. Also, a revocable trust can help prevent beneficiaries from spending all their inherited property. Most importantly, a trust can help avoid probate.
Do I Need a Trust? We've all been invited to xyz Steakhouse to hear a presentation. The lawyer tells you the horror stories of probate and "sells" you a trust. I am different. I am honest. Probate in Minnesota is much easier than places like Iowa, California and neighboring states. You pay the filing fee, complete some papers and probate is done. Here are the most common needs for a revocable a. Land in several states. b. land with leases on them c. owning several LLC's d. multiple parcels of real estate e. concern for privacy f. anticipating having a taxable estate.
What happens after a close friend or relative dies? If there is a will, the person named as the executor will be in charge of administering the estate. This person is typically appointed the personal representative of the estate or person in charge of managing the estate. If there is no Will, the court will choose someone to be the executor/personal representative-typically the closest living relative.
Why do I need a lawyer if I am the executor or personal representative? It is difficult enough to deal with the emotional issues associated with the death of a close friend or relate without the legal stress. For a flat fee, I will guide you through the process from start to finish. I will answer your questions, make sure that the forms are completed correctly, help make sure that the assets are distributed correctly and ultimately save you time and money.
If you have further questions about estate planning, probate, wills or trusts - please call me for a free consultation.
