Everyone should have a will because we all have something that we can pass on to our families after we die. What the will does is it allows you to transfer your assets to your family after your death. Personal belongings, money, your home, and anything else you wish to pass on will be accounted for in your will. While the law does not require you to do this, it is best for you and for your family to be prepared. This preparation can help your family through a very difficult time.
If you do not have a will at the time you die, then Minnesota’s inheritance laws will take precedence over the wishes of your family regarding how your estate is taken care of. Your closest relatives will receive your property whether you want them to or not. Your closest relatives are your spouse and/or children, but anything you wanted to go to siblings or grandchildren will not be factored in by the state.
Rules For Making A Will
It is not out of the question that you will have to change your will several times throughout your life. Your assets are always going to change, so your will must reflect that to avoid any confusion later on. In order to create a will, you must meet the following criteria:
- You must be of a sound mind and at least 18 years of age
- The will must be written, not verbal
- You must sign the will and so does your attorney
- Two witnesses will also need to sign
Your will includes your name, your address, asset descriptions, the people the assets are to go to, names of beneficiaries and/or charities, trusts that you have established, name of trustees for created trusts, who you wish to be the guardian for your minor children, and the name of the personal representative to manage your estate.
Establishing a trust is ideal because it helps manage asset distribution. There are two different types of trusts. There is the living trust that you establish while you are living. If you do not want a trust to be established until after your death, you can state that in your will. For instance, you may decide that you want to create an after-death trust for your minor children that they cannot access until they are adults. If you choose a living trust, you can opt for revocable or irrevocable. Most individuals opt for revocable because that means you can make changes to it as the circumstances in your life changes.
Your Twin Cities wills and trust attorney can review with you your many options. For instance, you can create a trust for a charity or you can create a trust that can shield a part of your estate from estate taxes. When you establish your trust, your attorney will help you prepare the document where you list your beneficiaries, specify your wishes, and state how you want your assets managed.
Minneapolis Wills & Trust Attorney & Lawyer
Having a will is very important, as is having a trust. You want to make sure that your family is taken care of in the case of your death. You want everyone to know where your assets need to go and also ensure that there are no disputes within your family. Having an attorney prepare your will and trust for you will ensure that all will be sound when you pass away. To get started, call 651-688-7699 or 651-688-7785 to get started on making your family’s future one that you and they do not have to worry about.