Estate Planning
Proper estate planning is essential to ensure your assets are distributed according to your wishes on your death, and provides peace of mind for you and your loved ones. Each individual and family has their own unique situation and needs. We will listen to your goals and objectives and counsel you on the best and most cost-effective way to achieve them for your situation.
All of our estate planning documents are offered at a reasonable flat rate so you know exactly what to expect when you hire us to prepare your estate plan. Also ask us about any estate planning “specials” we may currently be running, which provide for discounted flat rates for estate planning documents for single people and married couples.
We can assist you with the following:
Wills
Trusts
Power of Attorney forms
Healthcare Directives
Transfer on Death Deeds
Trustee’s Deeds
Beneficiary designations and ensuring Trust is properly funded
Please contact us if you have any questions or matters relating to estate planning.
FAQs
What happens if I do not have a will?
If you die without a will, you die “intestate” and there is a set of default statutes under Minnesota law that would apply to determine the disposition of your property. Your property will go to your spouse, children or closest relatives according to the provisions of Minn. Stat. Sections 524.2-102 and 524.2-103. These default rules may not reflect your wishes about passing your property upon your death. You may wish to give assets to other family members, friends, or charities. You may also wish to disinherit someone that would otherwise receive your property under the intestacy laws. You may also wish to appoint a specific person to handle your estate; or designate a specific person to serve as the guardian of your minor child(ren) on death. By executing a will you can make sure that your property will end up as you wish instead of under the default provisions of the intestacy law.
What is the best way to pass my financial accounts to my desired heirs?
In most cases, it is best to make sure you have up-to-date payable on death beneficiary designations on all of your financial accounts. You can hold title in joint tenancy, or you can identify who will own the account upon your death. This will pass title to the asset to the beneficiary outside of probate. You would also identify in your will the same disposition as a back-up in case the designation is not properly filed before your death. You can also establish a Revocable Trust and “pour over” your assets to the Trust, and the Trust would then dictate how your money is to be distributed upon your death.
Why should I have a power of attorney form signed?
It is usually a good idea to have a power of attorney form giving a trusted individual the right to act on your behalf if you are absent, unavailable, or incapacitated, in a manner that prevents you from doing an act yourself. Many times, these documents are kept in a safe place and not delivered to your agent unless it is needed for a specific purpose. A bank or financial institution is required by law to honor a valid power of attorney form.
What are the requirements for a valid will?
You must be 18 and of sound mind to make a will. The will must be in writing and signed in the presence of two witnesses.
Can I name a guardian or custodial parent of my children in my will?
Yes. It is crucial that parents with children under the age of 18 select and name a guardian or guardians for their minor children in their will in the event the parent dies. In Minnesota, the surviving parent will have automatic custody upon the other parent’s death unless there are “grave and weighty” reasons why that should not be the case.
Is there a way to pass my real estate without needing a probate?
Yes. Real Estate held in a joint tenancy will automatically pass to the surviving joint tenant. You could also use a Transfer on Death Deed. (§ 507.071 of Minnesota Statutes) A transfer on death deed is a deed that you record while you are alive that will pass title to your real estate automatically upon your death upon filing a death certificate. A person filing a transfer on death deed can revoke it at any time. You can also establish a Revocable Trust that would govern the disposition of your real estate on your death.
Why should I have a Health Care Directive signed?
A Health Care Directive is a document that identifies your wishes as to a number of important issues. A Health Care Directive makes clear your desires for medical treatment, and allows you to appoint someone (your Health Care Agent) to make decisions for you when you cannot make them for yourself.
You can identify the following:
your goals, values and preferences about health care.
The types of medical treatment you would want (or not want).
How you want your agent or agents to decide.
Where you want to receive care.
Instructions about artificial nutrition and hydration.
Mental health treatments that use electroshock therapy or neuroleptic medications.
Instructions if you are pregnant.
Donation of organs, tissues and eyes.
Funeral arrangements.
Who you would like as your guardian or conservator if there is a court action.
