Dedicated Estate Planning Attorney Helping Wayzata Families Plan for the Future
There is perhaps no area of law that has more potential to affect so much of your loved ones’ future than estate planning. By adequately preparing for life after death, proceeding through the estate planning process can help ensure that those you love most will be well taken care of long after you’re gone. If you still have questions after reading through the topics listed below, check out our FAQ page for more information or give us a call.
If you pass away without leaving a will, Minnesota’s inheritance laws will decide how your estate will be divided. This typically means that your property will go to your closest relatives, with your spouse and children taking precedence over all other family members. If you do not have a spouse and/or children, your property will either go to your grandchildren, parents, brothers and sisters or more distant relatives if there are none nearby.
In the state of Minnesota, a trust manages the distribution of your assets following your death. A trust is created with the transfer of property by the owner (i.e. you) to another person (i.e. the trustee). Keep in mind that a trustee can be a professional with financial knowledge, a relative and/or friend. You may also enlist the services of a professional trust company. Your trustee will hold the title to your property and manage your estate on behalf of your beneficiaries. Remember, your trustee is considered a fiduciary.
Probate is the legal process through which your estate will be distributed and executed. Without a will, your estate will most definitely go through probate, with a judge deciding how to divvy up your assets. Probate is even necessary in some occasions when a will is present. If your family is currently facing the probate process, an experienced attorney can help you make your intentions clear and sway a judge or executor to interpret an estate the way you believe your loved one would have wanted.
In the state of Minnesota, the person you designate to make decisions on your behalf is called your attorney-in-fact and, by default, he or she has the power of attorney when making any and all financial decisions with regards to your estate. Any adult of sound mind may serve as your attorney-in-fact. Common sense, dependability and trustworthiness should be the paramount factors when reaching your decision regarding power of attorney.
A healthcare directive is a written document informing your loved ones of your wishes regarding your health care in the event you can’t communicate them. It allows you to designate an agent to make health-related decisions on your behalf. Keep in mind that you must be at least 18 years old in order to establish a healthcare directive. We can help you determine what circumstances to plan for and what that process will look like.
Call Waldron Law Offices, Ltd. Today
There is nothing quite like the peace of mind that accompanies planning ahead for a stable future. If you and your family are currently considering establishing a will and/or trust, or if you simply have questions regarding probate, powers of attorney and/or healthcare directives, call attorney John Waldron today.