St. Bonifacius Estate Planning Attorney
Experienced Estate Planning Attorney Giving St. Bonifacius Families Peace of Mind
The way you plan your estate will have a profound impact on your loved ones and their ability to navigate your affairs after your death. With the right preparations and understanding legal counsel, you can develop a plan for your estate that will protect your family and take care of your assets according to your wishes. For more information on frequently asked questions about estate planning, we’ve put together an FAQ page to help you learn more. If you’d prefer to talk on the phone, give us a call at (952) 471-0940.
Writing a Will
Creating a detailed will can help ensure that your estate is handled in accordance with your wishes. If you do not have a will at the time of your death, your estate will be divided under Minnesota’s inheritance laws. In this case, your property will go to your closest living relatives, beginning with your spouse or children. If you do not have a living spouse or children, your estate will be distributed to other direct descendants, parents, siblings, or more distant relatives.
Trusts in St. Bonifacius
Another way to plan your estate and the distribution of your assets is with a trust. Trusts are legal agreements which involve transferring part or all of your estate to a trustee, which can be a friend, relative, professional, or trust service. You can even be your own trustee as part of a living trust. The trustee you establish will be responsible for managing your estate and distributing your assets to your beneficiaries after your death.
The Probate Process in Minnesota
If you do not have a will or trust set up at the time of your death, your estate will go into probate. Probate is a court-administrated process for distributing your assets, paying off your debts, and taking care of your tax obligations. For complex estates, probate is often required, even in the presence of a will. The probate process can be lengthy and complicated, so an experienced attorney is invaluable for helping your family navigate the distribution of your estate under probate.
Designating Powers of Attorney
Assigning a person your powers of attorney can clearly establish who is responsible for managing decisions about your estate. In the state of Minnesota, the person you give power of attorney is known as your attorney-in-fact. Once designated, this person becomes the authority for decisions regarding your estate’s finances. Your attorney-in-fact does not need to be an attorney but can be any adult of sound mind who you trust to manage your affairs.
Creating a Health Care Directive
Writing a detailed health care directive can provide your loved ones with peace of mind in the event that you are rendered unable to communicate by a medical event. Your health care directive will establish a representative for your health care decisions and outline the care plan you would like. By preparing clear instructions to your family, you can give them comfort and certainty that they are carrying out your wishes.