There are two very important documents a person should consider when making plans for their estate. They are the will and the trust. Both can work hand-in-hand in ensuring that everything goes where you want it to after your death.
The way to make sure your will and/or trust is properly drafted is to have an experienced Minneapolis estate planning lawyer take on the task for you. At the Krogh Law Firm, P.A., you will receive the one-on-one attention needed to ensure that your wishes are fully documented.
Drafting A Will
Your will is a full description of your wishes. You will be able to do such things as:
- Name who you want to be the guardian of your minor children if you should die before they are of age.
- Name who you to distribute your property.
- Name who you want your property to go to.
- Make sure property distribution happens as soon as possible after your death.
- Keep your estate out of probate.
- Reduce the tax burden that can occur with property distribution.
- Express your wishes in the instance you become incapacitated.
There are many items you can include in your will and there are accompanying documents that can be drafted as well, such as powers of attorney and health directives. It is good to have a full estate plan so that there is no question as to what you want in case you can’t make decisions on your own or you die. The absence of an estate plan can lead to disputes among beneficiaries and your property and assets going to places you don’t want them to go.
Drafting A Trust
The most common type of trust that clients have drafted is the revocable trust. This is because it can be changed while they are still living. The irrevocable trust is the opposite, as it goes unchanged.
This instrument governs the disposition of the client’s assets during their lifetime and after they pass away. They may use the trust as a standby trust to be funded at the time they become incapacitated or die so that trust assets can be managed or they can have it funded at the time it is executed.
There are a number of benefits to having a trust:
- Avoiding probate
- Reduction in estate administration costs
- Avoidance of probate when property is owned in other states
- Creditors can be paid much sooner, shortening any delays.
- Public record can be avoided.
- Planning for incapacity is much easier than it would be otherwise
There are many purposes behind trusts, but, most of all, they can make matters easier on the family. By removing a lot of the technical aspects from asset distribution and payment of debt, everyone can move past the death much sooner.
Contact A Minneapolis Estate Planning Lawyer
It is important that your will and/or trust is thorough and that all items are in order to ensure that it is enforceable. With the help of an experienced attorney, you can have the peace of mind that all of your estate planning documents are drawn up correctly so that they can be enforced. To learn more about how the Krogh Law Firm, P.A. can help you, call 651-631-0500 to request a free consultation.