Minnesota Estate Planning Lawyer
Proper estate planning gives you the peace of mind that your family will need because they will have fewer conflicts to deal with after you pass away. By having an estate plan, your family is able to avoid costly litigation and family disputes regarding the division of your assets, payment of debt, and your wishes.
And not only will your family have fewer hoops to jump through, costly taxation is also avoided by having an estate plan because you can place assets in trusts.
Components To An Estate Plan
There are different components to an estate plan and your Minnesota estate planning lawyer can advise you of those and what applies to your situation and what doesn’t. This will help you establish a solid estate plan. The elements to an estate plan can include:
- Powers of Attorney
- Health Care Directives
- Charitable Remainder Trusts
- Revocable Trusts
- Irrevocable Trusts
- Beneficiary Designations on life insurance and retirement plans
- Special Needs Trusts
- Irrevocable Life Insurance Trusts
When you present your assets, retirement accounts, bank accounts, and life insurance policies to your attorney, everything is reviewed to find out how to create the best estate plan possible for you. You designate your beneficiaries and a will can be drawn up and trusts created to protect assets.
Setting up a trust can be more costly than setting up a will, but you do have a great deal of flexibility when you place assets in a trust, especially a revocable trust. This separate entity controls the assets that you retitle and place into the trust. Because the trust is “revocable,” you can appoint yourself as the trustee rather than someone else so that you can be the one to make the decisions regarding the payouts from the trust.
Your will is the first step toward telling how you want your assets distributed. You can name a guardian for your children, a personal representative to administer your estate, name a trustee, and much more. Trusts are another vehicle that helps with the transfer of assets. You can also establish joint tenancy on real estate, list beneficiaries on your retirement accounts, establish Payable upon Death (POD) arrangements on bank accounts, and create a Transfer on Death Deed (TODD) that allows you to determine who will receive which assets.
Contact a Minnesota Estate Planning Lawyer
Estate planning is very important because it makes managing your estate much easier for your family after you have passed away. Those that do not have estate plans leave difficult decisions behind for their families to take care of. When everything is taken care of in advance, they are able to focus more on what is important and less on the technicalities. To learn more about how an estate plan can help you and your family, call the Liebmann Law Office at 952-882-1227 to schedule your free 30 minute phone consultation.