Minnesota Wills Lawyer
Anyone 18 years of age and older should have a last will and testament because a will specifies a person’s last wishes. The will can answer a lot of questions as to who certain assets should go to and how property should be divided. Once the will is established, it is very important to consult with your Minnesota estate planning lawyer any time anything changes so that your will remains updated. That way there are no questions as to where any of your assets need to go.
Functions Of A Will
A will allows you to do the following:
- Naming an individual to administer your estate upon your death
- Naming a guardian for your children
- Establishing a testamentary trust that contains assets that your children can access when they are of a certain age
- Establishing a testamentary trustee
- Specifying whether you want formal probate or informal probate
- Specifying whether or not a bond should be required of your fiduciary
Overall, you receive the peace of mind that everything will be taken care of according to your wishes after you have passed away. You want to make sure your family is taken care of and a will is how it can be done. This can avoid arguments within your family when they have a legal document in front of them that states what you wanted.
Updating Your Will
Establishing and updating a will is an inexpensive way of avoiding a lot of confusion among your family after you pass away. But when something changes with your assets, it is very important that you update your will and here is why: If you were to acquire a new parcel of land and it was not in your will at the time you passed on, your family may question who will receive that land. This would result in conflict between family members and the property might have to be sold and the money divided amongst the next of kin. If you have a particular person in mind to receive the land, it is best that you specify it in your will. All you have to do is contact your Minnesota wills attorney to take care of this addition to your will.
Some modifications may also require you to take additional steps toward protecting assets, such as creating trust accounts. You may even wish to create a health care directive or establish a power of attorney. There are many ways to ensure you are taken care of if you become incapacitated and ways you can take care of your family.
Contact A Minnesota Estate Planning Lawyer
If you do not have a will, it is time to establish one. Your attorney can work with you in listing your assets, retirement accounts, etc. and ensuring that money and property goes to who you want it to go to. To take the first step toward drawing up your will, call the Liebmann Law Office at 952-882-1227 to schedule your free 30 minute phone consultation.