What does traditional estate planning entail in Minnesota?
Traditional estate planning in Minnesota typically focuses on the accumulation, preservation, and distribution of financial assets and possessions, and helps protect material wealth from probate and minimizes taxes. Our Minnesota estate planning attorneys can help you understand how the process works, so you can protect your family’s future.
Does everyone in Minnesota need a will?
You are not required by law to have a Will in Minnesota. However, Wills are useful tools that provide the ability to control how your estate is divided, and can help expedite property division upon your death, so your family can benefit from your wishes sooner than later.
If I do not have a Will, will my property go to the state of Minnesota?
Contrary to popular belief, your assets and property will not go to the state of Minnesota upon your death if you do not have a Will in place. However, the state will make an educated guess regarding who is entitled to your property, with your spouse and children considered first, then your closest blood relatives. Without a Will, this process takes time and can be delayed for months or even years.
I created a Will online. Is it legally binding?
A Will is an important legal document, which should be specifically designed to reflect our Minnesota estate planning laws. Online forms are often generic, lacking the necessary wording and execution to ensure your wishes will be complied with after you pass away. Speaking with an experienced Minnesota estate planning attorney will give you the peace of mind you need to ensure your Will is legally binding and that your wishes are carried out accordingly.
Where should I keep my Will? Who should I tell about its location?
Your will should be kept in a safe place with other legal and estate planning documents. The location is completely up to you, and can include a safety deposit box, a file inside your home, or a designated third-party location. Choose a trusted personal representative, close friend, or relative with the location of the document. In Minnesota, the courts will accept Wills at no charge or for a nominal fee for safekeeping. You may request its return at any time.