Planning for the future is something everyone should do. Thinking of the inevitable isn’t something everyone likes to do, but it’s important nonetheless. You don’t have to be old, rich and have a lot of land to have an estate plan. Everyone has something of importance they want to protect – therefore, everyone can benefit from having a comprehensive estate plan.
Wills and trusts are useful tools for creating your comprehensive estate plan. They are a written record of your wishes, and when enacted will ensure that your wishes are properly carried out. Wills and trusts can nominate a guardian for young children, name a new owner to a property or piece of land, and handle successions of family businesses or possessions.
Generally speaking, trusts are for the living and wills are enacted once a person has passed on. There are many, many types of trusts, and each has a specific purpose. Trusts can also be set to take effect after a person’s death. Wills are subject to probate and must go through the process following an individual’s death. Trusts, however, may be able to avoid probate. The type of trust or will you need is defined by your own personal needs and wishes, so it’s recommended to talk with a lawyer who thoroughly understands all aspects of estate planning as well as your own goals.
When a person dies, his or her will must be validated in court before the listed items are distributed to the remaining heirs. Every will must go through probate, which can be a complicated process. When a will is drafted, a representative is named to handle everything following the person’s death. The appointed representative must handle the probate process as well as protecting the interests of surviving family and friends, so hiring an attorney to help out who knows how to handle probate court can be beneficial.
At Flakne Law, we pride ourselves in providing professional yet personal assistance in all our areas of practice, including estate planning. Our lawyers are happy to take the time to get to know you and your individual needs so we can properly tailor a legal plan to fit your unique situation. We have been operating in Minnesota for three generations and have built deep connections within the community. We would love the opportunity to do the same for you. Contact us today!