Estate planning allows you to plan for your financial future and control how your property will be transferred after your death. A well-prepared estate plan should provide detailed instructions for the transfer of your property and payment of debts, and should specify who will receive what parts of your estate and when they will receive it. The estate plan should also prepare you and your family for the challenges involved in the aging process and include highly tailored instructions regarding your wishes in the event of prolonged illness or loss of capacity.

Your estate is made up of everything you own. This includes assets like your real estate, bank accounts, retirement accounts, life insurance policies, and personal possessions. To ensure your property is distributed according to your wishes, your estate plan should identify the people or organizations you wish to receive your property.

Ultimately, your estate plan gives you peace of mind knowing that you will have control over your final days and that your wishes will be honored after your death.

Anyone can benefit from estate planning, including the wealthy, people of modest means who are considering retirement, and young families who wish to chart a plan for their future.

What Is Included in an Estate Plan

While many law firms offer basic estate planning for their clients, Anderson Law Offices takes the process several steps further, creating plans that are specifically designed for you and your individual needs. At a minimum, your estate plan will identify your property, describe who will receive it, and specify when the transfer will occur. To meet these goals, an estate plan should include:

• Last Will and Testament or Revocable Living Trust. Your will or trust will be the governing documents regarding the transfer of your tangible assets. Depending on your needs, we will provide valuable guidance on whether a will-based or trust-based plan is appropriate for your individual estate plan. We will collect detailed information on you, your assets, business interests, and family, and will work with your financial advisors, accountants, and insurance professionals to make sure that your plan can be executed in as complete and efficient a manner as possible and can overcome any unforeseen problems or contingencies that can develop without burdening your beneficiaries.
• Power of Attorney documents. A Power of Attorney appoints another person to make legal, business, and financial decisions for you if you cannot make them yourself. A Power of Attorney ceases to be effective after a person’s death.
• Healthcare Directives. A Healthcare Directive identifies a person who will make medical and healthcare-related decisions for you if you are unable to make them yourself. Healthcare Directives can also specify your wishes for end-of-life care, such as any extraordinary life-saving measures, medications, and medical treatment you do or do not wish to receive.

Probate

Probate is the legal process of administering your estate after your death. Your estate will pass through probate regardless of whether you have a Will.

If you have a Will, the probate court judge will review it to be sure that it is valid and properly executed. Then the estate executor will administer the estate according to the terms of your Will.

When a person dies without a Will, the probate court will follow the laws of intestacy to divide the estate and pass your assets on to your heirs.

Once an estate is opened, the probate court will issue Letters of Administration which give the estate representative the legal authority to administer the estate. The estate representative will notify any interested parties, take an inventory of the estate, pay all valid estate debts and taxes, and, with the probate court’s approval, distribute the estate.

Can You Avoid Probate?

Many people wish to avoid probate due to its expensive and time-consuming nature, or a desire to preserve the privacy of the deceased person and their family.

A trust is a common strategy that can be used to avoid probate. When the trust-maker dies, trust assets are distributed according to the terms of the trust, much like a Will. However, because the trustee holds title to the trust assets, trust assets do not pass through probate.

In addition, assets like life insurance benefits, retirement accounts, jointly owned assets, and assets designated as Transfer on Death (TOD) or Payable on Death (POD) do not pass through probate.

Anderson Law Offices, PLLC: Finding Solutions. Building Relationships.

If you have questions or need help preparing your estate plan, Anderson Law Offices is here to help. And if you were named as the executor or administrator of an estate, we can help you navigate the complex Minnesota probate process.

Our clients come to us because of our experience, responsiveness, and authenticity. We will provide you with peace of mind by protecting your family and your future. We are proud of the relationships we build with our clients, and will take the time necessary to find the right solution to meet the needs of your family. We excel at solving problems, but our practice is really about making life better for the people we serve.

Anderson Law Offices is based in Willmar and proudly represents people throughout Minnesota. We invite you to meet our team and learn why people choose us. Then contact us today to schedule a confidential consultation to discuss your situation and how we can help.