One of the most important aspects on an estate plan in Minnesota is a Last Will & Testament. A Last Will & Testament, more commonly referred to as simply a “Will,” is a document that establishes guidelines for how your assets will be distributed after your death. While many people choose to put off making a Will, it is a very important part of planning for the future. Our lawyers are here to make the process easier for you.
Last Will & Testament In Minneapolis, MN
If you live in Minnesota, then executing a Will is an essential part of your estate plan. There are two main purposes of a Will: to determine what will happen to your assets and to establish guardianship for your minor children. While many people put off writing their Will, it is a document that gives you the ultimate peace of mind. With a Will, you can be confident that your wishes will be granted when you are no longer around.
What A Last Will & Testament Can Do
A person is not required by law to have a Will, but it can help prevent legal complications in the event that you die prematurely. Without a Last Will & Testament in place, a judge will have the ultimate authority in distributing your property. Based on the law of interstate succession, your assets will typically be divided between your closest relatives (usually spouse and children). While this may sound reasonable to many people, this law does not consider the actual relationships you had, so even an estranged relative could be entitled to part of your estate. This also means you won’t have any say when it comes to charitable gifts or allocations to friends. It also means that the guardianship of your minor children might not follow your ultimate wishes.
Establishing a Will gives you control over your assets and the guardianship of your children. When you execute a Last Will & Testament in Minnesota, you will typically:
- Establish a personal representative;
- Establish your trustee;
- Establish alternatives for your personal representative and your trustee;
- Identify a guardian for your minor children;
- Outline the gifts you would like to designate to specific organizations and individuals;
- Determine how the “residue” of your estate will be divided (the “residue” is what is left after your specific gifts);
- Create trust provisions; and
- Determine how the division of the estate will be handled (i.e., formally or informally)
In order for your Will to be properly executed, there are several legal requirements. A Last Will & Testament is best created by a legal professional so that you can be certain it will hold up after your death. For a Will to be valid in Minnesota, it must:
- Be a written document (verbal Wills are not acceptable);
- Be executed by someone over 18 years of age (minors cannot establish their own Wills);
- Be executed by someone deemed to be of sound mind;
- Be signed by the individual; and
- Be witnessed by at least two parties
Once you have properly executed your Will, it is important to protect it. Your attorney and personal representative will keep a copy, and we recommend that you keep your own copy secure in a safe or a safety deposit box.
Contact Us For A Free Consultation
No matter how old you are, it’s never too early to execute your Last Will & Testament. Our attorneys will walk you through all the details of this sensitive process. Our Last Will & Testament attorneys have executed many Wills, and we are here to help regardless of your future wishes. Contact us today at 763-323-6555 for a free consultation.