If you want to secure the future of your children after your death then you should consider the option of estate planning while you are living in Brainerd MN. In case if you are a widow or widower, you need to go for estate planning because this will help secure the future of those people are beloved to you. Having properly drafted estate plan not only makes sure that every family member gets what he deserves but what each family member has brought to the total worth as well.
The time when you plan your estate with your lawyers, you decide how your assets and properties will be divided. The terms and conditions of division are also decided during the process. The three major portions of estate planning in Brainerd MN are Wills, Probates and Trusts.
Your last will is the piece of a legal paper that will take effect only after your death. For this purpose, you need services of a lawyer and a financial advisor so you can assess the total value of your assets and properties. If you want to transfer a property or asset to a beneficiary then the decision is yours.
The lawyer will help you determine which beneficiary should get the larger portion of your assets and which beneficiaries are not of appropriate age to take control of the property. The best thing that you can do is to ask your wife and children which part of your property and assets they want when you are not among them anymore.
You should not only consider the option of making a last will. A person should also have a living will too. A living will is applicable when the person has lost the ability to make a decision due to a mental illness or any other condition.
A living will states which person gets to make a decision on your behalf when you are not in such situation. For instance, you can write in your living will that if you are fighting with a disease that is life threatening and your chances of survival are thin, nobody should extend the treatment. There may not be a lot of difference between a living will and last will but the functionality is different.
Living trust is different from last will. In this case, months and years are not spent in probate courts. In probate process, clerical work is involved most of the times. Your heirs may not be able to get their inheritance right away because of attorney’s fee and probate cost. This is one aspect of living trust and probates that you should keep in your mind.
The properties that you will add to your living trust will not be included in your last will. It means that your heirs will not have to pay inheritance tax in this case.
Probate is another legal process according to laws for estate planning in Brainerd MN. The problem with probates is that, your heirs will have to pay the attorney fee and court filing charges before they can inherit the property. To protect your loved ones from going through such trouble, you should avoid putting any of your properties on probate.
Estate planning laws of Brainerd MN can be difficult and complicated to understand. With services of a good lawyer, you can understand them easily. Consult with Minnesota Law Firm and they will definitely give you a good piece of advice.