Creating a valid will is important in ensuring your property and assets are distributed according to your wishes after you pass away.
In Minnesota, creating a will is relatively straightforward, but it’s important to follow specific guidelines to ensure that your will is valid and enforceable. Here are the basic steps you need to take and information you need to know:
1. Determine your assets
Before creating your will, you must list all your assets, including real estate, personal property, bank accounts, investments, and retirement accounts. This will help you determine how your assets will be distributed among your beneficiaries. You should also list any debts or liabilities, as these may affect the distribution of your assets.
2. Choose your beneficiaries
Once you understand your assets, you must decide whom to inherit them. This can include family members, friends, or charitable organizations. You may also want to designate specific items or amounts of money to certain beneficiaries. Make sure to consider all of your options and choose beneficiaries you trust to fulfill your wishes.
3. Appoint an executor
An executor is responsible for carrying out your wishes and managing your estate after you pass away. It’s important to choose someone trustworthy, responsible, and capable of handling the duties of an executor. You should also discuss your decision before naming them your executor.
4. Draft your will
Once you have a clear idea of your assets, beneficiaries, and executor, you can start drafting your will. In Minnesota, a valid will must be written (this means typed or composed on a computer and printed — not handwritten, which isn’t generally valid), signed by the testator (the person creating the will), and witnessed by at least two people who are not beneficiaries. The witnesses must also sign the will in the presence of the testator.
Creating a valid will in Minnesota involves several key steps. Knowing these will help ensure your wishes are carried out after you pass away.