Common Questions About Estate Plans And Why You Should Have One
It is never too early to draft an estate plan, but in some cases, it might be too late. Our lawyers at rb LEGAL, LLC often address the questions and concerns of individuals like you who need estate planning assistance. We work on plans with the goal of protecting our clients’ families, businesses, and stakeholders and giving them confidence before their incapacitation or death.
What should my estate plan include?
An estate plan includes directions for dispersing your property, like real estate, bank accounts, life insurance, and other assets. In addition, your estate plan may include instructions about how to pay your debts and taxes—even instructions about your health care and funeral service. You also can protect your loved ones by designating guardians.
How can an attorney help me draft an estate plan?
A seasoned attorney can assist you in understanding your options and drafting documents to help prevent future misunderstandings or challenges. An estate plan includes documents that should reflect your wishes and goals at all times. Therefore, a lawyer can also help you update your estate plan and suggest changes accordingly.
Should I have a will or a trust to pass on my assets?
Whether you want to use a will or a trust depends on your goals and needs. For example, if you decide to create a trust, you can potentially transfer assets to your trustees while you are alive. Those unfamiliar with estate planning may be confused about which is the better option on who they want to transfer their assets to, how, and when. This is one of the many reasons why it’s recommended to have a knowledgeable attorney help you create a robust estate plan.
What happens if I die without an estate plan?
Your assets and property will be divided according to the Minnesota intestacy laws. Therefore, the court will decide who will inherit your assets and name an executor to administer and distribute them.
If you have more questions, we are glad to help. Let our experienced attorneys give you a detailed explanation of your options and how we can help you draft an estate plan that truly reflects your wishes.