Wills Attorney in Minneapolis, Minnesota
A will remains a crucial estate planning tool that you can use to leave specific instructions in advance regarding how you want your estate and finances to be managed after your demise. Essentially, creating a last will and testament helps protect your assets, interests, and investments, provide suitable provisions for surviving loved ones, mitigate conflicts and disputes among family members, and ultimately reduce the lengthy probate process.
For guidance when drafting your will or estate plan, consulting with a seasoned Minnesota estate planning attorney is imperative. At Engel Professional Association, we're dedicated to offering knowledgeable guidance and trusted advocacy to clients in estate-planning-related matters, including wills and trusts. Our reliable attorney can enlighten you about the benefits of creating a will, some commonly inherited assets, and help you draft your crucial estate planning documents.
Engel Professional Association proudly serves clients throughout Minneapolis, St. Paul, and surrounding areas across Minnesota, including Mankato, Woodbury, Maple Grove, and St. Cloud.
Overview of Wills
A will—commonly referred to as last will and testament—can be described as a legal document that a person (the testator) can use to give detailed instructions in advance about how their estate should be administered, property and finances distributed to inheritors, or disposed of after their death. If a person dies without making their will in Minnesota (dying intestate), the decedent's estate will be administered using the state's intestate succession statutes.
What Makes a Will Valid in Minnesota?
Furthermore, only valid wills are recognized in Minnesota. However, for a will to be valid, it must meet the following requirements:
The will must be in writing (printed or typed).
The will must be signed or executed by the testator.
The will must be witnessed by two people who are disinterested – have no interest in the will.
The testator must be at least 18 years and of sound mind.
Due to the statutory requirements, attorney-drafted wills are generally valid in Minnesota. However, holographic (handwritten), oral, and electronic wills are invalid. An experienced attorney can enlighten you about some commonly inherited assets as well as the important elements of the will.
Commonly Inherited Assets
When drafting a will, here are some commonly inherited assets that you can include in the document, including land, personal belongings and household items, houses or any other real estate property, motor vehicles, money in a bank account, cash, pension or life insurance payout, stocks, bonds, and mutual funds, trusts and shares, money to pay outstanding debt, and other physical possessions and assets.
Also, there are some crucial elements of a last will and testament that should always be included. These include details about property and assets distribution; details of any trusts; details of inheritors (heirs and beneficiaries); names of personal representatives or executors; guardianship wishes for minor children; donation requests; adequate financial planning to avoid inheritance tax liability; and funeral and burial arrangements.
If you're considering drafting a will, speak with a practiced estate planning attorney as soon as possible. Your legal counsel can help you understand the importance of having a will and guide you through the legal procedures involved in drafting the document.
Why Having a Will Is Important
Not only does having a will protect your property, life investments, loved ones, and interests, there are many additional benefits to having a will:
It allows you to leave assets and money for your surviving family members, relatives, and dependents.
It gives you control over estate administration when you're no more.
It allows you to avoid a lengthy and complicated probate proceeding.
It allows you to name a legal guardian for your minor children and a caretaker for your pets.
It allows you to make gifts and donations to schools, nonprofits, and charities.
It helps reduce estate and inheritance taxes.
It helps prevent or mitigate family conflict and disputes during estate administration.
It helps prevent frivolous lawsuits and other possible legal issues.
It makes sure that you do not die intestate.
A reliable Minnesota wills attorney can walk you through the procedures involved in creating a will and help make sure your last will and testament are legal, valid, and properly executed.
Why You Should Work With an Attorney
Planning for the uncertainties of life can never be too early. In the event of a sudden death or you're unable or unavailable to express your opinions, your surviving family members can achieve solace from knowing your exact wishes. A highly-experienced lawyer can explore your available options and help you make informed decisions.
At Engel Professional Association, our attorney has the diligence and expertise to advise and guide clients through the complexities involved in creating wills. As your legal counsel, we can educate you about your different legal options and help determine the right estate plan that best fits your unique needs. In addition, we will help you draft your will and estate planning documents and work intelligently to address your various concerns.
Wills Attorney in Minneapolis, Minnesota
If you need assistance when drawing up your will or estate planning documents, contact us at Engel Professional Association today to schedule a simple consultation. Our skilled lawyer can offer you the personalized legal counsel and trusted advocacy you need in your estate planning. We're proud to serve clients throughout Minneapolis, St. Paul, Maple Grove, Mankato, Woodbury, and St. Cloud, Minnesota.