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Wills let a person’s wishes be known, while a trust can protect assets from probate so that the administration of the estate is easier and so that certain assets are distributed the way you want them to be. You do not have to be a millionaire to have a will or a trust. All you need is property that you wish to protect and wishes for how you want that property distributed once you pass away.
To establish wills and trusts, it is important to work with an experienced Duluth estate planning lawyer who has experience in creating wills and trusts that make your wishes known. When you plan in this way for the future, these maters will be much easier for your family.
It is very important that your will outlines your wishes so that your family and any others involved know what you want. You can outline who you wish to administer your estate, you can designate a caregiver for any minor children, and you can state who you want to receive your property. There is a lot that can go into a will so that you can ensure your family is taken care of.
However, you do have to be of a sound mind when you sign the will. Your attorney will draft it, but you will need to sign and your signature will have to be witnessed in order for it to be valid, otherwise the will would not be able to be enforced.
After you have had your will drafted, it is very important to keep it up up-to-date so that it is always valid as opposed to outdated, which would leave some of your interests vulnerable.
Trusts are very important because you can protect your assets from probate through a trust. The probate process can be lengthy and a trust can protect your family from this process or as much of it as possible. You and your Duluth estate planning lawyer can evaluate your assets and determine whether or not probate might be an issue.
There are also different types of trusts that your attorney will review with you so you can determine which one is the best for your particular situation. You can also minimize estate taxes with trusts and, just like wills, it is important that trusts are always kept up-to-date. Any time anything changes in regards to assets, you will need to ensure those changes are applied to your estate plan so that the impact on your family is minimized as much as possible.
Wills and trusts are very valuable tools to protect assets and to make your wishes known at the time of your passing. If you do not have a will or trust or you need to update an existing will or trust, the Benjamin Kaasa Law Office can help you. To find out about your options, call us at 218-464-3397 for a consultation.