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Will Or Trust: Which One Do I Need?

Everyone needs an estate plan. Whether you just had your first child, are getting older or have experienced a recent death in the family, an estate plan provides survivors with a road map to your legacy. It doesn't matter how much you have or don't have; an organized estate plan documents your decisions to reduce uncertainty after death.

Some people believe all you need is a will or trust for beneficiaries to receive inheritances. This is not true. At the Minnesota law office of Neyens Law, PLLC, I am an attorney highly experienced in drafting wills, trusts and all other documents to strategically structure assets in a comprehensive estate plan. I can help you plan your legacy to your exact wishes.

What Are The Differences Between A Will And A Trust?

If there is no will or trust, a loved one's assets will likely go to the nearest relative, and prior to that be stuck in a long court probate process. Here are some general guidelines to consider when deciding if you need a will or trust.

A will can:

  • Process through a costly, time-consuming probate process and is public record
  • Allow you to leave something to a friend or an organization
  • Make it easier for someone to contest the will provisions, which can lead to litigation

A properly-funded trust can:

  • Avoid the lengthy probate process in court
  • Keep beneficiaries, assets and terms private
  • Provide creditor-protection for assets that are inherited
  • Name successor trustees and avoid conservatorship if you become incapacitated
  • Provide seamless management and transfer of assets upon death or incapacity
  • Manage assets for minors, individuals with special needs or chemically dependent beneficiaries

If you do not have a will, trust, power of attorney or health care directive, the law offers a court process, and strangers will decide where your assets go. Speak with me today to learn more about these important matters and what is right for you.

Do-It-Yourself Estate Plans

Many people want to manage their own estate plan. But a thorough plan entails numerous details and documents to complete and keep up to date. Do-it-yourself plans tend to miss important details. After the loved one dies and the plan goes into place, it is too late to make changes. I work with clients to make sure all of their estate needs and goals are met, legally documented and kept current. I can ensure accurate administration of your entire plan, including asset distribution.

Schedule A Consultation With An Estate Planning Lawyer

I help clients set a plan for the future that includes wills, trusts, guardians, health care directives and more. Discuss your estate planning ideas with me in person. Call 651-478-8999 for an appointment, or inquire by email today.

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