Who will make medical decisions on your behalf if you suffer from a disease like dementia? Who will help pay your bills? It’s important to have an estate plan to cover not only your distribution of assets and care of your family after your death, but also the people who will make important medical, financial, and legal decisions on your behalf in the event of your incapacitation.
Creating a comprehensive estate plan with an estate planning attorney in Minnesota might include selecting a guardian for your children, naming agents to act on your behalf in the event of your incapacitation, planning for elder care or special needs, drafting your will, establishing a trust, and more.
The first important document to create with the help of your experienced Minnesota wills lawyer is a will. In your will, you can clarify what your wishes are in regard to the transfer of your property at your death and the care of your children. You can also name a personal representative to handle your unfinished business and even leave specific items to loved ones or to charity.
In addition to your will, your estate planning documents should include a health care directive to determine who will make important medical decisions on your behalf, as well as a power of attorney to state who will look after your financial and legal matters once you are no longer able to do so. Your power of attorney lawyer will help you select trusted people who can handle the responsibilities and advise you on how much control over your affairs to delegate to each agent.
Depending on the type of assets that you have, an expert wills and trusts attorney can help you create trusts to protect what’s important and prevent your property from going through probate. Trusts are useful estate planning tools that let you designate what portions of your estate go toward certain things and have the added benefit of keeping your distributions from becoming public record. Upon your death, your trustee would step in and distribute your assets to your beneficiaries according to your wishes.
A revocable living trust created with an asset management law firm allows you to make changes to the trust and have control over your assets throughout your lifetime, making this a handy tool to manage your property. Other trusts help protect whatever assets you desire. Your attorney can analyze your situation and help determine which trusts would best fit your unique needs.
There are more important documents that your New Hope, MN, estate planning lawyer might advise you to include to cover all of your needs and objectives. Through creating your comprehensive plan now, you can communicate your wishes to your family when they’re most in need of your voice and spare them from disagreements and even legal disputes over what you would have wanted later.
Navigate Probate With Expert Guidance
Probate is the (often lengthy) court-supervised process of administering someone’s estate after they have died. You might find yourself having to probate the estate of a loved one who has recently died without a thorough estate plan in place. Probate is complex and can quickly grow costly. Whether you’re the named personal representative for the estate or a family member unsure about the proper legal procedure to follow, our probate attorney at Gomez Law is here to help.
If you’re the personal representative, or executor, of an estate, you’ll be responsible for overseeing payment of any outstanding debts and then distributing the remaining assets according to the decedent’s will. You’ll also be expected to notify certain entities of the death, file an inventory of assets with the court, pay estate taxes, and keep thorough records of all your transactions. Minnesota has complex laws regarding the process, and personal representatives can be held personally responsible for any errors. While the responsibility might seem daunting, a Minnesota probate lawyer can assist you throughout the entire process of administering and probating the estate.
Many people don’t understand the rules they must follow when administering a loved one’s estate or how to handle family members with conflicting interests. Without an experienced inheritance attorney on your side, the estate could easily become entangled in disputes and issues, which ultimately decrease the value of the estate when it’s finally ready to make distributions to beneficiaries.
At Gomez Law, we have administered estates of all sizes and complexities over the years. Whether you’re looking for sound legal advice as you carry out your duties or for a firm to handle your responsibilities on your behalf, we’ll work to bring you peace of mind and stability. We can also assist those who wish to contest the validity of a will or the distribution of certain assets.