Frequently Asked Questions About Minnesota Estate Planning
Whether beginning your estate planning journey or searching for help with your current plan, look no further than Mortel Law, PLLC. Our Minnesota attorneys have decades of experience crafting highly personalized estate documents for those in the Twin Cities East Metro region.
Download our free estate planning workbook, and call us at 651-968-0815 to erect the bones of your plan as you learn more about the possibilities. In the meantime, here are answers to common questions about estate planning, which some may know as “death planning.”
How do I know if I even need an estate plan?
Everyone needs an estate plan, regardless of age, circumstances or wealth. Having arrangements in place ensures your final wishes regarding finances, property, health care and loved ones are honored.
When should I consider updating my estate plan?
Arrange to have a lawyer review your estate plan regularly, but remember, some life events need speedy attention. Here are some specific examples of when to schedule a fast review and update.
- Life changes (marriage, divorce, death, etc.)
- Financial changes (acquiring or selling assets, etc.)
- Health changes due to physical decline, injury or illness
- Changes in estate laws or tax rules
What differentiates a trust from a will?
Wills and trusts strengthen estate plans by serving different purposes. A will dictates how your assets, which must pass through probate, are distributed among heirs and beneficiaries. A trust transfers asset ownership to a trustee who manages them per your wishes. Trusts are flexible and prevent probate, offering a faster and more private distribution.
A wills and trusts lawyer can help you understand these tools and add them to your plan for tailor-made protection.
Do estate plans come with a power of attorney?
Including powers of attorney in your estate plan is optional, but wise. They empower a trusted person to make decisions about your finances and health care if you become incapacitated, safeguarding your documented preferences.
Secure Your Legacy Today
A comprehensive estate plan gives you simultaneous peace and protection. Call 651-968-0815 today to speak with an estate planning attorney in Oakdale.
