Minnesota Estate Planning Attorneys

An experienced estate planning lawyer near you can help you draft a comprehensive, secure will that accurately distributes your assets. Importantly, a Minnesota estate planning attorney can also help you modify an existing will if circumstances change, and you wish to update your will.

You should keep your will in a secure place. In Minnesota, many court administrators will hold a will for little to no expense. Your estate planning attorney in MN may also be willing to safeguard your will for you. Be sure to let multiple people know who has your will.

The Trust

Trusts are often overlooked in the estate planning process, but they can be a fantastic way to preserve and distribute assets.

Living trusts allow you to determine how assets are distributed and place those resources in the care of a trustee, who will hold them until a specified event occurs. For example, you can use a trust to set aside money for your child and specify that once your child turns 25, they get access to the trust fund.

Non-revocable trusts are another option. These immediately remove assets from your ownership and place them under the care of the trustee. Revocable trusts are ones that you can still alter throughout your life.

While it might seem like a revocable trust is an obvious choice, irrevocable trusts have their benefits. For example, if you need to file for bankruptcy, assets in an irrevocable trust might be exempt from the bankruptcy process.

Some benefits of a trust include:

• Trusts can enable you to avoid the probate process entirely;
• You have more control over how assets are distributed to beneficiaries;
• You can avoid estate taxes; and
• A trust can go into effect if you are incapacitated, whereas a will might only be effective once you die.

Many people think trusts and wills are an “either-or,” but in truth, they work best together as complementary elements in an estate plan. A trust enables you to have control over assets during your life that a will can’t provide, but a will might be a more effective tool post-death. Your estate planning attorney in Minnesota can help you draft a legally binding trust when they help you develop and enact your will.

The Health Care Directive

The Health Care Directive establishes what types of care you receive should you become incapacitated or unable to make decisions for yourself.

In a Health Care Directive, you appoint one or more Health Care Agents and a Successor Agent to make medical decisions and carry out any last wishes you have. Importantly, the Health Care Directive waives HIPPA restrictions, allowing medical professionals to provide your Health Care Agent with information that would normally be restricted.

A Health Care Directive helps ensure that you have the best possible quality of life if you become incapacitated and that your last wishes are faithfully observed and carried out.

The Power of Attorney

Power of Attorney grants another person the right to act on your behalf on legal and/or financial matters. For example, Power of Attorney documents allow you to specify who takes care of your bills if you become incapacitated, or who makes financial decisions if you’re unable to.

Like a Health Care Directive, you can appoint one or more Agents to have Power of Attorney. The Power of Attorney is immediately effective upon executing it.

The Transfer on Death Deed (TODD)

A Transfer on Death Deed is a legal document you execute that specifies a beneficiary to inherit your property from you after death. A TODD can allow you to circumvent the probate process entirely.

In probate, your beneficiaries must take your will to court to prove it is valid. Probate is often an arduous process, particularly when bad actors try and discredit the will or drag out the process. Using documents like a trust and a TODD can help you avoid the probate process entirely, ensuring things go smoothly if you’re incapacitated or pass on.

A Note About Elder Law

At Johnson/Turner Legal, we’re proud to offer comprehensive elder law services. While some parts of estate planning also apply to elder law, certain processes—such as helping an elderly person obtain Medicaid—are unique to elder law. To learn more about elder law, please visit our Elder Law page.

Estate Planning Attorneys Near You

At Johnson/Turner Legal, our team of Minnesota estate planning lawyers will do whatever we can to help you preserve your legacy. Our flat-fee pricing model provides our clients with absolute transparency, so you can feel confident moving forward with your estate planning case.

With offices in Forest Lake, Blaine, Duluth, Lake Elmo, Rochester, Wayzata, and Woodbury, we have estate planning lawyers near you!