The creation of a will is a very important step in estate planning. Having a Minneapolis estate planning lawyer draft your will for you can give you and your family peace of mind that the process of asset division will be a simple one once you pass away.
To create a will, you simply have to be 18 years of age or older and of a sound mind. For the document to be legal, it must be in writing and signed by you and two witnesses. Once those simple steps have been followed, you know that your affairs will be carried out based upon your specifications.
What Does a Will Do?
A will is a good investment because you do not have to worry about the court taking control of your assets and making decisions for you and your family.
A properly drafted will enables you choose who will receive what from your estate. If you do not have a will, the intestacy laws of Minnesota come into effect and will dispose of your property. Even if you tell your children or other family members what you want to happen to your property, it is not enough. There has to be a legal document in place for your wishes to be followed.
Having a will also reduces the administration costs of your estate because it easier for your family to deal with your affairs. You are also able to state who you want to be the executor of your estate so that there is no confusion amongst your family as to who will wrap up your affairs.
What A Will Can Accomplish
Aside from instructing where your assets are to go and specifying how to take care of any other affairs after your death, your will also tells the court what kind of probate process needs to be used. It also directs the court on how much supervision will be needed. It will ensure that no bond will have to be posted during the estate administration process and also instructs the court as to who will be your estate executor.
If you have minor children at the time of the drafting of your will, your Minnesota estate planning attorney will have you lay out who you would want to become the guardians of your children if you passed before they were legal adults. This gives you complete control over who would raise them. You can also place assets into trusts for your children so that they will be taken care of.
Even if properly isn’t specifically devised, there is an affidavit that will reduce the chances that the will would be contested and makes sure property goes where you want it to go. Overall, a will is a legal document that can be very simple or it can be complex. It simply depends upon the current state of your affairs and should be updated every time assets are acquired, children are born, or another significant change takes place.
Holographic Wills And Drafting Your Own
A holographic will is one that is created by hand. It does specify where assets are to go and provides other instructions. However, this will is signed and dated without a witness. Minnesota law does not recognize this type of will and there are individuals that do not realize this. Some feel that if they write down their wishes and lock them away, it is enough. Unfortunately, it isn’t enough and can still result in assets being controlled by the court.
In regards to drafting your own will, it can be done. There are, however, a number of formalities that must be addressed. If the will is not drafted properly, then there could be estate planning and tax consequences, as well as not all wishes in the will being followed. Therefore, we recommend that you consult with an experiences estate planning attorney to prepare your will.
Will Drafting Procedure
Simply consult with your estate planning attorney to fill out a questionnaire that will provide the necessary information for the will to be drafted. You will then be asked what you wish to accomplish with the will to ensure that everything is properly covered within its pages.
Once all of the information is gathered, the will is written, it is signed by you, and it is then signed by two witnesses. You must be of sound mind when signing the will.
Contact Eastlund Hutchinson at (952) 894-6400.