What is a Will, and do I need one?A Will is a written document that controls how your probate property is disposed of at the time of your death. In a Will, you can name who you want to receive your estate (that is, the property which you own at the time you die and which does not automatically pass to another upon your death), and you can also name guardians and trustees for your children. You can also name the person or institution who you want to act as your personal representative to wind up your affairs. A Will can also be drafted to help minimize potential estate taxes. In order to be valid and enforceable in Minnesota, a Will must meet the formal requirements of Minnesota law.To help you decide whether or not you need a Will (or to revise an old Will), consider the following: Has there been a recent birth or death in your family? Have you made provisions for who would care for your children and their finances should you die? Are you sure that your estate would be distributed the way you intend? Have you recently been married or divorced? Has your financial situation changed recently? Have you recently moved to a different state? Have you considered the impact that estate taxes could have on your estate? Have you identified who it is that you would like to wind up your affairs for you? Please contact us if you would like more information about Wills, Estate Planning and the Probate process. Back to Frequently Asked Questions |
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