Do you Need A Will?  |  Minnesota Estate Planning

Maybe you’re not looking for a typical will. Making one dedicated to the assets that you want to pass onto your spouse or creating one to cover for what isn’t assigned to a beneficiary are both viable options. Don’t worry about how many beneficiaries you have either.

Finding the right will for your situation should be your primary concern. A will attorney can always help you get a better idea of what kind of steps that you should take.

Do you even need to have a Will?

Moreover, this list is a sampler of what kinds of wills exist. There are plenty of different kinds. The simple will or the joint will, which are both listed below, might be the two best introductions for what kind of will you might be generally interested in. Deathbed and pour-over wills, which are also listed down below, are more for specific circumstances and estate planning set-ups respectively.

Between You and Me

Joint wills are the way to go if you plan on giving your stuff to a friend or family member and vice versa. This kind of will acts as a fail-safe, passing on the estate to the surviving party. Really, there might be only one beneficiary to this document, making it far easier for the survivor to figure out where the stuff’s supposed to go. Think of these wills as being the coin flips of estate planning: either the estate goes to heads or to tails.

As a word of caution, both parties should understand that they’re, more or less, signing over the contents of this will to that person. The other party will get your share if they outlive you or you’ll get their share if you outlive them. Moreover, these wills are joint in that once one party passes, the other party probably won’t be able to change what’s inside the will itself. It’s a team effort.

Deathbed Wishes

It’s possible to compose your will on your deathbed and create what’s known as a deathbed will. These are the wills that get made when time is running short, meaning that the estate may have not been fully planned out. They can work out. Though, that’s a very iffy can. You have to have enough time, first of all, to even compose a deathbed will. You don’t want to err on the side of leaving any detail untouched. Thinking out your will and explaining things in detail should only help things go smoother.

Incapacitation in any form, nonetheless, is never your friend when it comes to doing your own Minnesota estate planning. Yes, being incapacitated may enable you to get a guardian or conservator, but it does nothing to help your will. In most cases, incapacitation is used as justification for calling in outside help. It’s evidence that’s meant to show that you might not be able to do everything on your own. If anything, it will probably work against your will. Qualitative estate planning means doing things while you’re still able to.

Simple Things

When you think about simple wills, think of them as being more basic or straightforward than other wills. A simple will probably won’t be very complex in terms of specifics. They’re pretty cut-and-dry. It’s true, thankfully, that you can discuss who receives your property amongst other things. Having someone care for your pet is something that will work just fine in this kind of will. This could be the document for you if you’re just looking for basic estate planning stuff.

If you’re concerned about having too many specific needs, try to bring them up with your lawyer. Moreover, keep in mind that you can still enable someone to be the executioner of your will even if you only have a simple will. They go along with what’s said in the will and then make it happen. It’s wise to have an executioner for your will regardless of how easy or difficult it is to understand.

Pour-Over Will

This section is for individuals who have revocable living trusts, are looking at making one, or are generally curious. A pour-over will is the document that you want to use in case something that you own isn’t assigned to a beneficiary by the time of your passing. A pour-over will takes the assets that weren’t assigned to someone and puts them into your revocable living trust for you. It makes it as if those assets were simply in the trust from the start.

Nonetheless, probate is still a process that needs to happen. Pour-over wills don’t keep your assets from going through probate. It’s the assets that make it out of probate that can then be put into a trust. Think of this will as a kind of funnel or tunnel to direct your undesignated assets. Even if you don’t have a revocable living trust set up, consider creating one for the assets that you want to give to pass on while still maintaining ownership. Wills and trusts can work great together.

Minnesota Will Lawyers

At the end of the day, your will is your will. It can be a joint effort between you and someone else, but you have to be comfortable with your Minnesota estate planning efforts. When you speak to a will attorney, they can help you work through your concerns. They should be able to figure out what kinds of wills might work well with your plans or circumstances.

Contact Flanders Law Firm LLC in order to consult someone about what options are out there.   All you have to do is dial 612-424-0398.

Don’t hesitate to ask questions or voice any concerns. It’s very possible that you’ll find a type of will that can revolutionize your estate planning ventures.