“The only things certain in life are death and taxes.”
-Ben Franklin
Whatever your net worth is, you should have a basic estate plan in place to ensure that your family and financial goals are fulfilled after you die. This is especially important if you have minor children because your will designates the guardians of your children if you and your spouse die.
In Minnesota, an estate plan includes a number of elements:
- a will
- a power of attorney
- a living will (also called a “health care directive” or “medical power of attorney”)
- a trust (for certain situations)
If you die without a will, which is called dying “intestate,” Minnesota State Statutes will direct the distribution of your assets. Dying without a will can also lead to disagreements and contention among heirs.
Trusts and Tax Planning
Trusts are used to reduce your estate and gift taxes and to distribute assets to your heirs without the cost, delay, and publicity of Minnesota probate court, which administers wills.
Estate Planning Attorney in Minneapolis, MN
An estate planning attorney will consider your financial situation, health, and goals for an estate plan. The attorney can then create a plan that minimizes taxes and directs the distribution of your assets upon your death.
To meet with attorney Aaron Hall to draft your will or prepare an estate plan, call 612-208-FIRM to schedule a free appointment.
Attorney Aaron Hall is experienced in Minnesota estate planning, will preparation, trust law, drafting powers of attorney, and tax advising. He is an attorney in the Twin Cities Law Firm, serving Minneapolis, St. Paul, and greater Minnesota.
