Best Estate Planning Attorneys in Minneapolis

FAQs

• What is the non-emergency contact number for the local police station in Minneapolis, Minnesota?

  311 is the non-emergency line in Minneapolis.

• Where can I get a copy of police reports for incidents related to my case in Minneapolis, Minnesota?

  Police reports are obtained online from https://minneapolis.service-now.com/opencityportal?id=clerks_index. The City of Minneapolis Office of City Clerk is at 350 S. 5th Street, Room 304, Minneapolis, MN 55415.

• Why is it preferable to have a will and go to probate instead of leaving behind none in Minneapolis?

  Having a will in Minneapolis lets a testator dictate and direct the proper distribution of assets upon death. It removes the uncertainty introduced by the law's own presumptions as to who among close family members should receive assets. If one wishes to leave behind a legacy to charities, intestate succession generally does not account for that either.

• What are the standard estate planning options in Minneapolis?

  A testator in Minneapolis may plan estates by leaving behind a will. Trusts are established to allow for the automatic transfer of assets upon death. Health care directives direct trusted parties on how to care for the decedent during the twilight of the latter's life. Conservatorships are also used to preserve the assets of troubled family members.

• How are charities used to reduce or remove taxes in Minneapolis?

  Charities in Minneapolis lower or remove taxes when retirement plans name these institutions as beneficiaries. Charitable donations are free from gift taxes, while retirement funds are levied an income tax before distribution. Hence transforming the transfer from an ordinary to a charitable one will deplete an end-of-life account's taxable sums.

• Does estate planning in Minneapolis only focus on end-of-life concerns?

  No, estate planning in Minneapolis is concerned with more than just end-of-life matters. These strategies are also applied to cases of physical and legal incapacity. Any situation where a testator can lose the ability to administer personal affairs is within the ambit of the field. The coverage extends to information privacy waivers and health care directives.

• What is the advantage of using a trust to supplement a will in Minneapolis?

  In Minneapolis, trusts supplement wills by reducing the taxes due and the need for probate. Assets held in trust for another pass automatically to the beneficiary once the testator dies. This prevents the properties from becoming part of the decedent's estate, so no estate taxes or court procedures are needed to effect transfers.

• What does an estate planning attorney do?

  An estate consists of the total assets that form an individual’s net worth, no matter how large or small. Estate planning attorneys use their in-depth knowledge of state and federal laws to help people best manage what will happen with their estates after they die or become incapacitated. Estate planning attorneys can prepare wills, form trusts, reduce estate tax burdens, and decrease or eliminate the need for probate court.

• What are valuable estate planning services an attorney can provide?

  With the many intricacies of assets, taxes, and state and federal laws that can affect a person’s estate, an estate planning lawyer can be a valuable professional asset, no matter how large or small a person’s estate may be. An estate planning attorney can:

  • Create a comprehensive plan to protect a client's legacy, that includes a will, power of attorney, trusts, life insurance, and advanced medical directives
  • Optimize an estate plan as tax laws, life events, assets, and goals change over time
  • Protect a client’s loved ones by preventing assets from entering probate
  • Help clients designate a person to make important health decisions for them if they become incapacitated

  
  

• Can estate planning attorneys help create trusts/wills?

  Estate planning attorneys can create trusts and wills. Through a will, an attorney can help a client designate their estate’s beneficiaries and assign an executor to represent the will in probate court. These attorneys can also create trusts, allowing a client to assign a trustee to oversee the estate, potentially avoiding probate court and holding assets to be distributed over time.

• Is estate planning the same as drafting a will?

  While both estate plans and wills officially document how their owners wish to allocate certain assets after their death, there are key differences. In estate planning, a will is often just one of several documents that form a comprehensive plan. In a will, people must designate a person responsible for executing their will after their death. The will can include guardians for their children when they die and beneficiaries to receive an inheritance of money, property, and other assets.

• What are the steps involved in estate planning?

  To create a thorough and effective estate plan, individuals should follow these steps:

  • Prepare a will that designates an estate executor; indicate who will receive what assets, and assign a trust and guardians for any children. Consider using an attorney if the will is in any way complex.
  • To avoid probate, have an attorney create a revocable living trust.
  • Assign beneficiaries to other assets, such as life insurance policies, retirement plans, and securities.
  • Use an attorney to prepare a living will, name a health care proxy, and create a HIPAA release form.
  • Update the plan every five years.

  
  

• How long does the estate planning process last?

  The length of the process can vary greatly depending on the size and complexity of the estate, the specific law office, and whether there’s an emergency or urgent need. If you’re using an attorney, you can generally expect it to take one to five weeks. You may be able to speed up the process by immediately providing your attorney with any bank statements or other documents they need.

• What is a trust?

  A trust is an agreement between a grantor, a trustee, and a beneficiary. In this agreement, the grantor allocates funds or real property assets to the trustee to be held either until the grantor passes away or until a specific, agreed-upon date. At that point, it's the responsibility of the trustee to distribute funds or property to the beneficiary or beneficiaries. While there are similarities between a will and a trust, a will is a more comprehensive document that typically requires probate court, while a trust allows assets to pass to the beneficiary without probate.

• How does a trust fund work?

  When opening a trust fund, a grantor allocates a trustee to oversee and manage assets in the account. This trustee can sometimes be a relative, an estate lawyer, or a bank that acts as the legal owner of the trust. While holding assets, the trustee is required to file taxes on trust assets.

• How does a living trust work?

  A living trust enables a grantor to manage their assets through a trustee while still alive. They can continually add funds and/or property to their trust fund by transferring them to the trustee, who accepts ownership of everything held in the fund. The grantor can name a beneficiary for their trust, and their assets will be automatically transferred to that person or establishment upon their death.

• Do I need a lawyer for a will?

  No, a lawyer is not required to draft or complete a will. However, there are some scenarios in which hiring an estate lawyer to assist with a will is a good idea, including when children or high-value assets are involved. Additionally, an estate lawyer can help to reduce probate fees and taxes paid by loved ones after a person dies. It's also best to work with a professional to ensure that the will addresses everything necessary, such as funeral plans, guardianship, and asset distribution.

• Can you have both a will and a living trust?

  Yes, and individuals who have a living trust should also have a will. While a living trust enables a person to leave funds and assets to a loved one when they're gone, a will is required to cover any assets that aren't included in the trust, such as guardianship of dependents, funeral plans, and forgiveness of outstanding debts, if applicable.

• How much does it cost to set up a trust?

  The cost of setting up a trust varies quite a bit depending on a variety of factors, including terms that are in place, special provisions for minor beneficiaries, and trustees' basic fees. In most cases, the minimum cost of setting up a trust is about $1,500, but depending on the factors mentioned above, this cost can increase by thousands of dollars.