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  5. What estate planning tools are right for you?

What estate planning tools are right for you?

On Behalf of Ed Shaw Law | Oct 16, 2018 | Estate Planning |

Deciding how to divide your assets can be difficult. Understanding all the different paperwork can be even more so. You may wonder how estate planning tools differ and which is right for you. Here is what you need to know about common estate planning tools.

Trust vs. Will

A will is a legal document that stipulates how your property will be divided after you pass. A trust does essentially the same thing, but these two documents function differently and provide different benefits.

A will takes effect after someone passes on. A trust goes into effect when you fund it. As soon as your assets are moved into the trust, these are earmarked for the named beneficiary. With a revocable trust or living trust, you can make changes to beneficiaries or move assets in and out of the trust. After an irrevocable trust is funded, you can no longer move assets or change beneficiaries. Both types of these trusts provide certain tax benefits, particularly for those with large estates.

A trust protects assets in the trust, and you can still collect income earned on these assets while you are around. A will does not protect any assets you plan to give to your beneficiaries.

With a trust, you can be very specific about how assets are distributed, since you appoint a trustee to manage the trust. Wills pass through probate, so the court oversees the administration of your will. This also means a will is a public document. Trusts do not pass through probate, so all the information included in a trust remains private.

You can only include property that you own solely in your will. Jointly owned property cannot be included. With a trust, any property you move into a trust can be passed on.

Health care directives

Health care directives allow you to express your wishes about medical treatment, if you are unable to do so. You can also appoint someone to make these decisions for you, if you become incapacitated.

A living will is one type of health care directive, and it specifically addresses your wishes regarding medical care. You can lay out what live saving measures you want used, palliative care options and even if you want your organs donated.

Power of attorney

A person with your power of attorney can be placed in charge of several things. A general power of attorney arrangement is someone who makes financial decisions on your behalf, in case you are unable to do so. That included managing your personal finances, paying your bills, etc. You should appoint someone who will make responsible financial decisions.

You can also appoint someone as your healthcare power of attorney. This person makes decisions about your medical care, if you are not able to do so. You want to pick someone you trust make decisions based on your wishes, not their own. The same person can make both types of decisions, or you can designate two people for these decisions.

A will is often the right estate planning document for simple estates. If you have a more complex estate, you may want to consider a trust, particularly if you are concerned about estate taxes or privacy. There are several different ways to create health care directives, so if you are unsure which is right for you, you may want to reach out to an experienced estate planning professional.

Will I lose everything in Chapter 7 bankruptcy? 

On Behalf of Ed Shaw Law | Jun 5, 2025 | Bankruptcy

Chapter 7 bankruptcy helps erase debts when you cannot pay them and give you a fresh financial start. However, many people think of bankruptcy as losing everything. Fortunately, Minnesota laws protect essential assets.  Confidence comes from knowing your rights—learn...

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What is the difference between legal and physical custody?

On Behalf of Ed Shaw Law | Apr 23, 2025 | Family Law

If you're going through a custody issue in Minnesota, it's important to understand the difference between legal and physical custody. These terms may sound similar, but they each play a different role in your child's life. Understanding legal custody Legal custody...

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JAIL PHONES

by Edward Shaw | Apr 4, 2025 | Criminal Defense

Many of you have seen movies involving phone calls from a jail or prison, maybe some of you have gotten calls from a jail or prison.  If you have, you may be familiar with the message that often plays 'This call is from a correctional institution and may be...

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EXPERT WITNESSES

On Behalf of Ed Shaw Law | Mar 27, 2025 | Firm News

Most people outside of the legal system have never heard of expert witnesses, a critical part of the legal system.  Unlike regular witnesses, who can testify about what they observed or heard, experts can offer opinions.  Experts are used to explain a variety of...

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Contracts for Deed

by Edward Shaw | Mar 12, 2025 | Business Law

They are an alternative method of financing the purchase and sale of property.  Instead of the buyer getting a bank loan, payments are made to the seller.  The arrangement has its advantages, by taking payments over time a seller can in some cases save on taxes. ...

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WHEN DO YOUR RIGHTS HAVE TO BE READ TO YOU

by Edward Shaw | Jan 31, 2025 | General Law

I have written on this topic before, but, because it is a source of a lot of misunderstanding among the general public, it needs more attention. Police shows for decades have shown people being arrested and read the Miranda warning, 'their rights', you have the right...

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When can you sue someone for something they say?

by Edward Shaw | Jan 24, 2025 | Civil Law, General Law

Free speech is a cornerstone of our society, for good reasons.  A democracy depends on people being able to express their opinions about anybody, and anything.  Even the richest and most powerful in society can be criticized by any citizen in a free society. Like all...

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MONEY AND DIVORCE

On Behalf of Ed Shaw Law | Jan 13, 2025 | Firm News

When divorces are tough there are usually issues with money.  The rules on dividing assets, money, real estate, vehicles, anything of value, are simple, it is generally divided equally, regardless of who earned it, or whose name is on it.  The exception is...

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Tips for co-parents to keep the holiday season peaceful and joyous

On Behalf of Ed Shaw Law | Dec 6, 2024 | Custody

Co-parenting presents challenges throughout the year, but the holiday season can amplify these difficulties, even for those who maintain a cordial relationship with their former spouse. From Thanksgiving through the end of the year, the added stress of coordinating...

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Home For The Holidays

by Edward Shaw | Nov 27, 2024 | Firm News

It happens every year in the family court business, separated parents fighting over where the kids will be for the holidays.  The holiday season has its challenges to begin with, the stress or organizing get togethers, figuring out where people will be, traveling with...

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