The Importance Of A Will In Minnesota
You may think that just because you are not independently wealthy you do not need a will. Sometimes people are under the impression that only older people need a will.
The truth is that if you own a home, are married, have children or have a full-time job with a 401(k) or IRA, you can benefit from a will. A well-crafted will can make the probate process faster and less expensive. At Ed Shaw Law, we work with people all over the Brainerd area to create wills and estate plans.
Why Parents Need A Will
If you have children, a will can ensure that the custody of your children will go to the person or people whom you and your spouse choose. If you don’t have a will, you leave this to chance and the state will decide who raises your children. The last thing you want is for your child or children to end up in foster care.
A will can also ensure the financial stability of your children, should the unthinkable happen to you. A trust can be set up through a will to pay for their education or for future use. A will is often the first step in estate planning.
Four Top Reasons Why You Should Have A Will
A will sets down your wishes on paper. This means that your family doesn’t have to guess or fight over what they think you would have wanted.
But there are other benefits that a will offers. These benefits include:
- Minimized estate taxes. Estate taxes due after your death can decrease what’s left to give to your family.
- Clear directions as to “who gets what.” This ensures only the people you choose will inherit from you. It is especially important to make a new will if you have divorced.
- A will allows you to leave money to charities or organizations that held meaning for you during your lifetime.
- A will lets you designate an executor. This means you get to decide who takes care of things after you die.
The Role Of An Executor In Minnesota
An executor’s job is to make sure your affairs are in order. This person will make sure your outstanding bills get paid, your credit cards get canceled and make sure the people you designate to inherit items from your estate get them. An executor does not have to be a family member. They can be a close friend or someone in your life whom you trust to carry out your wishes. When deciding on an executor, pick someone who is organized, world-wise and honest.
Work With A Seasoned Estate Planning Professional
Our estate planning services are accessible and affordable. We accept all major credit cards, including Visa, Mastercard, Discover and Amex. 10% Military/Veteran Discount (exclusions apply). We have offices in both Brainerd and St. Cloud for your convenience, and work with clients throughout the surrounding areas of Minnesota.