Estate Planning Attorney in Edina, MN

Estate planning is the process of legally designating who will receive your assets after your death, as well as who will handle your ongoing and final responsibilities. Common documents included in an estate plan include a will, a healthcare directive or living will, financial power of attorney, and a parenting plan for your children’s guardian if applicable. Without these documents, your assets and responsibilities will be divided in whatever way the courts see fit, which can pose significant problems for many families. This is not a time when you want to see a “one size fits all” approach imposed by the courts, so work with an estate planning lawyer to create the plan that will work best for your family.

An estate planning lawyer knows the laws in Minnesota and can help you make the best decisions for your family. Estate and inheritance tax laws are an important consideration; if you have accumulated a great deal of wealth and assets, you want to plan the distribution of your estate in such a way that your family won’t be burdened by these taxes. Estate planning attorneys can also help in the areas of directives: medical care directives, financial power of attorney, trusts, and more. If you have children, your attorney will know exactly how to create a childcare plan that will hold up in court. You wouldn’t want to gamble with these documents, so it’s a good idea to have someone with an extensive knowledge of estate laws in your corner.

The law lays out guidelines for how to treat many common situations: what to do when an individual is unable to make their own medical decisions, who should act as a child’s guardian when his/her parent passes away, and how someone’s property is distributed after their death. However, these guidelines may not be appropriate for you and your family. By creating an estate plan, you can ensure your medical decisions, family members, and assets are all treated the way you’d prefer in the event of your death. Any documents you have outlining your wishes – if properly prepared – will be considered the default instead of leaving it to the law to determine how those issues should be handled.

When someone dies without a will, the courts use a generic set of laws to determine who becomes their child’s guardian, who gets their assets, and more. This is less than ideal for most Minnesotans. You may have a strained relationship with family and would prefer a close friend take guardianship of your child, for example. Or, you could own a family lake home that you want to leave to a certain niece or nephew. If you don’t have this information written into your estate plan, it will not be the determination the courts make. Estate planning is so valuable because it allows you to specify exactly what you want to happen at the end of your life with no regard for “the most common approach” or the option most Minnesotans would choose.

While you could technically draft your own will, it’s not recommended if you have substantial assets, are a business owner, or want to implement a complex plan for your estate. An estate planning lawyer can help you create your will in such a way that it stands up over time and follows all legal guidelines. Your will is part of your greater plans for your estate, so it can work in tandem with other important documents. That’s why we recommend you hire an estate planning attorney to help you draft your will and all the other documents you’ll need to make your plan a reality. 

This is a common DIY estate planning tactic, but it may not be right for your family. There are tax benefits your child may be missing out on if you add them to your deed, bank accounts, or other assets. They may be sitting on unrealized financial gain in the property if they’ve been listed as a co-owner since before your death. Additionally, if your child gets divorced, sued, or owes money to creditors, the real estate you’ve added their name to can have a lien placed on it since it is legally considered your child’s property. As you can see, there are drawbacks to this tactic. An estate planning attorney can show you alternatives that could still save your child money without the headache of adding his or her name to your deeds. 

When you want to change or update your will, it’s very important that you do it in a way that the courts will recognize as valid. Sometimes people try to change their will on their own without understanding the state’s laws about handwritten will revisions. This could mean that all the changes you’ve made will end up challenged by your beneficiaries or disregarded when the time comes to enact your will. There are two valid options for modifying your will: making a codicil (an addition to your existing will) or completely redoing your will and revoking the previous one. Both options can easily be handled by your estate planning lawyer.

A will only goes into effect after you die, but a trust is enacted as soon as it’s created. Through a living trust, you can slowly pass along your assets to family members when you see fit. It can be written to distribute your assets before death, at death, or afterwards. A trust usually has two types of beneficiaries — one set that receives income from the trust during their lives (for example, your children) and another set that receives whatever is left over after the first set of beneficiaries dies (often grandchildren). A trust does not allow you to name a guardian for your children or specify your funeral arrangements – only a will can do that. So, both documents can be beneficial depending on your circumstances.

When you’re searching for an estate planning lawyer, first determine what could make your financial circumstances unique. Then find a lawyer who is comfortable addressing those characteristics. Estate planning lawyers aren’t “one size fits all,” so you must find a lawyer who can help you achieve your estate planning goals. For example, business owners should work with an estate planning attorney in Minnesota who understands the legal requirements for including your business in your will. Similarly, if you have substantial assets, you should seek an attorney who has experience creating estate plans for other high-asset estates.

Beth Barbosa is a highly proficient estate planning attorney in Edina, Minnesota. She has diverse experience working with singles, young families, physicians, business owners, and everyone in between through her flexible estate planning options.  If you’re a young parent still working on accumulating assets who wants to make sure your children are protected, Beth can help you with peace of mind. And if you’re reaching retirement with substantial assets, investment accounts, or a closely held business, Beth’s estate planning services will help you develop an extensive estate plan, develop trusts, and more.

If you have accumulated assets that you want to be distributed in a certain way, you should consider estate planning – no matter your current age. Your documents can be modified as you grow older and your preferences change but getting something down in writing now will give you immense peace of mind. In addition, you don’t need to be wealthy to consider estate planning. If you have assets such as real estate, vehicles, full or partial ownership of a business, and/or savings, you’d already benefit from creating an estate plan. Parents and those with life-threatening medical conditions should also consider beginning the estate planning process.