Wills and trusts are two core estate planning documents that can provide tremendous benefits. If you need an estate planning attorney to assist with the draft or review of a simple will or trust, contact Sheridan & Dulas, P.A., in Eagan, Minnesota.
Last Will And Testament
If you pass away without a will, your estate will be distributed by the rules of intestate succession. Unfortunately, these rules may not result in a distribution of your estate in the manner you prefer.
A validly executed will can help you clarify your wishes, obtain peace of mind, and distribute your assets to your intended beneficiaries in the manner of your choosing. The process of getting started is simple. We offer a free and confidential consultation to discuss your will and other estate planning needs. In addition to handling simple wills, we also assist with complex estate planning for clients with significant assets or complex estate planning needs.
Simple Trusts
Trusts are not simply for the rich and well-to-do. Many people have assets they wish to transfer to their loves ones and a trust is often an effective way to transfer assets to intended beneficiaries. Through the use of trusts and other estate planning measures, you may be able to help your loved ones avoid the timely and costly process of probate, or minimize probate costs.
A trust can help you determine the manner in which your estate assets are distributed to loved ones. If you do not have a trust that specifies when your child will inherit your estate, your child will inherit your estate, without restrictions, when he or she reaches 18 years of age.
With a trust, you can define when your child receives his or first distribution of the estate. You can set up multiple distributions over time so your child receives estate assets at different ages. You may also set up qualifying conditions that trigger estate distributions.
Parents often choose to make the first distribution of their estate when a child is in his or her early 20s or when their child achieves an important goal, such as graduation from college. Parents often choose to make three or more separate distributions over a period of several years to enable their child to learn how to handle money or other estate assets in a responsible manner.
You may also want to use a trust to distribute assets if distributing assets in a lump sum at the time of your death may make a loved one ineligible for certain types of government benefits. Trusts can be particularly useful in such cases where a child or sibling is disabled and in need of government assistance.
Contact A Minneapolis Wills And Trusts Attorney
Contact our office today at 651-686-8800 to set up a free, no-obligation consultation. Our lawyers practice across the Twin Cities, including Dakota, Washington, Hennepin, Scott, Carver, Ramsey, Goodhue and Anoka counties, and in greater Minnesota.
