Estate Planning Attorneys in Minneapolis

Helping Our Minnesota Clients Plan for the Future with Comprehensive Estate Planning

Far too few Americans have legally valid estate plans in place. There can be a tendency to put estate matters off to the last moment, whether due to plain old procrastination or fear of considering what will happen to our loved ones after we pass on. Most Americans do not begin the estate planning process until after a divorce, the death of a family member, the contraction of a serious illness, or other critical life events. But for the lives of your family members and the future of your legacy, it is important to be proactive about Minnesota estate planning.

Estate planning is the legal process wherein an individual uses various methods and legal tools to safeguard their property from creditors, achieve some level of wealth preservation, look after the future of their minor children, make plans for retirement, and name beneficiaries for inheriting estates after a person dies. With a comprehensive estate plan, you can potentially minimize estate and gift taxes, ensure that your remaining assets are distributed according to your wishes, possibly implement methods to help families avoid probate, establish guardianship for your minor children, and enable your loved ones to make difficult decisions if you are ever left incapacitated.

With the help of our experienced estate planning lawyers, you can create a comprehensive estate plan that protects your interests today and into the future. At Metropolitan Law Group, our legal team prides itself on providing compassionate legal services to clients facing difficult decisions. Our law firm would be happy to help support you throughout the estate planning process.

Contact our Twin Cities law firm to schedule your free, no-obligation case evaluation today. In your free initial consultation, we will discuss your legal options and help you determine the right tools for your unique estate plan.

Why is it Important to Have an Estate Plan in Minneapolis, Minnesota?

Many people assume that their assets will go to surviving family members like their spouse and children after they pass away. But if they do not have a last will and testament, it’s possible that certain assets may pass over an intended beneficiary. If you don’t have a will in place, state law will dictate how your assets are distributed after you pass away.

Similarly, many assume that their family has the authority to make important medical and financial decisions on their behalf if they are ever left incapacitated. This is not always the case. However, with the implementation of advance health care directives, it is possible to enable an individual of your choosing to make these difficult decisions on your behalf if you are ever left in a state where you cannot speak for yourself.

When you create a thorough estate plan, you also get to decide who is in charge of estate administration and trust administration. Your estate executor or trustee can be anyone of your choosing, usually a close family member and someone that you trust completely.

If you have minor children, estate plans allow you to name guardians to take over their care if you ever pass away while they are still young. If you do not establish guardianship with an estate plan, the state will determine who becomes your child’s guardian.

What Are Key Estate Planning Documents?

When considering the implications of beginning estate planning in Minnesota, most people think of a last will and testament. But a comprehensive estate plan goes well beyond a simple will.

Various estate planning documents that may suit your needs include the following:

A last will and testament: this legal document outlines how you want your assets to be distributed to designated beneficiaries after your death.
Trusts: Several different types of trusts are available to Minnesota residents. These include revocable trusts, irrevocable trusts, special needs trusts, charitable giving trusts, and more. Unlike a will, which only goes into effect after death, certain types of trusts can provide benefits to the trust creator and their named beneficiaries over the course of their life.
Powers of attorney: A power of attorney document gives a trusted individual or entity the authority to make financial decisions on your behalf. There are several different types of powers of attorney; contact our law firm to learn more.
Advanced healthcare directives: This legal document outlines your wishes for end-of-life care and important medical decisions if you are ever left incapacitated due to a mental condition, serious injury, or illness. This document is also sometimes known as a health care power of attorney.

With a thorough estate plan in place, you can rest assured knowing that your future is well taken care of. Contact our Minneapolis law offices to schedule a free case review today.

What Legal Services Does an Estate Planning Lawyer Provide?

Our estate planning attorneys and probate lawyers have years of experience helping clients preserve and manage their assets with various estate planning tools. With our legal help, our clients can plan for the future and look after the next generation with a little extra peace of mind.

Our legal services and practice areas where we can provide knowledgeable legal counsel include the following:

The preparation, drafting, review, and modifying of wills, powers of attorney, health care directives, trusts, and other estate planning measures.
Assistance with retirement accounts.
Business succession planning for small businesses and family-owned businesses.
Estate planning for life insurance trusts.
Guardianship and conservatorship legal matters.
Legal assistance for trustees and trust administration and executors in estate administration.
Providing legal counsel for trustee selection.
Resolution of estate litigation and family disputes.
Strategies to help minimize taxes.
The founding of charitable trusts.
And more.

To learn more about how we can provide legal guidance to you during the difficult matter of estate planning, please schedule a free initial consultation with our law firm today.

What is the Probate Process?

Minnesota probate is the legal process that follows a person’s death. During this process, a probate court will validate the last will and testament (if such a will exists), and the executor of the estate will be responsible for settling debts, locating beneficiaries, and distributing inheritances.

The probate process can be complex and time-consuming. It can also be fairly expensive, especially in cases of estate or probate litigation. While having a will in place makes probate proceedings that much easier for your surviving loved ones, a will does not avoid probate.

Certain other estate planning tools do avoid probate, however. As your probate lawyers, we can help you through the legal process of probate and develop strategies for avoiding it if necessary. One strategy is to put your assets into a trust.

What Happens if You Die Without a Will in Minneapolis, MN?

If you die without a will in Minneapolis, MN, your estate’s assets will be distributed according to Minnesota intestacy laws. Intestate laws are the default that determine how estate assets are distributed when there is no will or other estate planning document in place.

If you do not have a will or other estate planning document in place for instances of death or incapacitation, state statutes determine which beneficiaries shall inherit what. This could result in probate litigation and feuds between your surviving loved ones.

It is essential that you have a last will and testament or some other estate plan measures in place to simplify legal matters for your family. However, if someone has passed away without a will and the probate process has begun, our estate planning law firm can assist interested parties.

What is Business Succession Planning?

If you do not have a business succession plan in place, your company could suffer if owners and key employees are incapacitated, retire suddenly, or tragically pass away. With a comprehensive business succession plan, you can establish how to maintain some level of leadership, train potential successors, and develop plans for what comes next for your company after leadership roles are vacated.

Contact an experienced estate planning attorney at our Minnesota law office to schedule your free case review today.

When Should You Update Your Last Will and Testament?

Wills and trusts need to be updated regularly after major life events in order to keep them up to date with changing life circumstances. If you do not update your will and keep things current, out-of-date language could result in beneficiaries being passed over, the wrong beneficiaries recovering an inheritance, and other legal issues.

It is wise to consider updating wills, trusts, and other estate planning measures after major life events such as death, divorce, the birth of a new child, changes in financial circumstances, and more.

Contact our Minneapolis law offices to schedule your free case evaluation today.

What is the Difference Between Wills and Trusts?

Both wills and trusts are legal instruments for distributing assets according to your wishes to benefit designated beneficiaries. A will is the foundation upon which virtually every estate plan is built. Wills are also typically considered simpler legal documents, which are less expensive to draft and essential to handling probate matters after you have passed away.

Trusts require more time and finances to set up. They also require a trustee to manage the trust for the beneficiaries. Depending on the type of trust, it is possible for the trust to benefit the beneficiaries and the trust grantor while the grantor is still alive.

While a will must go to probate court and undergo the complex probate process before distributing assets to beneficiaries, assets within trusts are almost immediately transferred to beneficiaries upon death. This allows beneficiaries to take possession of trust assets almost instantaneously, saving them money and time.

Many people have both wills and trusts. What type of estate planning document is right for you will depend upon your unique needs and goals. Our legal team would be proud to assist you.

Schedule Your Free Initial Consultation with Our Experienced Estate Planning Lawyers Today

Our estate planning attorneys can help you draft, review, modify, and litigate several types of estate plan documents, including wills, trusts, powers of attorney, and more. Metropolitan Law Group is an estate planning law firm with extensive experience helping clients in the Minneapolis area. We are proud members of this community and want to see our clients thrive.

Whether you are looking to protect your assets from creditors, minimize taxes, develop special needs planning, modify a will, establish a business succession plan, or address other estate matters, our legal team, led by estate and wealth planning attorney Lisa A. Haster, would be proud to provide legal guidance.

Schedule a free, in-depth, 15-minute strategy session by calling us today at 612-448-9653.