Estate Planning Prices

A will is a writing signed by you and witnessed by two individuals that directs what happens to your property after you pass away. A will is only effective upon death and will only control property that is in the decedent’s name. It will not control property that is held in joint tenancy or that is payable on death. Having a will does not necessarily mean there will have to be a probate. Probate is determined by the assets of the decedent and how they are titled at the time of death.

You may ask why you cannot simply purchase a will online or buy one from a store. The answer is that you can – but you will not be getting the personalized advice that you can get from talking to us. There are many considerations in preparing an estate plan that an online service simply cannot provide. Our prices are very reasonable and competitive with our online competitors, so you would be wise to talk with us first at a free 30-minute consultation.

A trust is a document that generally operates while you are still alive and continues to operate after your death. The main distinction between a will and a trust is that a trust can actually take title to your assets, much like a corporation owns assets of a business. A will simply states your wishes upon your death.

A trust can dictate when assets will be distributed to the beneficiaries. For example, many people do not want their children to necessarily inherit everything when they turn 18. They may want their children to inherit some percentage of their inheritance at different ages so the kids do not go out and blow their whole inheritance at age 18. Maybe paying for college is important before a child is to receive a portion of the inheritance. A trust is the only vehicle that can make this happen.

A trust also can avoid probate. Because the trust holds title to the assets, it will continue to control the assets after decedent’s death and no probate will be needed - assuming the decedent did, in fact, transfer all of the assets to the trust during his or her lifetime. Trusts provide a lot more flexibility in how your property can be distributed after you pass away.

A probate is a court process that determines who the beneficiaries are to the decedent’s estate and who the personal representative is and then ultimately passes the decedent’s property to the beneficiaries. In most instances, any asset that is in the decedent’s name alone and has a value of more than $20,000 will need a probate. Non-probate assets are those that have a joint tenancy designation, are payable on death, or have some other designation. These types of assets generally will not require a probate. It is always a good idea to consult an attorney if you are not sure of what to do.

Probates can be commenced as informal or formal probates. The majority of probates can be administered informally, meaning you will not have to go to a hearing before a judge to be appointed personal representative. In some circumstances, however, you will be required to have a formal probate administration, such as when there are minor beneficiaries, more debts than assets, and in some other circumstances.

We can help you determine whether you will need a probate when you meet with us during a no obligation, free 30-minute consultation.

Many people ask why they need an estate plan if everything is going to be left to their spouse or their children when they die under Minnesota’s intestacy statutes. While it is true that you do not have to have an estate plan in place to accomplish this, a formal estate plan can help you accomplish a variety of other goals that may be important to you, including:

• Avoid probate
• Make gifts to charity
• Save on estate taxes
• Protect a cherished pet
• Prevent children from receiving their entire inheritance at age 18
• Ensure that a child’s college education takes priority over outright inheritance
• Choose who the guardian of your minor children will be
• Select who will oversee the financial estate of your minor and/or adult children (trustee) and who will administer your estate (personal representative)
• Provide for a disabled child so they do not lose their government benefits
• Designate who will get specific personal property items that may have sentimental value to a friend, or specific child
• Protect assets from creditors
• Allow trusted family members to make decisions for you without court involvement (financial power of attorney and healthcare directive)

We can help you decide which estate plan will serve your needs and goals best, whether it is a will, a trust, a combination of the two or something else.

If you have a blended family – meaning second marriage, biological children and step children, or any combination of spouse and children that are not all related by blood - it is imperative that you make an estate plan. The State of Minnesota does not treat blended families the same as families in which the children are the biological children of both parents. There are complicated rules about who inherits in blended families and we have seen these situations get very messy and very expensive once the courts get involved.

For example, if you are a husband and wife and have children from prior relationships, the State will divvy up the assets using a complicated formula that gives the surviving spouse some of the estate and the biological children of the deceased spouse some of the estate. If you do not have a will or trust that dictates what will happen in this circumstance, you can bet there will be a fight after your death and some hard feelings towards you, and amongst the survivors that can last a lifetime.

If you have a partner or significant other that you would like to inherit from you after death, an estate plan is absolutely essential. Otherwise, without an estate plan, your partner or significant other will be left in the cold and your blood relatives will get your property after your death no matter how long you were together with the partner or significant other.

Check out our estate planning and then call us to set up an appointment for absolutely free, no obligation, 30 minute consultation. Our prices are some of the lowest you will find for estate planning. The reason our prices are so low is because we do not carry the overhead of layers of staff. You deal directly with us, and only us, and that saves you money. You can pay us a reasonable fee now, or your family can pay us, or some other bloated law firm, a much higher price later.