Minnesota Estate Planning Lawyers

Whether you know it or not, you already have an estate plan. The question is whether that plan achieves your goal. In Minnesota, if you die without your own estate plan in place, State statute dictates what happens to your assets, and to whom they are distributed. This is referred to as intestacy. For many, especially those with blended families or children with special needs, intestacy is not an ideal outcome. Having your own plan in place ensures your wishes are carried out and substantially reduces the burden on those who survive you.

There are numerous benefits to having an estate plan in place, including but not limited to:

• The ability to avoid the probate process, saving your estate time and money.
• Clear direction to those who are managing and benefiting from your estate.
• Reduction in estate tax exposure.
• Orderly administration of your affairs according to your wishes.

There are numerous vehicles available to manage your assets after your passing. Our experienced attorneys will listen carefully to your desires and give you the best options to achieve your goals.

Some of the most common estate planning vehicles are:

Last Will and Testament

This is the foundation of most estate plans. A will is a document in which you appoint a personal representative or representatives to manage your estate. You can direct the distribution of specific property and the allocation of remaining assets to specific individuals, charities or trusts, or classes of individuals (e.g. my children, grandchildren, etc.). You can even establish a trust or trusts within your will.

In Minnesota there are specific formalities for the drafting and execution of wills. Our attorneys will walk you through the process from start to finish, for your will to be effective and enforceable.

Trusts

Trusts are an excellent vehicle to manage your assets. A trust can be administered without the need for probate if properly funded. Trusts are especially helpful when you own real estate and/or have a child with special needs. While trusts are critical for high asset individuals, they are equally practical for modest estates. There are two primary types of trusts: revocable trusts and irrevocable trusts. Revocable trusts may be modified during your lifetime, while irrevocable trusts cannot. Our experienced attorneys will advise you on the most appropriate options to achieve your goals.

Durable Power of Attorney

A power of attorney is a document that appoints someone as your attorney-in-fact to act on your behalf in financial and contractual matters during your lifetime. In Minnesota, State statute outlines the presumptively valid form of the power of attorney. You can choose which powers to grant your attorney-in-fact, and any accounting requirements you determine is appropriate. You can also choose whether these powers continue in the event you become incapacitated. Doing so can avoid the need for the appointment of a conservator to manage your affairs. Our attorneys will walk you through the ins and outs of powers of attorney.

Healthcare Directives

In Minnesota, you can appoint a healthcare agent who can receive your medical information and make decisions if you are unable to do so yourself. You choose what powers to give your agent, and you can provide detailed instructions to guide your agent in making decisions. Our attorneys will discuss your options and answer any questions you may have.

Transfer on Death Deeds and other Non-Probate Transfers

Real estate can be transferred through what is called a Transfer on Death Deed, or TODD. This is a document that is recorded during your lifetime and permits the transfer of real estate you own upon your death, without the need to go through probate. This document is revocable during your lifetime and does not cause issues with title in the event you decide to sell the property in the future. There are other means of transferring real estate without the need for probate, such as conveying the property during your lifetime, and reserving for yourself a life estate. Our attorneys will be happy to discuss all options to achieve your goals.

Establishment of payable on death beneficiaries on your financial accounts is a means of transferring these assets upon your death. This can be done in conjunction with your overall estate plan. We will discuss with you how non-probate transfer designations can be part of your estate plan.

Protection During Lifetime

Estate planning is not solely limited to your assets upon your death. Protection of your assets during your life, and allocation of rights and responsibilities is essential in certain situations.

Prenuptial and Postnuptial Agreements

In Minnesota, couples contemplating marriage, or those already married can enter into an agreement that defines their rights and obligations in the event of death or divorce. State law dictates how assets are divided upon death or divorce. These agreements allow parties to modify the rules.

Pre and Postnuptial agreements are advantageous for couples who have blended families, when one or both parties enters the marriage with significant non-marital assets, or for those who want clarity and predictability in the event of death or divorce.

Minnesota law has strict requirements for these agreements in order for them to be enforceable, which includes both parties being represented by independent counsel, full and fair disclosure of assets and liabilities, and sufficient time before the marriage for prenuptial agreements.

Our attorneys have experience both drafting and reviewing Pre and Postnuptial agreements. Contact us to learn more about what may be available to you.

Cohabitation Agreements

With rising interest rates and changing demographics, it is increasingly common for unmarried persons to jointly purchase real property. It is essential for unmarried persons to have a binding agreement establishing their rights and responsibilities regarding the joint ownership of property. These agreements can establish the contributions to the mortgage, taxes, utilities, and improvements and the process to dissolve joint ownership if one or more owners wishes to disassociate. These agreements are also important for joint ownership of property that is not used as a residence.

Our attorneys have experience creating cohabitation and land use agreements for all types of real property.

Our Process

It is important for us to get to know you, your assets and liabilities, and your desires for administration of your affairs after your passing. To do this, we send all perspective estate planning clients a detailed intake form. This form permits our attorneys to review the nature of your estate and determine options to discuss with you. This form also serves as a good reference for you and the person(s) who will be managing your estate.

After receipt and review of the intake, a consultation is scheduled with your attorney to discuss your goals and available options. Depending on the nature of your estate, further consultation with your financial planner and/or tax professional may be advisable. We understand our clients are busy. We offer consultations by phone, video, and in person, depending on what works best for you.

After the consultation, your attorney will draft all the necessary documents and provide them to you for your review. We schedule another consultation to walk through the documents with you, to ensure that the plan meets your needs. Once you have approved all documents, we schedule an in-person meeting to properly execute all the documents.

Our Billing

Each estate plan is unique. Accordingly, we tailor billing to meet the unique requirements of your plan. That said, we generally bill hourly for the crafting each plan. Please see our Explanation of Billing Page for more details.

Estate Planning FAQ’s

I am married, but we each have children from a prior relationship. What happens if I die without an estate plan in place?

Depending on how your property is titled, especially title of any real property, the surviving spouse would likely be entitled to the first $225,000.00 of the estate assets and then one half the remaining estate assets.

Instead of doing a power of attorney, can’t my parents name me on their bank accounts so I can assist them with their finances?

While you can be named as a joint owner to financial accounts, this may cause serious unintended consequences. Doing this could result in the joint owner becoming the sole owner upon death, not permitting those accounts to pass according to the existing estate plan.

I am not wealthy, so is having an estate plan in place really that important?

If the aggregate value of your property is $75,000.00 or more when you die, or if you own real estate, probate would be necessary to administer your estate. Not having a plan that avoids probate will cause unnecessary reduction of estate assets, and likely could be an administrative burden for your loved ones.

Are Trusts appropriate only for the ultra-wealthy?

No. Trusts are likely the best vehicle for modest estates that consist of one or more pieces of real property. Properly funded trusts allow administration of the assets without the need for probate. You can provide specific instructions to your trustee for the administration of your assets.