Wills + Probate
What will happen to your belongings after you die? Who gets the house, the cabin, or the farm? Will your family members be left fighting over your money, property, and items of sentimental value? We can help you create and implement an estate plan that will protect your assets and facilitate a transfer to family, whether during your lifetime or after death, with income and estate tax efficiency.
Monticello, MN Will + Probate Attorneys
At Smith, Paulson, O’Donnell & Erickson, PLC we understand the importance of protecting your estate and planning for future incapacity. To help you accomplish your goals, we provide a full range of estate planning services to protect you and your loved ones. We strive to give you peace of mind. We will listen to your concerns, share our recommendations, and collaborate with you in preparing an estate plan that suits your unique circumstances. Our services include but are not limited to:
- Will drafting
- Trust drafting
- Trust administration
- Transfer on death deeds
- Conservatorship
- Guardianship
- Life Estates
- Medical Assistance/Social Security planning
- Nursing home planning
- Powers of Attorney
- Health Care Directives
The Importance of Estate Planning
Estate planning involves more than just drafting a will. It includes a variety of legal tools and strategies to protect your assets, minimize taxes, and provide for your loved ones. A well-crafted estate plan can help avoid probate, reduce estate taxes, and ensure that your healthcare and financial wishes are respected if you become incapacitated. Our Monticello wills attorneys work closely with clients to develop customized estate plans that reflect their unique needs and goals.
Creating a Will in MN
A will is a fundamental component of any estate plan. It allows you to specify how your assets will be distributed, name guardians for minor children, and appoint an executor to manage your estate. Without a will, state laws will determine how your assets are distributed, which may not align with your wishes. Our Monticello wills and probate attorneys are skilled in drafting clear and legally sound wills that provide peace of mind and protect your legacy.
Trusts + Other Estate Planning Tools
In addition to wills, trusts are a valuable tool in estate planning. Trusts can provide greater control over the distribution of your assets, offer protection from creditors, and avoid the lengthy probate process. Our estate planning & wills attorneys in Minnesota can help you establish various types of trusts, such as revocable living trusts, irrevocable trusts, and special needs trusts, tailored to meet your specific objectives.
Understanding Probate in Minnesota
Probate is the legal process through which a deceased person’s estate is managed and distributed according to their will or state law if no will exists. This process ensures that debts and taxes are paid, and the remaining assets are distributed to the rightful beneficiaries.
When a loved one dies, they may leave behind work to do. From simple transfers of title to formal probates to contentious disputes among heirs and beneficiaries, we can help. Smith, Paulson, O’Donnell & Erickson has extensive experience handling probate litigation and any disputes that may arise during the probate process. We will work with you to determine what procedures need to be followed and what tasks must be accomplished to resolve all post-death issues fairly, quickly, and cost-effectively.
The Probate Process in Minnesota
The probate process typically begins with the filing of a petition in the probate court. This petition requests the court to appoint an executor (if named in the will) or an administrator (if no will exists) to oversee the estate. The appointed executor or administrator has several critical responsibilities, including identifying and inventorying the deceased’s assets, paying debts and taxes, and distributing the remaining assets to beneficiaries.
Our Minnesota probate lawyers are adept at navigating the complexities of the probate process. We provide guidance to executors and administrators, ensuring they understand their duties and comply with all legal requirements. This support is crucial in preventing potential legal disputes and ensuring the estate is settled efficiently.
Why Legal Assistance is Important
Probate can be a complex and time-consuming process, particularly if there are disputes among beneficiaries or issues with the validity of the will. Our Minnesota probate & estate administration lawyers offer custom legal assistance to address these challenges. We help clients navigate contentious probate disputes, resolve issues related to asset distribution, and ensure that the estate is administered in accordance with Minnesota law.
Comprehensive Probate Services in Monticello
At Smith, Paulson, O’Donnell & Erickson, PLC, we offer a full range of probate services, from initial filing to final asset distribution. Our Minnesota probate lawyers provide compassionate and effective legal support, helping clients through every step of the probate process. Contact us today to schedule a consultation and learn how we can assist you in managing and settling your loved one’s estate with confidence and peace of mind.
Monticello, MN Will + Probate FAQs
What is covered by a last will and testament?
Your will directs how you want your estate to be distributed upon your death. You appoint a personal representative who will collect your assets, pay any outstanding debts, and distribute the remaining assets pursuant to your directions. You may also name the person or persons you would like to have guardianship over your minor children in the event of the death of both you and your spouse.
What happens if I die without a will?
If you die intestate, or without a will, Minnesota’s intestate succession law defines how your assets will be divided and distributed. Generally, your next of kin will receive the balance of your estate. Next of kin may be your children, grandchildren, parents, or brothers and sisters. If no “next of kin” exists, your remaining funds may go to the State, but this is a very rare circumstance.
What happens if I become incapacitated?
If you were to become mentally or physically incapacitated, the Court would appoint a guardian or conservator to handle your affairs. To avoid having to obtain a court-appointed guardian or conservator, you can name a durable power of attorney who can act for you.
To avoid a question as to your wishes concerning medical care, it is a good idea to prepare a Health Care Declaration or Directive (sometimes called a “living will”). This document outlines your wishes in the event you are unable to communicate, such as in a vegetative state. You may name a proxy on this document who can speak for you and carry out your wishes.
What happens to my minor children if I die without nominating a guardian?
If both you and your spouse die leaving minor children, the court will appoint the guardian and decide who it should be.
Will my assets automatically transfer to those persons named in my will?
Not necessarily. Depending upon the size and contents of your estate, it might be necessary to “probate” your will. Probate is the judicial process by which your will is introduced in court and your nominated personal representative is appointed and confirmed by the court. This will authorize your representative to collect your assets, pay your outstanding expenses, and distribute your remaining funds.
Is it true that probate proceedings are public and expensive and should be avoided?
Probating a will in the State of Minnesota is public and anyone can review it. The cost of probating a will varies depending on the size and character of your estate and the nature of any disputes that may arise. Generally, probate costs do not exceed three percent of your total assets. In some cases, with careful planning, probate is either partially or completely avoidable.
Guardianship Services in Monticello, MN
Guardianship is another important area of family law that involves appointing a legal guardian to care for a child when the parents are unable to do so. This can occur due to various reasons, such as illness, incapacity, or other extraordinary circumstances. Our Monticello family lawyers are experienced in handling guardianship cases and can help you navigate the legal process to ensure the best interests of the child are protected.
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