Almost everyone knows what a last will and testament is. However, many Americans don’t have one, according to a recent article from The News-Enterprise titled “Why everyone needs a will.” Many people think that they don’t need a will until they retire or are nearing the end of their lives or they are concerned about the cost of creating one.
It might not be obvious, but every adult needs a will, including parents and anyone with a car, home, or bank account. Married couples or individuals who own assets with named beneficiaries or joint ownership also need a will. This article discusses why having a last will and testament in Minnesota is important, the benefits of having one in your estate plan, and why working with an experienced estate planning attorney is better than creating a will on your own.
Why Does Every Adult Need A Last Will and Testament in Minnesota?
Minnesota state statute determines who receives any probate assets if an individual dies without a will. The same is true even if the decedent assigned beneficiaries or an asset has joint owners if there is a lawsuit over the deceased person’s cause of death. Without a will, Minnesota intestacy laws determine who receives those assets.
Woodbury parents should create a will to protect their children, especially minors if they both pass away. A last will and testament can name a guardian to raise minor children. If there’s no will, the court appoints a guardian. Most parents prefer to make this decision themselves.
Assets in joint ownership, accounts titled with another person’s name, payable-on-death (POD), or with named beneficiaries protect those specific assets from Minnesota probate. Without a will, all other assets in the estate must go through Minneapolis probate court. Individuals with a trust also need a will to avoid probate court for any assets that do not fund their trust. Read about probate in our article, “How Long Does Probate Take.”
Also Read: Can’t I Just Name A Child On My Bank Account?
What Are the Benefits of a Will in My Minneapolis Estate Plan?
Having a will prevents disputes over the beneficiary of jointly owned assets and solves beneficiary issues with POD instruments. Questions about who receives an asset with joint ownership arise once the second owner dies. Woodbury residents with POD beneficiaries face similar questions and should consider what happens if their beneficiary passes away before they do. Without a will, Minnesota’s intestacy laws determine who receives the property.
Also Read: Who Can Be the Guardian of an Adult in Minnesota?
Why Is It Better to Work With an Experienced Estate Planning Attorney in Woodbury?
The biggest concern about creating a last will and testament on your own is the potential of passing away with a flawed or invalid will. The will may be flawed and not comply with Minnesota’s laws for creating and executing the will. If this happens, there’s no way to fix the problem, and the person’s estate is subject to state statutes.
Key Last Will and Testament in Minnesota Takeaways:
- Having a Will Is Important: Adults, including parents and anyone with a car, home, or bank account, need a will.
- Benefits of a Will: Assets, including jointly owned and POD, go to intended beneficiaries.
- An Experienced Attorney Can Create an Effective Will: Estate assets and intended beneficiaries are protected.
Conclusion
Have peace of mind and draft a will before retirement or the end of life. You can avoid probate, prevent disputes, and protect your beneficiaries. Consult a Stone Arch Law Office attorney for guidance on creating your last will and testament in Woodbury. Book A Call with our office to get started.
Reference: The News-Enterprise (March 2, 204) “Why everyone needs a will
