Additional Estate Planning Resources
Information about wills, probate & estate planning for Minnesotans
What is a will?
A will is a legal document that allows you to transfer your property at your death. A will is a simple way to ensure that your money, property and personal belongings will be distributed as you wish after your death.
What is probate?
Probate is the legal process of settling your estate in court after you die. Your propetry is gathered and invetoried, your debts are paid, and everything left over is divided among your heirs. Your personal respresentaive is responsible for "porbating" your will. I fyou have no will or did not name apersonal representaive, the court will appoint one for you.
Do I need a will?
The fact is, several people do not have a will. An individual's financial situation, family structure, and their wishes for how their assets are distributed all have some effect on the need for a will. It is difficult to come up with a situation for someone who certainly does NOT need a will, the best way to answer this question is to take the time to discuss your unique situation with an estate planning attorney who can advise you.
What is estate tax?
In short, estate tax is a death tax. There are exemptions from this tax, but in short, after all gifting and exemptions have been exhausted, there is a percentage of the money that is left over that will go to the government. However, the rules around exemptions are changing year to year, so to fully understand how estate taxes will effect you, talk to an estate planning lawyer.
Does a will avoid probate?
A will does not avoid probate, but it essentially allows you to play a role in determining how assets are divided.
The probate process is typically much shorter, smoother, and less expensive if a will is in place, but a will does not, and is not inteded to, avoid the probate process.
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