An Eden Prairie Wills And Trusts Attorney
A well-crafted will is an essential part of a comprehensive estate plan that will preserve your wishes and make sure that your family is taken care of after your death. A carefully-devised trust can enhance your estate plan and further protect your loved ones. A will and trust attorney can help you add these to your estate plan.
Andy Gregory Law, PLLC, in Eden Prairie, is a law firm dedicated to estate planning and probate administration. Founding attorney Andy Gregory works closely with his clients to understand their unique legal goals. He personalizes his legal guidance and tailors his work to meet those goals. With an in-depth understanding of Minnesota estate planning laws and probate regulations, Andy can help you create or revise your will and trusts to fulfill your estate planning goals.
When Should You Create A Will?
It is never too soon to create a will. Everyone, regardless of age or wealth, should have a will to ensure their assets are distributed according to their wishes. Without a will, Minnesota’s intestate laws will determine how your assets are divided, which may not align with your personal desires.
If you die without a will, the state decides who inherits your property, leading to potential family disputes and unintended consequences. Creating a will provides peace of mind and clarity for your loved ones.
When Should You Revise Your Will?
Regularly reviewing your will and estate plan will help you make sure that it continues to reflect your current wishes and circumstances. Major life events or transitions are also critical times to update your will. Consider revising your will if you:
- Get married or divorced
- Have a baby or adopt a child
- Experience the death of a beneficiary
- Receive a substantial inheritance
- Undergo significant changes in your financial situation
Wills and trusts attorney Andy Gregory can help you review your existing plan and help you evaluate if it remains aligned with your current goals and life changes.
What Are The Different Types Of Trusts In Minnesota?
Trusts can be a powerful tool in your estate plan, offering various benefits depending on your needs. Here are a few types of trusts you might consider:
- Revocable Living Trust: A revocable living trust allows you to retain control over your assets during your lifetime and specify how they should be distributed after your death.
- Irrevocable Trust: An irrevocable trust transfers assets out of your estate, potentially reducing estate taxes and protecting assets from creditors.
- Testamentary Trust: A testamentary trust is created through your will and only takes effect upon your death.
- Special Needs Trust: A special needs trust provides for a disabled beneficiary without affecting their eligibility for government benefits.
- Charitable Trust: A charitable trust allows you to leave a portion of your estate to a charitable organization while receiving tax benefits.
- Cabin Trust: Cabin trusts provide families with comprehensive guidance on various strategies to ensure their cabins are preserved and successfully passed down to future generations.
An experienced wills and trusts attorney can help you assess which type of trust best meets your estate planning goals and tailor it to your specific needs.
Do You Need The Same Attorney To Update A Will Or Trust?
While you are not required to use the same attorney to update a will or trust, having continuity can be beneficial. An estate planning attorney who is familiar with your estate plan and personal goals can make the updating process more seamless and ensure that all documents are consistent with your wishes. Attorney Andy Gregory can provide continuous support, whether you are creating a new will or trust or updating an existing one.
Consult An Eden Prairie Will And Trust Attorney
Wills and trusts attorney Andy Gregory can help you assess your estate planning goals, draft a comprehensive will and evaluate your need for any trusts. He serves clients in Eden Prairie, Bloomington, Minneapolis, St. Paul and the surrounding Twin Cities communities.
You can schedule an initial consultation appointment by calling 612-778-0759 or by sending an inquiry through the firm’s website. Create a will that reflects your wishes and provides for your family, which, in turn, will provide you with peace of mind.