Should I Get a Will or a Trust in St Paul, MN
Many St Paul residents wonder whether they need a will or a trust to manage the distribution of their assets. Each one serves a unique purpose, and there are comparable features between the two.
Here is a definition of each one in depth:
- Will - A will, sometimes called a Last Will and Testament, is a legal document that describes your wishes after death in regards to property, miscellaneous assets, and even dependents/children.
- Trust - A trust is a legal arrangement that ensures certain assets go to specific beneficiaries during illness or after your death. This is often in the form of an account at the bank.
While a will can satisfy the needs of many Minnesota residents, a trust can speed up the process of distribution and help avoid probate.
The Benefits of a Will
There are several benefits to getting a will. Some of these benefits include:
- Assets remain in your control until death
- Less expensive than a trust during the planning process
- Easier to make changes without retitling
The Benefits of a Trust
There are also several benefits to getting a trust. Some of these benefits include:
- Protects your assets from creditors when the trust is irrevocable
- Avoids probate court for your Trustee and Beneficiaries
- Provides management for your assets in the event you’re no longer able to
- Can minimize estate taxes when trust is irrevocable
Considerations When Making a Decision
When deciding between a will and a trust, it’s crucial that you understand which one suits your situation best.
A will can be the perfect solution for those leaving behind smaller assets or simple estates, those distributing belongings to people other than family or spouses, or those naming guardians for their children in the event of a death.
A trust can do the trick for those with significant assets or complex distribution situations, those who want to simplify the process for their trustee after death, or those who want to keep their affairs off of public record.
You should note that some people get a will AND a trust. This can ensure there are no gaps in your estate plan in the event of unexpected illness or death.
Contact an Experienced Estate Planning Attorney in Minnesota
At the Law Office of Clarence Patterson III, our team is dedicated to helping and representing you. You will have an experienced attorney who is easily accessible, patient, tech savvy and efficient so that you can save on attorney costs. We will be here to answer any and all questions you have about wills, trusts, and estate planning.
Our firm primarily serves the areas of Ramsey County, Washington County, Hennepin County, Dakota County and other areas around Minnesota. If you are in need of an experienced estate planning attorney in Minnesota, please contact us today to schedule your free case evaluation.
