First things first, a will is a legal document allowing you to transfer property at your death. It’s a way to ensure your money, property, and personal belongings are distributed as you wish after your death. Although the law does not require anyone to have a will, it’s a very useful tool that helps you control the division of your estate, as well as simplifying the process for whomever you leave in charge of the distribution after your death.
If you die without a will, Minnesota’s inheritance laws will control how your estate is to be divided, starting first with your immediate family. With a will, you can control not only how your estate is divided, but who is to control that distribution. Some general contents of wills are: names of your spouse, children, other beneficiaries, name of personal representative, your signature, witnesses’ signatures, etc.
So many people associate a will, or any other estate planning, to be done when a person is thinking about settling life affairs. In reality, anyone with any assets of any age or circumstance should have a will drafted in order to be sure their best interests and wishes are protected and able to be carried out. A will is just one step of the estate planning process, contact Ken Wasche today for more information on wills and estate planning.