Some people in Saint Paul may have executed a will and think that their estate planning duties are done. After all, the will specifies who will inherit what once the testator dies, so what more is needed? While a will can certainly accomplish that goal, it will have to go through the time-consuming, public, and costly probate process before the person's assets can be distributed to their heirs. Therefore, those who want to avoid probate and keep their financial information private may want to consider executing a trust, either in place of or in addition to, a will.
Many people in Minnesota may have a will, but they may not know much about how a trust works and how it will benefit them. Trusts can be an integral part of a well-rounded estate plan. The following are some types of trusts that Minnesotans may want to consider executing.
The New Year is here and people across Minnesota are making their New Year's resolutions for 2018. While some may be looking to change a personal habit in their lives or to meet certain items on their "bucket list," in general, most New Year's resolutions deal with the here and now. However, one thing they may not think of, but that could affect not only their future, but the futures of their loved ones is estate planning.
Many people in Saint Paul have a favorite charity, whether it is a school, a museum, a hospital or a non-profit organization. In fact, Charity Navigator reports nationwide that, in 2016, almost $400 billion was given to charities. While some people simply write a check or give supplies to their favorite charity during their lifetime, others choose to set up a charitable trust to benefit their favorite charity after they pass on.