Estate Planning: Wills

Types of Wills

When creating a will, it’s essential to understand the different wills before creating one. There are four types of wills; simple will, a testamentary trust will, joint will, and living will.

Simple Will

Simple wills are often used when all that is needed is direction on distributing assets to people. It is a basic will without any fancy conditions or demands. It declares who gets what, assigns a personal representative who ensures your will is carried out, and names a guardian for a minor. It’s simple but covers the main points of a will.

Testamentary Trust Will

A testamentary trust is a bit different; it’s a will that puts at least some, if not most, of your assets into a trust. A trust distributes assets to a beneficiary but is administered by a third person called a trustee. The trustee controls when and how the property is distributed to the trust beneficiary. Testamentary trust wills are generally created for young children, relatives with disabilities, or others who may inherit a large sum of money that enters the estate upon the testator’s passing.

Joint Will

Joint wills are generally created by spouses who intend to leave their property to one another. The surviving testator will inherit everything on the deceased spouse’s estate. Once the other testator passes away, the remaining estate will be distributed. One important fact about a joint will is that it cannot be revoked without the consent of both testators, meaning it is irrevocable once one of the testators dies.

Living Will

A living will is unlike other wills; it provides detailed instructions on what type of medical treatment you wish to receive if you become too ill to communicate. You can explain what kind of care you do and don’t want and name someone to make your medical decisions on your behalf. For example, you might say you do not want to be hooked to a ventilator even if you die without it.

Changing Your Will

It is crucial to keep your will updated. As life goes on, your potential beneficiaries change. Leaving outdated information in your will can lead to confusion and wishes being granted that you no longer desire. Some primary reasons for changing your will; are marriage, divorce, a new child, changing your mind, change in location. Continuously checking up on your will is essential to keep it up to date and avoid unnecessary confusion. The easiest way to change a will is to simply develop a new one. It allows you to make sure you change everything you want to and make no mistakes. One important thing when creating a new will is revoking the old one; writing a statement in the new will and destroying the previous one is essential.

No Will or Lost Will

Not having a will can be a little nerve-racking, all the possibilities that could happen to the people you love the most if you pass away while not having a will. If you pass away while not having a will in Minnesota, your assets will go to your closest relatives under state “intestate succession” laws. Depending on whether or not you have a living spouse, children, parents, or close relatives, your assets are passed to them when you die. For example, if you pass away and only have children, the children inherit everything. When a will is lost, it’s a little scary, but if your will has been lost, damaged, or destroyed, an application can be made to the court for evidence of the will’s content to be accepted in place of the original will. For example, when a picture of the original will or other documents might state parts of the will. Most importantly, creating a new will is vital as soon as you realize your original will has been lost.

Changing Your Will

It is crucial to keep your will updated. As life goes on, your potential beneficiaries change. Leaving outdated information in your will can lead to confusion and wishes being granted that you no longer desire. Some major reasons for changing your will; are marriage, divorce, a new child, changing your mind, change in location. Continuously checking up on your will is important to keep it entirely up to date and avoid unnecessary confusion. The easiest way of changing a will is to simply develop a new will. It allows you to make sure you changed everything you wanted to and no mistakes. When creating a new will, one important thing is revoking the old one; writing a statement in the new will and destroying the previous will is essential.

Drafting a will with an attorney

When creating a will, ask yourself many questions when appointing beneficiaries and dividing your assets. Although writing your will is a sensitive and challenging subject, having the proper guidance can release a lot of stress. The St. Cloud, MN attorneys at Jeddeloh Snyder Stommes are experienced and compassionate will-planning attorneys who will ensure that every detail is handled correctly and with sensitivity.