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Wills can be simple or complex. Wills can be a back-up in case your other estate plans fall through or they can be a major tool in how you plan to distribute your property. Wills and Trusts are vital in planning for the welfare of your children if both parents pass away.

There are many Will and Trust products in the market (create your own by disk or through the internet/seminar products). Some may be appropriate but often the product is not right product for you, there is no explanation of the pro's and con's until it is too late and/or the Will or Trust is not valid in the State of Minnesota. What is valid in one state is not always valid or appropriate in a different state.

The following looks at different types of Wills, explains their purpose and discusses the cost of such a Will. Some will be drafted on a flat fee basis while others will be on an hourly basis. Generally, the Standard Wills can be drafted on a flat fee basis.

If you are interested in any of the following Will's, please fillout our Will/Estate Planning Information Sheet and return the same to us.


Simple Wills

Standard Will
These generally divide minimal assets with a value of less than $675,000.00 equally amongst your heirs and may include a personal property memorandum stating who will receive specific personal property (for example: jewelry, cars, stamp collection, etc.) and names who will be personal representative of your estate.

Will with Children's Trust
Can you picture your parents raising your children? If both parents of a child die, generally the parent of the parent has priority to become guardian of your child. If you do not feel your or the other parent’s parents are suitable guardians for your child if you and the other parent die, you need a will to state who the guardian should be. It is important to have an open and honest discussion with your intended guardian to verify that they willing and able to undertake the responsibility of raising your child(ren) should you pass away.


 


Non-Simple Wills

Testamentary Trust Will
A will that sets up one or more trusts for some of your estate assets to go to after you die.

Pour-Over Will
A will that leaves some of your assets in a trust that you had already established before your death. Depending on the terms, this could also be a simple will drafted on a flat fee basis.

Joint Will
A joint will is one document that covers both a husband and wife (or any two people). At times a Joint Will can be used but it is often advisable to accomplish your goals in a different manner. The attorneys at Nash & Lodge can make sure this is the right option to accomplish your goals or help you find the option that works best for you.


 

 
Other Types of Wills
 

Holographic Will

A will that is unwitnessed and in the testator's handwriting. About 20 states recognize the validity of such wills. Minnesota does not.


Oral Will

This type of Will is also called Nuncupative Will. A will that is spoken, not written down. A few states permit these. Minnesota does not.


NOTICE:

The foregoing is not intended to constitute legal advice for any specific circumstance, but is intended to reflect broadly applicable principles, under Minnesota law, relevant to a typical situation. Each set of facts and each contract is, or can be unique; the unique facts and specific language of the contract may require a different legal analysis and may result in a different outcome. Before proceeding in reliance upon this or any other general description of law, consult with an attorney competent in the field of practice relevant to your situation.

 

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