Take Good Care of Your Family with Wills and Trusts
Our law firm is very experienced in drafting wills and trusts, providing representation for trustee services, and estate administration. We will help you every step of the way by putting together an estate plan that can protect your family and your assets, whether you are married, single, have children or not.
But do you know why? Are you confident in your understanding of wills and trusts? Do you know if your family is properly protected, or are you at risk of putting yourself in a difficult legal position if something were to happen to you?
We are skilled at making this process easy for you. We make sure that your documents accomplish what you need them to, while avoiding potential pitfalls. We review your current estate plan to make sure it is keeping up with your family's changing needs. If you already have a will, trust, guardianship papers, living will, or other legal documents, we can review that plan to make sure that it remains appropriate.
What is a revocable and irrevocable trust?
A trust is a legal document that transfers ownership of property to a trustee, to be held on behalf of the trust's beneficiaries. The trust and estate planning attorney’s job is to manage the assets for the benefit of those beneficiaries.
A revocable trust is a legal document that can be changed or revoked by the grantor of the trust. An irrevocable trust is legally irrevocable and cannot be changed by the grantor, even if he or she should die.
A trust has a number of advantages, including shielding assets from creditors and providing for beneficiaries with special needs. However, there are drawbacks.
Because trust assets are not owned by the grantor, there are limits on how those assets can be used. In addition, trust assets are not immediately available to the beneficiaries.
What is a revocable and irrevocable will?
A will is a legal document that records your wishes when you die. Your will names a guardian for your children and names the people you want to act as executors of your estate. (That's the person who oversees your estate after you pass away.)
A will is "revocable," which means you can change or revoke it at any time. Once the will is signed and notarized, it becomes an official document. Once it's signed, your executor can distribute your property according to your instructions.
It is important that you make arrangements to protect your family.
A will, which is a legally binding document that expresses your wishes regarding your heirs, assets, and funeral and burial arrangements. When you have the proper documents and properly execute them, you ensure that your wishes will be carried out.
An irrevocable trust, such as asset protection trust, is a legal instrument established to hold your assets for the benefit of others.
Furthermore, proper estate planning can minimize attorneys' fees and taxes, help your family avoid probate, and ease the burden on your loved ones.
Stone Arch Law Office, PLLC
Address: 6009 Penn Avenue South, Minneapolis, Minnesota, 55419, US
Phone: (612) 444-5555
Website: https://stonearchlaw.com
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