Answering All Your Questions About Wills And Trusts
When you seek an estate planning attorney, you want one who is knowledgeable, experienced and compassionate. The attorney at Wandling Law Firm, PLLC, in Minnetonka, has all of these traits and can provide the insight you need to create and revise wills and trusts.
Wills and trusts are the foundation of an estate plan. Founding attorney David E. Wandling can steer you toward the estate planning path that is right for you. Our team will help you plan for the future.
Providing Clear Explanations About Wills
Different types of wills have different purposes. We can help you determine which may be the best fit. Included among the different types of wills are:
- Simple wills: Many people with uncomplicated estates rely on simple wills. They are basic and address all matters for your estate and how you want the assets to be distributed.
- Joint wills: Often used by spouses who want to leave assets to each other. Upon the death of one spouse, the other spouse inherits all assets.
- Living wills: Also known as health care directives, these documents provide instructions for health care professionals as to whether they should continue medical treatment for you if you are unable to communicate your wishes regarding such matters.
Wills also must go through the probate process in which estates are settled. In this process, an executor is named, outstanding taxes and bills are paid, assets are distributed to beneficiaries and disputes are settled.
The Advantages Of Trusts
Some people choose a trust rather than a will, primarily for two reasons: a trust is not a matter of public record like a will, and you also avoid the probate process, which is time-consuming and costly. Here are some types of trusts:
- Revocable trusts: Changes can be made to these trusts at any time. However, since the assets remain under your control, they are subject to real estate taxes and creditors.
- Irrevocable trusts: You are not allowed to change these trusts. They also are protected from creditors and real estate taxes because the assets no longer belong to you.
- Testamentary trusts: Sometimes referred to as a “trust under a will,” these trusts are actually found within a will. They are usually created for testators who have minor children, and designate trustees to manage and distribute assets to the beneficiaries.
- Special needs trusts: These trusts are ideal for families with minor and adult children with special needs. You want to ensure that there are enough assets in them to provide for your children once you die.
- Charitable trusts: Leaving a legacy is important to some, and you can do this through these trusts. Perhaps you want to provide money to your favorite charity or cause.
Whether you need direction on wills or trusts, we can help by answering your questions and providing insight.
Contact An Experienced Attorney
Do you want to learn more about wills and trusts? Wandling Law Firm, PLLC, in Minnetonka, Minnesota, has more than 20 years of experience representing people with their estate planning needs. We offer free initial consultations. Please contact us by email or call 952-237-0599.