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Kurzman Grant Law Office
219 S.E. Main Street
Suite 403
Minneapolis, MN 55414
Telephone: 612.617.9000

Estate Planning

A basic will suits most people's needs. A will allows you to name an executor or personal representative of your own choosing, and specify how you want you estate to pass. Otherwise, the State of Minnesota "writes" your will for you through default selections outlined in statues. Wills generally must be probated. Probate is court supervision of the gathering, inventorying and disbursement of assets according to decedent's wishes.

Some people are probate-avoidant. They have had an unpleasant experience dealing with the probate process, and/or they wish to eliminate the cost of probate and associated work for their heirs. They can accomplish this through a Revocable Living Trust.

A Revocable Living Trust also is excellent for those with property in more than one state (to avoid more than one probate proceeding), for those who like to maintain their privacy (as no court file is open to the public) and for those who want to streamline the asset distribution process (probate involves waiting periods). It avoids the expense of probate. It also is extremely useful in the case where the maker becomes incompetent, because it gives directions as to how assets will be managed in that case. No expensive Conservatorship is necessary.

There is a small hassle factor in making a Living Trust work properly: The maker has to change title of certain assets from his/her own name, into the name of the trust. We can help you with this, or give you instructions how to do it.

The Living Trust does not address taxes, which are not a concern in any event if the value of all your assets, including life insurance death benefits, retirement plans and your house, does not exceed $1 million. If your estate does exceed $1 million, the estate tax on those extra dollars is heavy and can be avoided through some more basic planning. Often a credit bypass trust or irrevocable life insurance trust can be used to legally avoid all estate taxes in a larger estate.