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Minnesota Estate Planning Attorney | 5 Tips for Planning Your Estate

It’s been more than four years since beloved Minnesota native Prince died of an opioid overdose at his Paisley Park home. The music icon’s estate is estimated to be worth $300 million – but it is still not settled, because he didn’t have a will. Since then, Prince’s estate has gone to probate, and his family has been at war over his assets and who should receive them. Since Prince didn’t do any estate planning prior to his sudden death at age 57, there are plenty of unanswered questions, not to mention probable anger, pain, and suffering among his heirs.

Estate Planning Attorney Minnesota 

During these troubled times, it’s more important than ever to plan ahead and protect your family. The estate planning attorney at Morris Law Group, P.A. can offer you peace of mind as you think about the future – however uncertain it may seem. Our experienced team can help draft or revise your will, set up a trust, create a durable power of attorney, assist with healthcare directives, give you advice on estate taxes, help appoint trustees, and more. Give us a call at (612) 895-1629 or fill out our contact form. Your first consultation is free!

5 Tips For Planning Your Estate 

1.          Take an inventory of your assets. It sounds daunting, but it’s important that you understand your net worth and what exactly comprises your estate. Do you own one or more properties? How much do you have in investments, life insurance, and retirement accounts? Do you own a family business? Certain assets require special provisions in estate plans. Your attorney can help you determine what you have and what you need to include in your estate plan. And don’t forget about liabilities; take a look at them, too.

2.          Name your beneficiaries. Who are your beneficiaries? For most people, beneficiaries include a spouse, children, grandchildren, or siblings. You also should decide how and when they will receive their inheritance. For example, a trust can set aside money to pay for your grandchildren’s college education, but the money won’t be available until the time comes. There are a lot of options depending on your family dynamic and what they need, both now and in the future. Again, your attorney can help you come up with a plan that benefits everyone you love.

3.          Choose someone to manage your estate plan. For some, that is a relative, such as an adult child. But other people decide to name their attorney or a corporate trustee as the manager of the estate. That person also can be your power of attorney in the event you become ill or incapacitated.

4.          Work with your attorney to determine a plan that makes sense for you and your family. A will is only one option in the estate planning process. You also could consider a revocable trust, especially if you own several properties outside Minnesota. Choosing the right plan can help keep your family at peace and out of court after your death. Talk to your attorney before you make any decisions.

5.          Hire an experienced Minnesota estate planning attorney. You have worked hard to provide for yourself and your family. Estate planning can be overwhelming and complicated, and since it involves money, you shouldn’t do it alone. And don’t wait. Plan your estate now so you can look to the future with comfort and peace of mind. It’s worth it.

About Morris Law Group, P.A. 

Integrity and trust is the foundation of our practice. Our passion for client success is matched only by our experience, our reputation for excellence, and our deep understanding of each and every client’s individual needs.

At Morris Law Group, we don’t just counsel our clients. We invest in them.

We’ve been serving the Edina and Twin Cities communities since 2002. Our attorneys provide personalized, cost-effective legal services to clients seeking help in real estate, business development, commercial litigation, and other matters.

Our experienced Edina attorneys believe that relationships matter, whether a client is trying to navigate a purchase agreement, get a business off the ground, or dissolve a partnership. Our lawyers appear regularly in state and federal court, in administrative hearings, and in various alternative dispute resolution forums, including mediation and arbitration.

Morris Law Group is the top Minnesota law firm for all of your real estate and business legal needs. We advocate for our clients with professionalism, vigor, and with a results-driven approach.  We also serve the Minneapolis, Saint Paul and Western Wisconsin, Twin Cities Minnesota metro area

Let’s get started today! For more information or to book a free phone or video consultation, call 952.832.2000email info@morrislawmn.com, or fill out this contact form.