Minnesota residents are used to making decisions, with some being more difficult than others. Some of these decisions have the potential to impact individuals and their families in drastic ways, depending on whether one choice or another is made.
For instance, as discussed last week in this blog, the distribution of an individual's property to his or her loved ones can vary greatly depending on whether wills or trusts are utilized to transfer the property. Wills typically go through probate, and therefore the process by which the property will differ as well depending on whether a will or trust is used.
Our firm has extensive experience in helping our clients understand the distinctions between trusts and wills. We can explain the advantages and disadvantages to each, as well as the different strategies that can be taken under each document.
Ultimately, it is vital that individuals realize there is no one-size-fits-all method when it comes to estate planning. Everyone is different, with different types and values of assets, different family circumstances at play and different goals they want to achieve. Accordingly, what is best for one person may not be best for another.
We realize the only way to figure out what method works best for a particular individual is to work closely with that individual to understand all of their personal circumstances that impact the estate planning decisions. By doing so, we can craft an estate plan that is tailored to each individual client, and figure out a solution that works best for them and their families.