Many residents of Minnesota erroneously assume that they have no need for a will or estate plan because they do not have large sums of money or excessive assets. If you are one of those people, you may want to consider the many benefits and protections that are offered to you with a will. These are not just for the individual with the property, but also for their heirs and those who inherit their wealth after they die.
If you have children who are considered minors, a will is especially important. An estate plan does more than determine where your money goes. It can also determine what happens to your minor children if you die suddenly. In your will, you will choose the legal guardian who takes on responsibility for your children and where their inheritance will go. This sets up a safe place for your children to go when their world is turned upside down.
A will is also important to limit family fighting over personal belongings and property after you die. With a will, you decide who gets what and who your beneficiaries are, rather than your family sorting through your wealth and belongings. This is especially important if you own a business and you need to pass down ownership in the event of your death.
In your will, you will make an executor. This person is the one who is given the authority to put your affairs in order and carry your wishes out. This can be everything from paying off debt to dividing assets. An estate plan or will is valuable for every person, no matter how large or small their wealth.
This information is provided to give you a general idea of what the benefits of a will are, but it should not be interpreted as legal advice.