No matter your net worth, it's important to have a basic estate plan in place to ensure that your wishes are carried out and that your assets are protected from probate. These basic documents include: a Will; assignment of power of attorney; a health care directive (also known as a living Will or medical power of attorney) and designation of temporary custodian if you have children under the age of 18.
At Martin & Wagner, P.A., our estate planning attorneys are experienced in estate plans in Minnesota and the federal and MN state laws that govern estates. We help individuals and families make the best plan to protect themselves, their family, and the causes they care about while minimizing taxes and probate. Our estate planning services can include
Power of Attorney: If you become incapacitated and can no longer make your own decisions about financial affairs, a trusted individual can act as an attorney-in-fact appointed in a power of attorney document to make those decisions.
Health Care Directives: A health care directive, formerly called a living Will, is a written document that gives directives to physicians and family members regarding your choices for medical attention and health care if you can't tell them because of illness or injury.
Designation of Temporary Custodian: also known as power of attorney for delegation of parental authority. In your Will, you can name a person who will obtain guardianship of your minor child or children if you and your spouse die. However, this does not cover situations where you may be temporarily unable to care for your children because of illness, injury, or other situations. A Designation of Temporary Custodian, delegates parental authority or temporary custody so that you can ensure the person(s) you want to care for your children have the ability to do so.
Contingent Trust Will: A contingent trust Will is generally used to appoint a trustee to manage and distribute assets used for the comfort, care, and education of your minor children until they have attained a specified age. A contingent trust goes into effect after your death or under other circumstances specified in your Will.
Intestate Estates: If you die without a valid Will while residing in the State of Minnesota, you are said to have died "intestate" and your children or heirs will receive an "intestate share" of your property. In essence, the State of Minnesota creates a Will for you. Read more about Intestate estates.
Blended family estate planning: Blended families bring a complexity to estate planning. Individuals want to protect their children from other relationships and the assets they had before they got married. At Martin & Wagner, P.A., our attorneys have worked with many blended families and have had them create a plan to carry out their wishes. Becky Martin and Ethne Hedren take the time to talk to you about your family, your goals, and the assets you brought into the marriage. We help determine the best plan to preserve the assets for your children as well as your options for health care directives, powers of attorney and other estate planning directives that can impact your family.
Martin & Wagner, P.A. attorneys offer a free ½ hour consultation. To schedule e-mail or call 763-425-6330.
From our Rogers law office, we provide legal representation to clients throughout the Greater Twin Cities area including but not limited to, Albertville, Anoka, Buffalo, Elk River, Maple Grove, Minneapolis, Monticello, and St. Michael and other communities within Hennepin County, Wright County, Stearns County, Sherburne County, and Anoka County.