Best Estate Planning Attorneys in Brooklyn Park, MN

Yes, and often you should have both. Most of our trust plans also utilize a pour-over-will. Some trusts are testamentary trusts, and are created in the decedent's will. Lots of other trusts are made during the person's life to set aside some assets outside of their will.

No, trusts are just tools that can be created by anyone who wants to set aside money or assets for someone but who does not want to give them them everything in a lump sum. There exists a strong argument that trusts are more important for those without a lot of assets because they cannot afford to lose any of the assets passing to the next generation. Trust are especially common when the beneficiary is underage or is unable to manage their own affairs.

When you need a power of attorney, it may be too late to get one. A power of attorney is essential for people who are unable to make important medical or financial decisions on their own behalf, usually because they are incapacitated or suffering from a medical condition. You should get your power of attorneys completed as soon as possible. There are five types of powers of attorney, each with their own purpose: