Frequently Asked Questions
What Is a Will?
A will is a legal document that transfers your property at death. It ensures your money and property is distributed as directed by you.
Do I Need A Will If I am Married? Doesn't my spouse just get everything?
Not necessarily, but planning is a good idea. A will is not required by law, Minnesota law will control how your property is distributed upon your death. Your property will go to your spouse or closest relative if you die without a will. If you want property to go to specific persons or a charity, or leave someone out of your will, you should consider drafting one. Also, unmarried persons without children should consider it if they want specific wishes carried out.
Do I need to file a will somewhere?
Your will should be kept in safe place where it can easily be found upon your death. There are no formalities as far as having it on file with a state or county agency. There are, however, formalities in the execution of a will.
What is a Virtual Law Office?
Nobleheart Legal conducts nearly all its meetings virtually. Meetings are conducted via video chats, scheduled online, and all documents are signed and delivered through our secure client portal. In person meetings can happen where necessary.
Do I need a lawyer to draft my Estate Plan?
You do not need a attorney, but having the assurance of an expert provides peace of mind. An attorney will carefully evaluate your needs and draft a plan that is tailored to you.
What is a trust
A trust is an Estate Planning tool that helps manage the distribution of your assets. A trust can be a “living trust” or a testamentary trust”. Nobleheart Legal can discuss whether having a trust in place is right for you.
How Do I Establish a Trust?
A trust requires a document which names a trustee to manage your assets and describes which actions the trustee can take. It also specifies the beneficiaries of the trust and outlines your wishes. Unlike a will, the trust owns the property and the trustee manages the property, even after you die.
Do I need a trust?
Trusts are not just for the rich. They are useful tools to ensure your children and family are taken care of in the event of your death. Trusts also can protect assets from tax liability, lawsuits, and divorce.
How much does an Estate Plan cost?
It depends. Every situation is different based on the complexity of their estate. In most cases, Nobleheart charges a flat fee. A young couple with children usually pay around $650 to $750 for their plan.
I hear people talk about "avoiding probate". What is probate?
Basically, it is the process of winding up your estate upon your death. Your property is inventoried, all debts are paid, and the rest is left to your heirs. Proper titling of property helps avoid probate but having a will does not avoid probate.