Put simply, a will is a legal document that ensures your money, property, and personal belongings will be distributed how you want after your death. As far as needing one, well, that depends on the type of person you are, I suppose. While the law does not technically require that you have a will, it is a pretty good idea. Many people are comforted once their wishes are written down, notarized, and known to their family. Should you depart this mortal plane, you can leave knowing that your collection of vintage G.I. Joe action figures will be left for your best friend that always complained that his parents didn’t buy him the Cobra Commander Terror Dome playset for Christmas. Besides, that thing is worth like 700 clams, you have to make sure it goes to a good home! But I digress.
Minnesota has intestacy laws that control how your property is distributed without a will. In most cases, your property will go to your spouse or closest relative. If you have a spouse and children, the property will go to them by a set formula. Starting with the spouse, then to your children, then to your parents, siblings, and on and on. It is actually really annoying to think about, which is why a will is a good idea. A will may be unnecessary if you establish trusts, name beneficiaries on your insurance policies, and have joint property interests. However, it’s still a great way to plan for your ultimate demise.
Planning for the Terrible
The thing with relying on the inheritance laws and named beneficiaries is that terrible things happen. Like, what if you and your spouse die? What if you, your spouse, and your kids die? Weird things can happen too; what if you die, then your spouse dies the next day? Did they inherit your property then pass it to their heirs? Want to leave someone out of your will? Do you have stepchildren and biological children? Do you have secret children? Do you want to make a plan of guardianship for your young children? Having an experienced attorney draft a will is helpful because they are excellent at coming up with terrible, albeit improbable, situations that your will can address.
Planning for Giving
If you want to leave money or property for specific charities or organizations, you can do that in your will. If you’re going to give specific property to specific people after you die, it needs to be spelled out in your will. I am sure your wife will be happy with the house and all your money, but I think your friend would appreciate the Terror Dome Playset and G.I. Joe action figure collection more than your wife. Without a will, she would get everything and probably donate that $700 piece of nostalgia to the Goodwill. If you are lucky, your ghost may see her trying to sell it on the latest episode of Pawn Stars.
How to create your will
Okay, so you decided that you need a will. Great, so how do you get started? There are many DIY options online, but you can google that yourself. Include your name and place of residence, a description of your assets, the names of your spouse and children, designate a personal representative and guardian if you have children. Finally, you need your signature and the signature of two witnesses.
In preparing the will, you should gather information about your property, outline your objectives, estimate your outstanding debts, and use that information to draft your will.
Alternatively, you can hire an attorney to help you through the process. As stated before, an attorney will counsel you through various scenarios and discuss your options. Also, they will be objective and remember to ask you difficult and annoying questions. You would be surprised how many people have someone they want to leave out of their will or forget they have an ownership interest in some property out of state. An attorney’s helpful reminders and questions will ensure your plan is appropriately laid out and ready to go for your great and glorious death.
Plus, if you want a cool Viking Funeral, where your friend shoots a flaming arrow at your floating twig-covered body while your cousin trumpets an epic burst from a horn fashioned from a great beast, you could put it in your will.
Should you choose to hire an attorney, Nobleheart Legal would be glad to help. Call 612-208-7780 or fill out the contact form for a free consultation. You can also check out our FAQ page for more information.
Please note: The Blog/Web Site should not be used as a substitute for competent legal advice from a licensed attorney in your jurisdiction. Plus, I have no idea if it would be permitted to have your friend shoot a flaming arrow at your floating corpse.