The Basics About Wills
A will is one of the most common estate planning tools used. Even people who put most of their assets in trusts should have a will to account for any part of an estate not covered by those trusts.
A will is the legal document used to distribute property upon your death. This is the simplest way to make sure that your property is transferred according to your wishes. If you die without a will and your assets are not in trusts, your property will be distributed according to state guidelines. These may or may not match your priorities or your family’s unique situation. This is a strong argument for making sure you have a will in place at the very least.
Who needs a will? Every adult with assets and/or people they are responsible for — spouses and children in most cases, or even business partners — should have a will and update it regularly.
A will can also nominate a guardian for your minor children and a personal representative to handle your estate upon death. To account for changes in your life over time such as marriage or divorce, the birth of a child, the death of a loved one, the purchase or sale of real estate and other natural events in life, we recommend that you review your will every three to five years to keep it current. Naturally, you should keep your closest family members informed about where you keep the original copy of your will.
We Can Help You Create Or Update Your Will
For peace of mind and to ensure the distribution of your estate according to your wishes after you are gone, talk to a lawyer about getting your will in place. At Patton, Hoversten & Berg, P.A., you can enjoy reassurance of frank advice and cost-effective legal services. We pledge to deliver quality counsel appropriate to your circumstances. To discuss your will and trusts, contact us through our intake form or call our law offices in Waseca at 507-835-5240, in Owatonna at 507-451-9000, in Faribault at 507-332-7425 or in Janesville at 507-234-5106, or call 1-888-835-5244 toll-free.