Probate and Wills
What is Probate?
Probate Law is the legal process of protecting a person’s assets at the time of an illness or after death. This would include Estate Planning, Powers of Attorney, Healthcare Declarations, and Wills.
A Power of Attorney is a document that gives someone the power to make decisions if you should become incapacitate and are unable to make decisions. A Power of Attorney will give someone else the power to make any and/or all decisions with regard to your assets.
A Healthcare Declaration, is a document that lets people state their wishes for end-of-life medical care, in case they become unable to communicate their decisions. It has no power after death. This document gives your family and healthcare professionals a guide to what your wishes are should you become incapacitated and unable to communicate your wishes. Without a Healthcare Declaration expressing those wishes, family members and doctors are left to guess what a seriously ill person would prefer in terms of treatment which may end up in family disputes, and which occasionally make it all the way to a courtroom.
When a person dies, immediate questions must be answered such as:
- Who pays the funeral bill?
- Who takes care of the home, the car, and other assets?
- How will the surviving spouse or children be cared for?
- How does the estate’s property get transferred to the rightful recipients and when should that occur?
- If there is a Will, what should be done?
- If there is no Will, who gets the property?
- What if there is a dispute among family members about how things should be handled?
These issues must be addressed correctly and probate may be required.
Wills
A Will is a legal document which outlines a person’s wishes as to what will happen to a person’s assets when they die. These assets could include, among other things, their home, their real and personal property and their minor children.
A Will accomplishes two primary things. First, a Will directs who will receive your property (estate) after your death. Secondly, it provides instructions about what should happen after your death, including who should care and provide for your children or dependents.
An estate is inclusive of furniture, jewelry, cars, bank accounts, business(es), property, and real estate that a person owns. In a Will, a person can direct who is to receive a portion or all of your estate.
While each state may have different requirements for creating a valid Will, a valid Will in Minnesota must be a written document signed before a notary public, by a person who is at least 18 years old and of “sound mind.” In addition, there must be two witnesses that also sign the Will indicating that they witnessed the person’s signature or were present when the person making the Will acknowledged that he or she signed the Will.
Donald Teed can assure that the requirements to make a valid Will are strictly followed.