Estate Planning FAQ
What is a Will?
A Will is an
instrument by which a person makes a disposition or gift of his or her
property. The gifts do not take effect until the time of the testator’s
death. To be a valid Will, the Will must meet the requirements and
formalities of state law.
What is a Testator?
The person who makes a Will is called the Testator, if a man, or the Testatrix, if a woman.
What is a Personal Representative?
The
Personal Representative is the person you name to carry out the
directions in your Will after your death. After your death, the
Personal Representative must be appointed by the Court before he or she
can act.
In your Will, you may designate the person you wish for the Court to
appoint as Personal Representative. You may wish to name a successor
Personal Representative, to act in the event your first choice does not
or cannot serve.
What if I want to cancel or change my Will after it is signed?
Do
not write on your will or mark through any words. Even small changes or
markings could void the entire will. If you wish to change your will,
we can help you implement the updates without invalidating your will.
You also may revoke your Will. Under Minnesota law, there are only
three ways to revoke a Will:
1. By a subsequent writing;
2. By a physical act; or
3. By operation of law.
Like the creation of a Will, the revocation must strictly comply with state law. If you wish to cancel or change your Will, you should be as diligent in seeking legal advice as you were when you created your Will.
Who will get my property if I die without a Will?
If
you die intestate (without making a Will), you do not get to choose who
will receive your probate assets. The state government decides for you,
and each state’s laws are different.
In Minnesota, if you die intestate, the persons who inherit from you depend upon whether you are married or single, whether you have children, and other factors. It also may depend upon the nature of your property.
Who will take care of my pets after I die?
In your
Will, you can name the person (and one or more alternates) you would
want to have ownership and custody of your pets after you die. If you
wish, you can direct your Personal Representative to set aside a sum of
money to provide for life-long care of any pets that you own at the
time of your death. CAVEAT: Before you sign your will, be sure to
discuss your plan with the intended owners to make sure they agree with
your wishes. If you do not have a will, your pets pass under the laws
of intestacy as personal property.
Is there a way for me to bear the cost of a party or celebration for my friends and family after I die?
Generally,
yes. Your will can include a directive to your Personal Representative
to expend a reasonable sum from your estate for this purpose. You would
want to include a clause to give your Personal Representative sole
discretion to provide for the expenditure. Language should be included
to make sure the cost is deemed a necessary expense incident to the
administration of your estate. CAVEAT: Make sure your named Personal
Representative knows of your wishes, as often a will is not read until
after the memorial service or burial.
I recently divorced. My Will leaves everything to my former spouse. Do I need to change my Will?
Yes, but you have protection. If a person divorces after making a will,
all provisions in the will in favor of the former spouse are null and
void, unless the Will expressly states otherwise. However, now that
your former spouse is not a beneficiary, you should review your Will to
determine who will receive your property under your will.
There are at least five family changes where updating your Will is advisable:
1. Birth or adoption of a child or grandchild.
2. Marriage.
3. Divorce (either your own or a family member's).
4. Death or disability of a beneficiary under your will.
5. Death or disability of your Executor.
