Last Will and Testament Attorney Serving Hennepin County, Ramsey County, and the Twin Cities Metro Area
The Last Will and Testament, frequently shortened to “will”, is the only way to designate who receives your assets after you pass away. At Ward Law, PLLC we frequently draft wills for many individuals, including young people starting out, those with families, and older people who never thought of starting estate planning before. Wills serve all these individuals well and equally.
Contents of a Will
Wills are only effective upon death and there is some property that is not affected by them. Called non-probate assets, they are those items that already have a beneficiary named, such as life insurance policies, IRA accounts, and 401k plans held at your place of employment. Real estate, cash in the bank, stocks and bonds, and even personal property can be distributed through a will by a specific or general bequest.
Your will also names a personal representative (also known as an executor or executrix) to administrate your estate as it goes through probate. If you have minor children, the will also designates any guardians for their care in case you pass before they reach adulthood.
Types of Wills
Depending on your circumstances, your will is likely to vary in complexity:
- Simple wills work for married and unmarried people with uncomplicated estate plans, with property passing to spouses or children.
- Complex wills are for people requiring specialized trusts or needing to manage assets that could be subject to more taxation. The will often integrates more complex estate planning tools.
- Pour-over wills are part of a revocable living trust, which offers further management for assets. It is an option when avoiding probate is appropriate under that client’s circumstances.
If you are ready to start your estate planning and draft a will, contact Ward Law, PLLC in the Twin Cities metro area at (612) 751-7519.