Mankato Estate Planning Lawyer

Client Conference for Will

Robert Chesley

Yuri Jelokov

  • Wills Trusts
  • Health Care Directive
  • Power of Attorney

Estate Planning is a term that is used when someone seeks an effective way to provide for his or her loved ones in the event of his or her death. This involves ways to plan for preserving and/or distributing your assets or to name a guardian for your minor children. You may need to have a Will and/or Trust to be sure your family is safely cared for when you are gone. You may also want to consider having a Health Care Directive and a Power of Attorney to protect you should you become incapacitated or incompetent. Protect your assets and your family.

Questions & Answers

Q: I have been advised by a friend that I should put my home in a Revocable Living Trust. I am 62 and have 4 children. What are the pros and cons of doing so?

A: The biggest advantage of a living trust is that it avoids probate. The biggest disadvantage is that you will pay 2 to 4 times more for it than you would a basic Will. I might recommend a living trust for an elderly person, depending on the other facts and circumstances, but I don’t consider 62 elderly. My suggestion: keep it the way it is for the time being.

Contact us to discuss how to protect your assets and your family.