Mankato Wills & Trusts Attorney
Robert Chesley
- Wills
- Trusts
A Will is a document describing your property and naming beneficiaries of the property upon your death. The following are requirements and benefits to creating a Will:
- Must be 18 years of age and of sound mind.
- Can make distributions of all your property.
- Can make charitable gifts.
- Can name a guardian for minor children.
- Can name a Personal Representative to carry out the Will.
- Can waive any bond for the Personal Representative.
- Can make a separate list for personal property which can be changed without changing the Will.
- Must execute it properly with two witnesses and a Notary.
An amendment to a Will is called a Codicil. This is where you can add something or change something in the Will. This does not require drafting a new Will. It also must be executed with all the formality of a Will.
A living Trust is an agreement by the Grantor (person who sets up the Trust) to give property to the Trustee (who manages the Trust) for the benefit of the Beneficiary. There are two types of Trusts:
- A Revocable Living Trust is set up during the life of the Grantor who may also be the Trustee and Beneficiary of the Trust. Because it is revocable, the terms of the Trust can be changed or the Trust may be dissolved.
- An Irrevocable Trust is one which cannot be changed after it is set up. This Trust is often used for tax savings. A common example is the Irrevocable Insurance Trust which helps reduce the size of a large estate.
Contact our office to discuss how to protect your assets and minor children.