Shield Your Family From Confusion And Expense

Many individuals think that they do not need an estate plan: that if they are married, their spouse will automatically receive everything, or if they are single, their family will. However, this is not the case. Nearly every estate without a trust attached must pass through probate, which is a lengthy process. A will alone does not protect your estate from probate. Your prospective heir will have to hire a lawyer, which can become expensive. Even if it goes as smoothly as possible, it could be a year or more before your estate is distributed.

A living trust can protect your family from that. At Thompson Horst, PLLC, we work with each client individually to create an estate plan that is tailored to their situation, so they and their family can rest easily.

Benefits Of A Will Versus A Trust

Many individuals come in with misconceptions about not only the benefits of estate planning, but also about what a will is, what a trust is and which is right for their situation. Estate law is complicated and changes fairly often, so it is important to speak with an attorney regarding your personal matters. However, there are some general benefits to a will or a trust.

  • Wills are very simple and can be updated as often as necessary. This is the major benefit to a will. They do not require the same funding process that a trust does, and can be updated more easily, unlike some trusts. You simply draft them, sign them and they are in place.
  • Trusts can avoid probate altogether and offer certain tax benefits. Estates with a will attached still have to go through probate, although it is much simpler with a will, whereas an estate with a trust can bypass probate altogether. The structure of a trust also offers certain tax benefits. The creation of a trust requires several more steps, but it can be altogether more advantageous.

Founding partner J. Palmer Horst has extensive experience creating estate plans for clients, and can speak with you about your own situation and whether a will or a trust may be preferable. The benefit of having an attorney draft a plan, however simple, is great: There are no test runs or do-overs with estate plans, so you need to be sure your plan will work.

Call Today For Your Free Consultation

If you would like to discuss your case with Mr. Horst, call our Edina office at 612-584-2172. We are proud to offer free consultations, so you can feel comfortable speaking with us. You can also reach us by sending a message through our online form.