Do I Need a Will or a Trust?

By: Kim Prchal, a Minnesota estate planning & Probate attorney

We are often asked about how to successfully plan for retirement and whether the use of a will or trust is appropriate when doing so. Many different factors play into the answer to that question.  If the person or couple has significant assets and are worried about the transition of wealth, perhaps a revocable trust is the best option. Trusts are often used to shelter certain assets for the surviving spouse as well as any beneficiary named in the trust.  Other considerations for trusts are privacy concerns, blended family situations, and owning real estate in more than one state. However, if the person or couple has relatively few assets but find that the assets are of some worth and significant importance, a will may be just as sufficient. Wills can be drafted to account for real property and other measures can be taken to account for tangible personal property or cash accounts. Contact our law firm to find out which option is best for you.