A Will is a document that dictates some of your wishes in the event of your death. In some scenarios, it makes sense to only have a Will, and in other cases, it makes sense to combine your Will with a Trust. The legal team at Blahnik, Prchal & Stoll can assist you in deciding whether the cornerstone of an estate plan should be a revocable trust, a will with trust, or a basic will.    

What’s the difference between a will and a trust?

Put simply, a Will is a set of instructions for how you would like your assets distributed and who you would like to be responsible for that. Wills only take effect after you die, while a Trust can be beneficial to you while you’re still living. A Trust is a legal entity that holds title to property. Because of this, a Trust provides a mechanism for someone else to manage assets held in the trust in the event of of the principal’s disability or death. In Minnesota, a trust can eliminate the need for a probate proceeding, secure privacy for the trust creator, provide for seamless transitions for business interests, and provide specificity to minimize family conflict - all of which a Will cannot do.

What’s a pour-over will?

A “Pour-over” Will is a specific kind of Will that is part of your estate plan in addition to a Trust. This ensures that any assets not held in trust (purposely or inadvertently) would still be distributed accordingly.

if this is confusing…

Don’t worry! We understand that estate planning can be an overwhelming process and confusion is part of the reason many people put it off for so long. The experienced legal team at Blahnik, Prchal & Stoll can advise you on the pros and cons to each and every facet of your estate plan. We will help you make decisions that are appropriate for you and give you step-by-step instructions on what to do once you’re out the door with your estate plan in hand.