I spend a lot of my day talking about the importance of estate planning. Not only is it my primary area of practice, but it is something I am genuinely passionate about. When I talk to individuals about their estate planning, nearly every person has very specific ideas and wishes about how they would like their assets and belongings to be passed on after they are gone. Of the individuals who have not formally done their estate planning, I often hear people say that they have written down how they would like their assets to be distributed and put the writing in a safe place such as a lock box. However, in Minnesota, that handwritten will is not worth the paper it is written on.
A handwritten will is also referred to as a “holographic will.” In Minnesota, holographic wills are not recognized or legally binding. Minnesota has a set of specific factors that must be met in order for a will to be valid and legally binding. If an individual passes away without a will that meets all of the statutory requirements, they are considered to have died intestate and their assets will be devised based on Minnesota’s intestacy laws.
I am an enthusiast for many do-it-yourself projects when it comes to crafts and home repairs – but “do-it-yourself” estate planning is extremely risky. If even one factor is not met, a will may not be recognized and assets could be devised in ways the testator would not have wanted. Accordingly, it is important to work with a licensed attorney when planning, drafting, and executing your estate plan.
Schromen Law, LLC is devoted to identifying the unique needs and concerns of every individual. I take the time to fully understand what my clients want to accomplish through his or her estate plan, and also advise regarding benefits or concerns based on each client’s unique set of circumstances. With legally binding estate planning in place, any uncertainty as to what will happen to your estate after you die is erased.
The material contained herein is for informational purposes only, and is not intended to create or constitute an attorney-client relationship between Schromen Law, LLC and the reader. The information contained herein is not offered as legal advice and should not be construed as legal advice.