If you are new parents in Minnesota, you’re probably dealing with a lot right now. The excitement, stress, joy, and frustration you feel as you learn to raise your child and be a good parent is something that all new parents go through. However, if you have already created a last will and testament, you will need to schedule an appointment with an estate planning lawyer to rewrite that important document. Here’s why.
Inheritances
The state of Minnesota has laws that guarantee your child will inherit property from you should you die. If you have a will that omits a child, this can cause difficulties in the probate process.
Trust
Children cannot legally inherit your property until they become old enough. If you create a will that leaves property to a minor child, you’ll also need to create a provision that states the property will be held in trust until the child becomes old enough to inherit it. You can choose, for example, at what age the child will become the legal owner of the property, as well as choose who will act as trustee over the trust that manages the property until that time arrives.
Guardian
If you should die before your child becomes an adult, your will should state who you would want to serve as guardian. If you fail to make a guardian selection you leave it up to a Minnesota court to make that determination for you.
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