Estate Planning, Wills & Trusts in MN
Your Plan. Your Terms.
Your Peace of Mind.
Most people know they should have an estate plan. Far fewer actually have one — and of those who do, many have documents that are outdated, incomplete, or no longer reflect how their lives have changed. Whether you’re just starting to think about this or you have a will that hasn’t been touched in fifteen years, we can help you get it right.
Estate planning is one of our most established and experienced practice areas at Klemp & Stanton. We’ve worked with thousands of Minnesota families over more than three decades — young couples with small children, grandparents with complex assets, and business owners who need their personal and professional plans to work together. We bring the same patient, understandable approach to every client we serve.
Estate planning doesn’t have to be complicated or intimidating. Our job is to make sure you know and understand your options, feel confident in your decisions, and leave with a plan that actually does what you need it to do.
Why Estate Planning in Minnesota Matters
A well-constructed estate plan does more than determine who gets what when you die. It puts you in control of decisions that would otherwise be made by a court, a hospital, or state law — often in ways you wouldn’t have chosen. A complete plan will:
- Ensure your assets go to the people you choose, in the way you choose
- Keep your estate out of probate court, or make that process as straightforward as possible
- Protect minor children by naming a guardian and controlling when and how they receive an inheritance
- Minimize estate taxes and administrative costs
- Appoint someone you trust to manage your finances if you become incapacitated
- Make your health care wishes legally clear so your family isn’t left guessing
No two families are alike, and no two estate plans should be either. We take the time to understand your situation before recommending anything.
Estate Planning Services for Minnesota Families & Individuals
A thorough estate plan typically includes some combination of the following, depending on your circumstances:
Wills
A will is the foundation of most estate plans. It names who inherits your assets, who serves as executor of your estate, and — critically for parents — who will serve as guardian for your minor children if something happens to you.
One important thing many people don’t realize: having a will does not mean your estate avoids probate. A will is essentially a set of instructions to the probate court — it tells the court what you want, but the court process still happens. If avoiding probate is a priority, a trust is usually the better tool.
That said, a will is always better than nothing. Without one, Minnesota law determines who inherits your assets and who raises your children — and the law’s answer may not be yours.
A will allows you to:
- Name the executor who will manage and distribute your estate
- Designate beneficiaries for your personal property and financial assets
- Name a guardian for minor children
- Set up a testamentary trust to control how and when children or grandchildren receive an inheritance
Trusts
A trust is one of the most powerful and most misunderstood tools in estate planning. Unlike a will, a properly funded trust allows your assets to transfer to your beneficiaries without going through probate court — saving your family time, money, and the stress of a public court proceeding.
Revocable Living Trust
The most commonly used trust in estate planning, a revocable living trust allows you to maintain full control of your assets during your lifetime while ensuring a smooth, private transfer to your beneficiaries after your death. Key benefits include:
- Avoids probate entirely, in Minnesota and in any other state where you own property
- Keeps your plan of distribution private — unlike a will, a trust is not a public document
- Provides for management of your assets by a trusted family member or institution if you become incapacitated
- Allows for optimum tax planning without requiring additional tax filings
Credit Shelter Trust
For married couples with combined assets over $3,000,000 (including life insurance) a simple will is often not sufficient. A credit shelter trust is structured so that upon the death of one spouse, assets up to a specified value are transferred into a trust for the benefit of the surviving spouse and then to the children or beneficiaries. The surviving spouse receives income for life and access to principal if needed. Upon the second death, the assets in the trust pass to beneficiaries free of estate tax. This structure can effectively double the tax exemption available to a family.
Other Trusts to Consider
Depending on your circumstances, we may also recommend:
- Irrevocable trusts
- Qualified personal residence trusts
- Charitable trusts
- Life insurance trusts
- Supplemental needs trusts
- Testamentary trusts
Health Care Declarations
A health care declaration (sometimes called a health care directive or living will) is a written document that tells others what you want if you become unable to communicate your own medical decisions. It allows you to name a trusted person as your health care agent and to specify your wishes regarding treatment, life-sustaining measures, and other medical decisions.
Under Minnesota law, you have the right to state your health care wishes in writing so that they’re legally clear and binding. Without a directive, health care providers will look to family members for guidance, but family members don’t always agree, and the law may not give decision-making authority to the person you would have chosen.
A health care declaration allows you to:
- Name a health care agent to make decisions on your behalf
- Specify your wishes regarding life-sustaining treatment
- Address organ donation preferences
- Provide guidance on pain management and comfort care
You must be at least 18 years old to execute a health care directive in Minnesota. We recommend having one in place well before you think you might need it.
Power of Attorney
A power of attorney authorizes another person — your agent — to act on your behalf in financial and legal matters. This can be invaluable if you become incapacitated, but it can also be useful in everyday situations where you need someone to handle specific transactions on your behalf.
There are three key types to understand:
General Power of Attorney
A General Power of Attorney grants your agent broad authority to handle financial affairs such as paying bills, managing accounts, and selling assets. This type terminates automatically if you become incapacitated, which is why most estate plans use a durable power of attorney instead.
Durable Power of Attorney
A Durable Power of Attorney remains effective even if you become incapacitated, making it the more common choice for estate planning purposes. It can take effect immediately or only upon a triggering event such as a physician’s determination of incapacity.
Limited Power of Attorney
A Limited Power of Attorney grants authority over a specific transaction or for a specific period of time — for example, authorizing someone to manage a particular property or account while you’re traveling.
It’s important to note that all powers of attorney terminate upon death. They are not a substitute for a will or trust when it comes to transferring assets after you’re gone.
FAQs about Estate Planning, Wills, & Trusts in MN
Do I need an estate plan if I don't have a lot of assets?
Estate planning isn’t just about wealth — it’s about making sure the right people have authority to act on your behalf and that your wishes are legally clear. Even a modest estate benefits from a will, a power of attorney, and a health care directive. Without them, Minnesota law and the courts make those decisions for you.
What's the difference between a will and a trust?
A will directs how your assets are distributed after death but still requires probate court. A trust allows assets to transfer directly to beneficiaries without court involvement, keeping the process private and often faster and less expensive. Many complete estate plans include both.
Does having a will mean my estate avoids probate?
No, this is one of the most common misconceptions in estate planning. A will is a set of instructions to the probate court, not a way around it. If avoiding probate is a priority, a revocable living trust is usually the better approach.
How often should I update my estate plan?
You should review your estate plan after any major life change — marriage, divorce, the birth of a child, a significant change in assets, or the death of a named beneficiary or executor. As a general rule, reviewing it every three to five years is a good habit even if nothing has changed.
What happens if I die without a will in Minnesota?
Minnesota’s intestacy laws determine how your assets are distributed — typically to your spouse and children in a formula defined by statute. If you have no spouse or children, assets pass to other relatives in a specific order. The court will also appoint a guardian for any minor children, without input from you.
Ready to Get Started?
Estate planning is one of those things that’s easy to put off — and important not to. The good news is that getting started is simpler than most people expect. Our initial consultation is free, we’ll come to you if that’s easier, and we’ll give you a clear picture of what you need and what it will cost before you commit to anything. Call us at (651) 310-1400 or contact us online to schedule a time that works for you.
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