ESTATES & TRUSTS

Jacobsen Law Firm, P.A. assists clients throughout Minnesota with their legal needs in the areas of estates & trusts.

ESTATE PLANNING

Jacobsen Law Firm, P.A. assists clients throughout Minnesota by providing effective and affordable estate planning solutions.

We approach every estate plan as if it were our own. We get to know you, your family, and your goals. We will discuss ways of reducing or eliminating estate taxes, options to avoid probate, asset preservation, ways of ensuring support for your dependents, effective methods to reduce conflict among heirs, and exercising control over your financial and healthcare decisions.

Whether you are a young married couple with limited assets or approaching retirement and have successfully amassed substantial wealth, Jacobsen Law Firm, P.A. can counsel you to select the best estate planning tools to meet your specific needs.

Our professionals are available to help with a wide range of estate planning matters such as:

  • Drafting Simple Wills
  • Drafting Wills with Trusts
  • Creating Revocable and Irrevocable Trusts
  • Addressing Estate and Gift Tax Issues
  • Transfer on Death Deed
  • Life Estate Deeds
  • Preparing Health Care Directives
  • Establishing Financial Powers of Attorney
  • Petitioning for Guardianships/Conservatorships
  • Transfer of Closely Held Family Farms or Businesses to Next Generation

Estate Planning Resources (Links):

PROBATE AND TRUST ADMINISTRATION

The passing of a loved one is never easy on a family. It is important to engage an attorney that understands the difficulty family members face when attending to the deceased’s affairs while grieving their loss. Jacobsen Law Firm, P.A. assists families by giving clear guidance on a probate or trust administration and working with the fiduciary to guide him or her along with the family through this process.

Probate

Probate is the legal process of settling a person’s financial affairs after his or her death.

The property titled to decedent is located, collected, and inventoried, notice is given to the decedent’s creditors, valid debts and taxes are paid, and the remainder is distributed to the person’s heirs if he or she did not have a will (intestate), or to the people provided for if the person died with a will (testate). A personal representative is appointed to complete the above-mentioned tasks. Certain types of property such as joint tenancy property, jointly held bank accounts, payable-on-death accounts, and life insurance policies that name a beneficiary can be transferred without going through probate.

The probate process can be complex for a family nominated to serve as personal representative without previous experience. This is especially true when there may be disagreement amongst heirs, creditor claims, missing heirs, minor beneficiaries, and all sorts of issues that we have dealt with over the years.

Trusts

Your loved one created a revocable trust to avoid probate and make things easy for the family. That is great news, however, now they have passed away and you don’t know what to do. The person named as the successor trustee now must administer the trust. Although most trusts are not supervised by the court, the trustee has fiduciary duty to the trust beneficiaries to properly administer the trust and make distributions according the trust instrument. The administration depends on the language of the trust, but often times we represent trustees in fulfilling their fiduciary duties including but not limited to preparing the documentation in place to act as trustee, communication that set reasonable expectations and provides a roadmap and timeline for trust beneficiaries, locating and collecting trust assets, preparing inventory, sale or disposal of real estate or personal property, pay valid debts, and make distributions according to the trust instrument.

If you have recently lost a family member and need assistance with a probate or trust administration please contact Jacobsen Law Firm, P.A. to speak with a Southern Minnesota probate and trust attorney.

Probate & Trust Administration Links: