Close Counsel And Custom Strategies For Estate Planning
At Berg Law Office, our dedication to helping your family build a safe, secure future is not limited to our personal injury practice. Attorney Eric Berg can also assist you with your estate planning. Eric’s estate planning knowledge and tools can help protect your assets and legacy and, when possible, can ensure the full value of your property is transferred to your children and dependents without court interference or a costly probate process. By working closely and directly with you, Eric builds a thorough understanding of your needs and concerns and can create a custom estate plan that meets your goals.
What Is A Revocable Living Trust?
Unlike a will or conventional trust, a revocable living trust is a tool that allows you to transfer your assets now but also maintain control over those assets while you remain alive. Although revocable living trusts can be quite complex, if set up properly, they allow you to move assets into the trust before your death and then allow this property to be smoothly transferred to your heirs after your death. This transfer takes place without court oversight or interference and can save your loved ones time, money and stress. A living trust can also be a valuable tool if you become incapacitated and unable to manage the trust yourself; your chosen successor trustee, rather than the courts, will assume control of the trust.
As the American population ages, “living trust mills” have become an increasingly common feature of the estate planning landscape. These predatory organizations charge a high fee to set up standardized, inefficient living trusts and attempt to tie them to expensive and unnecessary insurance products or annuities.
These untrustworthy systems ignore a simple fact: Everyone’s financial situation is unique, and therefore requires a unique living trust plan. In some cases, a living trust may not be right for you; in other cases, the variety and complexity of your assets may require a particularly complicated living trust system to effectively manage them. As you consider how to best protect your wealth for your heirs, it’s essential to work with a reliable, responsible attorney.
Wills Vs. Trusts
While revocable living trusts are efficient ways to avoid costly probate proceedings, sometimes a will is a better option if minor children are involved who made need to have a guardian approved by the court. There are other considerations that may make a will a more effective document to accomplish your estate planning goals. Eric will help you decide which is best suited for your individual situation.
Additional Estate Planning Tools
In addition to a revocable living trust or a will, there are often other documents we can draft at Berg Law Office that may help assist in your estate planning. Some of these include:
- Health care directive
- Powers of attorney
- Transfer of death deed
- Quitclaim deed
Eric will discuss with you which of the above should be included in your estate plan, among other possible tools as well. Eric will also discuss with you how to name the proper beneficiary or beneficiaries on accounts you might already have in place to ensure the assets get transferred to the desired heirs.
Create An Estate Plan Tailored To Your Needs
If you need to create or update an estate plan, Eric has the knowledge necessary to help you decide what components should be included. He can help you determine which tools will best help you, whether your estate plan goals are to ensure safe and swift transfer of assets to your loved ones, or you wish to ensure charitable contributions are made from your estate. Minnesotans from Duluth, across the Iron Range and throughout the state rely on Eric to carefully consider their needs and build a plan that directly addresses those needs.