Bloomington is the fifth largest city in Minnesota and home to a diverse population. People from all walks of life head ten minutes north to Minneapolis-based Unique Estate Law when they need estate planning advice. Our firm helps individuals, couples, and families plan their financial futures.
From wills and trusts to powers of attorney and guardianships, we are the experienced choice in trusts and estate law. Our firm is gay-owned and operated and proudly serves same-sex couples and the LGBTQ+ community. Regardless of your background or financial status, you can depend on us to provide compassionate, effective representation. Contact our office today to get started with an experienced estate planning attorney.
Why You Need A Bloomington Estate Planning Lawyer
Many people think of estate planning as death planning. One purpose of planning your estate is to ensure your assets pass as you intend when you die. But it’s more than determining who gets what. A well-conceived estate plan will not only help you prepare for the expected and the unexpected but help you take control of your financial future. That’s where Unique Estate Law comes in. We regularly advise clients on all aspects of estate planning matters, including:
- Wills
- Trusts
- Planning for children
- LGBTQ+ estate planning
- Incapacity planning
- Special needs planning
- Guardianships
- Probate/estate administration
When you meet with us, we will take the time to learn about your life and help you design an estate plan that achieves your objectives. Let us help you explore your options and make informed decisions for yourself and your family.
Estate Planning Starts With Having A Will
A will determines the distribution of your assets after you pass, names an executor to administer your estate, and allows you to designate a guardian to care for your minor children if you and their other parent become incapacitated or die simultaneously. Without a will, the court will intervene to make decisions that may not agree with your wishes.
The bottom line is that every adult needs a will. It is also necessary to create a durable power of attorney to appoint an agent to manage your financial affairs and an advance directive for health care to designate a representative to make medical decisions if you cannot do so.
Bloomington, Minnesota Trusts Attorney
A common misconception is that trusts are only for the wealthy; however, trusts serve a variety of purposes, such as providing for a loved one with special needs or planning for incapacity. At Unique Estate Law, we advise clients about revocable living trusts and irrevocable trusts.
Revocable Living Trust
This estate planning tool takes ownership of your property and allows you to continue managing it during your lifetime. Because you no longer own the assets, a revocable trust avoids probate, which can be time-consuming and costly, depending on the size of your estate. A living trust is also helpful for incapacity planning in that it designates a successor trustee to manage your assets if you become temporarily or permanently incapacitated.
Irrevocable Trust
As the name suggests, an irrevocable trust cannot be modified, altered, or revoked. Irrevocable trusts avoid estate taxes and probate, protect your assets from creditors’ claims, and achieve objectives such as providing for a loved one with special needs, leaving a charitable legacy, and preserving your wealth for future generations.
By working with our knowledgeable trust attorney, you can protect your assets and your loved ones.
Bloomington, Minnesota Probate Attorney
If you have been named the executor of a loved one’s estate, you must faithfully carry out several duties, including:
- Notifying the named beneficiaries and heirs of the decedent’s passing
- Inventorying and appraising the estate assets
- Paying the decedent’s debts to creditors
- Filing the decedent’s final income taxes
- Paying federal estate taxes, if applicable
- Distributing the remaining assets to the beneficiaries
- Closing the estate
Notably, as an executor, you are considered a fiduciary, which means you must act in the best interests of the beneficiaries and can be held liable for mistakes or misconduct. That makes having the advice and counsel of an experienced attorney a wise choice.
Why Choose Us?
Financial information and estate planning documents are widely available on the internet, but it takes an experienced estate planning attorney to protect your interests. At Unique Estate Law, we have a well-deserved reputation as dedicated advocates who adhere to the highest ethical standards. We are not only knowledgeable attorneys but compassionate people who care about our clients. We love what we do and dedicate ourselves to helping our clients achieve their estate planning objectives.
We welcome clients from all walks of life – individuals, new families, business owners, and same-sex couples – and always work in their best interests. Trust us to offer you knowledge, compassion, and the personal attention you deserve.
Contact Our Experienced Bloomington, Minnesota Estate Planning Attorney
Whether you are a first-time estate planner, nearing retirement, or need advice about any estate planning matter, turn to Unique Estate Law. When you meet with us, you will find a comfortable environment where you can make informed decisions about your financial future. Contact us today for a consultation.