Understanding the Types of Assets that can be Included in a Will in Minnesota
Understanding the Types of Assets that can be Included in a Will in Minnesota
Creating a will is an essential part of estate planning, as it allows you to dictate how your assets will be distributed after your passing. In Minnesota, there are specific rules and regulations regarding what types of assets can be included in a will. At Holker Law Offices, PLLC, we can help you navigate the complexities of creating a will in Minnesota. In this blog post, we will discuss the types of assets that can be included in a will in Minnesota, so you can better understand how to plan for the future.
Real Property: Real property refers to any land or buildings that you own. This includes your primary residence, vacation homes, rental properties, and commercial real estate. In Minnesota, you can include real property in your will and specify how you want it to be distributed among your beneficiaries.
Personal Property: Personal property encompasses all of your tangible belongings, such as furniture, jewelry, vehicles, and artwork. You have the option to include specific items of personal property in your will and designate who should receive them after your passing.
Bank Accounts: Bank accounts are considered financial assets and can be included in your will. You can specify which bank accounts should be distributed to which beneficiaries upon your passing. It's important to note that joint bank accounts with rights of survivorship do not need to be included in a will, as they automatically pass to the surviving account holder.
Investments: Investments such as stocks, bonds, mutual funds, and retirement accounts can also be included in a will. You have the ability to designate who should receive these investments after your passing and outline any specific instructions for their distribution.
Business Interests: If you own a business or have shares in a company, you can include these business interests in your will. You can specify how you want these interests to be managed or distributed among your beneficiaries.
Digital Assets: In today's digital age, it's important to consider including digital assets such as online accounts (e.g., social media profiles), websites or blogs that generate income, and cryptocurrency holdings in your will. You can appoint someone as a digital executor to manage these assets on behalf of your estate.
Understanding the types of assets that can be included in a will is crucial for effective estate planning in Minnesota. By working with experienced professionals like Holker Law Offices, PLLC, you can ensure that your wishes are carried out accurately and efficiently after your passing. Whether it's real property, personal property, bank accounts, investments, business interests or digital assets - each asset requires careful consideration when drafting a will to ensure that your loved ones are provided for according to your wishes.
