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There are many ways to express love for your special Valentine. While roses and chocolate are always a good standby, estate planning can also be from the heart. An "I Love You" will is a common type of will that is used by estate planning attorneys for married couples.
"I Love You" wills are basically a set of wills in which each spouse leaves everything they own at their death to the surviving spouse. Their wills would also have reciprocal provisions regarding eventual distribution of their estates. This type of planning is used by many married couples when their goals align and they do not have complicating situations.
For some married couples, this straightforward estate plan is not quite right for their situation. In some second marriage situations couples choose to use trusts for their respective estates. The trust then pays income to the surviving spouse, but the surviving spouse does not have the ability to change the eventual distribution of the trust estate. Another situation when couples need more than the straightforward "I Love You" will is when the total marital estate is likely to exceed the estate tax exemptions. $1.8 million in 2017 for Minnesota, $5.49 million for federal.
Even when an "I Love You" will is a good fit, any assets passing under the will are subject to the probate process and subject to public record.
What is Probate? Couples concerned with avoiding probate can accomplish the same objectives by using trusts instead of wills.
Whether using wills or trusts, there are some definite benefits of going through the estate planning process with your sweetheart.
Some benefits include:
Ready to complete your estate plan? Call (507) 288-5567 to schedule an appointment or send us an email on our Contact page.
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