The short answer is yes.
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If you are a millennial – that is, someone who was born around the year 2000 – and you have kids, you should definitely have an estate plan, especially for your children. If you cannot remember a time without email (at one point, email and the Internet did not even exist), then you probably belong to the Millennial generation, sometimes called Generation Y.

When you are in your 20s and 30s, it is difficult to think about setting up an estate plan, but – if you have kids – it is something you need to do. Why? Because, in addition to taking care of your worldly goods after you die, you can appoint someone – a friend or relative whom you trust – to take care of your children.

A n estate plan consists of a Will, a health care directive, and a power of attorney. The Will controls what happens to your property after your death; the health care directive appoints someone who you know and trust to be your healthcare agent in the event that you are incapacitated and unable to make decisions related to your medical care and treatment by yourself; and the power of attorney appoint someone you know and trust to make decisions and carry on your financial affairs in the event that you are unable to do so on your own.

Sometimes, you need a trust as well, especially if you have a lot of wealth to manage or if you have a child with special needs. However, for most millennials, I do not think that the trust would be appropriate. I have written about trusts and whether you need one before. Here is a link to the article:

balandlaw.com/blog/do-i-need-a-trust

The best way to determine what is right for you is to meet with an estate planning attorney. To that end, I invite you to give me a call at 763-450-9494 to discuss your specific situation. Everybody who calls gets a free 5 minute mini telephone consultation. An in person meeting is $250, and that amount is credited to your account when you retained me to represent you in drafting your Will, healthcare advance directive, power of attorney, and other estate planning documents.

WARNING: The information contained in this article does not constitute legal advice and may not be applicable to your situation.  Tim is licensed to practice law only in the state and federal courts of Minnesota, and the advice that he gives is applicable to that jurisdiction only. Further, reading this blog post does not create an attorney-client relationship between you and Baland Law Office, P.L.L.C.  You should always discuss your situation with an attorney before taking any action based on what you may read in this blog.  To that end, please call (763) 450-9494 to set up an appointment to discuss your situation.

I am often asked whether a person needs a trust. The short answer is that most people do not need a trust, but there are certain situations where a trust is a good idea. In other words, you probably do not need a trust unless there is a good reason for you to have a trust.

A few definitions are in order. There are two kinds of trusts: a living trust, which is created during the lifetime of the settlor (the person who creates the trust) through a separate trust document and a testamentary or after-death trust, which is created through the testator's Will.

After the trust is created, the settlor funds the trust by transferring assets and property from the settlor to the trust.  The person who manages the trust is called the trustee. The trustee is responsible for administering the property in the trust in accordance with the settlor's wishes. A living trust can be revocable or irrevocable. In other words, the settlor can revoke or cancel the trust during the settlor's lifetime. If the settlor revokes the trust, the property in the trust goes back to the settlor.

That said, a trust is not an appropriate estate planning vehicle for most people. Unless you have excessive wealth, unique property (I am thinking of Prince's music – both released and unreleased), or a special situation, I trust is probably not appropriate for you and will needlessly complicate your estate plan. However, a trust may be appropriate if you have minor children, have minor or adult children with diminished capacity who cannot handle their own financial affairs, have a lot of property that you want to give to charity, need to reduce your taxable estate, or want to fund your estate with life insurance.

There are other reasons to have a trust, and the best way to determine if a trust is right for you is to meet with an estate planning attorney. However, for most people, an estate plan consisting of a will, a health care directive, and a power of attorney is more appropriate than a trust.

The best way to determine what is right for you is to meet with an estate planning attorney. To that end, I invite you to give me a call at 763-450-9494 to discuss your specific situation. Everybody who calls gets a free 5 minute mini telephone consultation. An in person meeting is $250, and that amount is credited to your account when you retained me to represent you in drafting your Will, healthcare advance directive, power of attorney, and other estate planning documents.

WARNING: The information contained in this article does not constitute legal advice and may not be applicable to your situation.  Tim is licensed to practice law only in the state and federal courts of Minnesota, and the advice that he gives is applicable to that jurisdiction only. Further, reading this blog post does not create an attorney-client relationship between you and Baland Law Office, P.L.L.C.  You should always discuss your situation with an attorney before taking any action based on what you may read in this blog.  To that end, please call (763) 450-9494 to set up an appointment to discuss your situation.

I am often asked to explain the difference between a Will and an estate plan. The short answer is that a Will determines what happens to your property after you die, and can be an important part of an estate plan. An estate plan, by contrast, includes a Will, and also a healthcare advance directive and a power of attorney, and may include a trust as well. The healthcare advance directive and power of attorney both give somebody else the authority to make health care or financial decisions for you in the event that you are incapacitated.

I generally recommend that all persons have a Will, a healthcare advance directive (sometimes called a "living will"), and a power of attorney. A trust is sometimes appropriate as well, and a trust can be an important part of estate planning. If you own a small business, you may need to consider business succession planning issues as well, to pass the business onto the next generation.

A Will is a very powerful document that allows you to name a personal representative, a guardian for your children, and indicate what you would like to have happen with your property after you die. In addition to planning for what happens to your property after your death, I think that it is also important to appoint someone through a power of attorney and healthcare advance directive to make health care – related decisions for you and manage your financial affairs in the event that you become incapacitated.

The best way to determine what is right for you is to meet with an estate planning attorney. To that end, I invite you to give me a call at 763-450-9494 to discuss your specific situation. Everybody who calls gets a free 5 minute mini telephone consultation. An in person meeting is $250, and that amount is credited to your account when you retained me to represent you in drafting your Will, healthcare advance directive, power of attorney, and other estate planning documents.

WARNING: The information contained in this article does not constitute legal advice and may not be applicable to your situation.  Tim is licensed to practice law only in the state and federal courts of Minnesota, and the advice that he gives is applicable to that jurisdiction only. Further, reading this blog post does not create an attorney-client relationship between you and Baland Law Office, P.L.L.C.  You should always discuss your situation with an attorney before taking any action based on what you may read in this blog.  To that end, please call (763) 450-9494 to set up an appointment to discuss your situation.

There were three orders on attorney discipline issued this week by the Minnesota Supreme Court.  The first two cases involved a public reprimand and suspension from the practice of law for a period of time.  The third case involved reinstating an attorney who was formerly suspended.

1. A15-0259, In re Petition for Disciplinary Action against Richard William Hechter, a Minnesota Attorney, Registration No. 193537.

The Director of the Office of Lawyers Professional Responsibility has filed a petition for disciplinary action alleging that respondent Richard William Hechter committed professional misconduct warranting public discipline, namely, failing to promptly withdraw earned fees and costs from his trust account, commingling earned fees and costs with client funds in his trust account, creating shortages in his trust account, issuing trust account checks in direct payment of his own personal and/or business expenses, and failing to maintain the required trust account books and records, in violation of Minn. R. Prof. Conduct 1.15(a), (b), (c)(3), and (h), and Appendix 1 thereto.

The parties jointly recommend that the appropriate discipline is a public reprimand and 2 years of probation, during which respondent's books and records will be available for the Director's review.  Accordingly, that is what the Minnesota Supreme Court ordered.

2. A14-1589, In re Petition for Disciplinary Action against Richard Lee Swanson, a Minnesota Attorney, Registration No. 173423.

The Director of the Office of Lawyers Professional Responsibility has filed a petition for disciplinary action alleging that respondent Richard Lee Swanson committed professional misconduct warranting public discipline, namely: with respect to four client matters, failing to adequately communicate with clients, failing to diligently pursue client
cases, failing to appear for hearings, failing to obtain the consent of one client to the involvement of substitute counsel, making a false statement to one client, failing to properly refund the unearned portion of clients' retainers, and failing to provide a copy of one client's file; and committing trust account violations by failing to maintain proper
trust account books and records, failing to promptly withdraw earned fees from a trust account, commingling earned fees with client funds, and failing to deposit advance attorney fees payments and an advance filing fee payment in trust, in violation of Minn. R. Prof. Conduct 1.1, 1.3, 1.4(a)(3) and (4), 1.5(b), 1.6(a), 1.15, 1.16(d), 4.1, and 8.4(b),
(c), and (d).

The parties jointly recommend that the appropriate discipline is a 90-day suspension and 2 years of supervised probation. In their stipulation, the parties indicate that respondent presented evidence of several mitigating factors to the Director.  Accordingly, that is what the Minnesota Supreme Court ordered.

3. A14-2158, In re Petition for Disciplinary Action against Shannon M. Fitzpatrick, a Minnesota Attorney, Registration No. 345349.

By order filed on February 12, 2015, we suspended respondent Shannon M. Fitzpatrick from the practice of law for a minimum of 30 days, effective from the date of the filing of the order. Respondent has filed an affidavit seeking reinstatement in which she states that she has fully complied with the terms of the suspension order, except for
successful completion of the professional responsibility portion of the state bar examination. The Director of the Office of Lawyers Professional Responsibility does not oppose the request.  Accordingly, the Minnesota Supreme Court conditionally reinstated Respondent Fitzpatrick to the practice of law in the State of Minnesota, subject to her successful completion of the professional responsibility portion of the state bar examination, and is placed on
disciplinary probation for 2 years.