Make your will known

By Megan Malugani

A little bit of planning pays off big for people who want the last word in what happens to their estate and beloved possessions after they die. Bruce K. Piotrowski, an attorney at George F. Restovich & Associates (117 Center St., 288-4840), answered some questions about how to preserve the value of your estate for your loved ones (and the causes you love):

Rochester Magazine: Why is it important to create a will or trust?
Bruce Piotrowski: If you want to make sure that your estate goes to the persons or organizations (e.g. charitable donations) you desire that it go to, you need to take action to make sure that happens. Depending on the property
you own, that may involve having a will drafted or a trust, or both.
RM : What happens if someone does not have a will or trust?
BP: That depends on what kind of property makes up your estate. Generally speaking, if you die without a will or some other testamentary instrument, the probate estate goes to your legal heirs pursuant to the requirements of Minnesota
intestacy law. The property is not divided according to your wishes but rather according to the dictates of law. Nothing will go to charity, and if you don't have heirs, it may all go to the
state.
RM : If someone doesn't have a will or trust, what is the first step they should take to get the ball rolling?
BP: First, they should make a list of all their property, including insurance policies, IRAs and other retirement accounts, real estate, bank accounts, stock, any personal items they want
to bequeath to specific individuals. Also, they should compile all of the documents concerning the property in question, for example, the most recent statements concerning stock values,
bank accounts, insurance, etc. Then they should decide how they want to distribute that property after they die. At that point, they should consult with an attorney to find out what particular
estate planning tools will accomplish what they want with the least amount of expense (including taxes) and inconvenience.

Email Story | Print story

Enjoy this story? You can now subscribe to Rochester Magazine and have unique, interesting stories about Rochester, MN delivered to your home every month. Fill out a subscription form now!