Wills & Trusts; Probate;
Family Law; Bankruptcy
Services
Adam Scot Richardson
Adam Scot Richardson is a graduate of the University of Minnesota and William Mitchell College of Law. He has lived in Minnesota for over 40 years and has been licensed to practice law since 2003.
Adam is dedicated to working closely with clients, providing specifically tailored legal services. Whether in estate planning, probate, family law, or bankruptcy, he will work with you to help find the solution you need.
Call us for a free consultation.
What is a Will ?
A will is a legal document that contains your wishes regarding the distribution of your property and the care of any minor children. If you die without a will, those wishes may not be carried out. Further, your heirs may end up spending additional time, money, and emotional energy to settle your affairs after you’re gone.
Though no single document will likely resolve every issue that arises after your death, a will—officially known as a last will and testament—can come pretty close.
What is a Trust ?
A trust is traditionally used for minimizing estate taxes and can offer other benefits as part of a well-crafted estate plan.
A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries.
Since trusts usually avoid probate, your beneficiaries may gain access to these assets more quickly than they might to assets that are transferred using a will. Additionally, if it is an irrevocable trust, it may not be considered part of the taxable estate, so fewer taxes may be due upon your death.
Assets in a trust may also be able to pass outside of probate, saving time, court fees, and potentially reducing estate taxes as well.
What is Probate ?
Probate is the process completed when a decedent leaves assets to distribute, such as bank accounts, real estate, and financial investments. Probate is the general administration of a deceased person’s will or the estate of a deceased person without a will.
An executor is commonly named in the will or an administrator, if there is no will, to complete the probate process. This involves collecting the deceased’s assets to pay any remaining liabilities on their estate and distributing the assets to beneficiaries.
What is Bankruptcy ?
Bankruptcy is a legal proceeding initiated when a person or business is unable to repay outstanding debts or obligations.
The bankruptcy process begins with a petition filed by the debtor, which is most common, or on behalf of creditors, which is less common. All of the debtor’s assets are measured and evaluated, and the assets may be used to repay a portion of the outstanding debt.
An executor is commonly named in the will or an administrator, if there is no will, to complete the probate process. This involves collecting the deceased’s assets to pay any remaining liabilities on their estate and distributing the assets to beneficiaries.
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