Estate Planning Basics: Wills, Trusts, and Protecting Your Family’s Future

*Insights from Minnesota Estate Attorney Alexander Crosby, with Crosby & Westbrook 

Estate planning is one of the most important steps you can take to protect your loved ones and ensure your wishes are carried out. In a recent interview with Estate Attorney Alexander Crosby, we walked through the foundational pieces of estate planning—wills, trusts, and how to avoid probate.

This updated guide keeps the core lessons from that conversation and breaks down what Minnesota families need to know to get started.

Key Takeaways from Our Interview with Attorney Alexander Crosby

1. Understanding Wills and Trusts

According to Crosby, wills and trusts both provide instructions for distributing your assets, but they operate very differently.

• A will typically goes through probate, a court-supervised process.
  
  
• A trust, when properly funded, can allow your estate to bypass probate, saving your beneficiaries time and money.
  
  

2. Why Avoid Probate?

Crosby emphasized that probate can be:

• Costly
  
  
• Time-consuming
  
  
• Public
  
  

A revocable living trust can ease this burden by keeping your estate private and your assets easier to transfer.

3. When to Update Your Estate Plan

Life changes often call for a review of your estate planning documents. Examples include:

• Having a child
  
  
• Moving to another state
  
  
• Buying or selling a home
  
  
• Retiring
  
  

Crosby noted that these updates help ensure your plan still reflects your wishes.

4. Protecting Beneficiaries with Trusts

Trusts offer an extra layer of protection for:

• Young beneficiaries
  
  
• Individuals with special needs
  
  
• Beneficiaries who may struggle with managing finances
  
  

Appointing a responsible trustee ensures assets are used wisely and according to your instructions.

5. Tax Implications

While many people don’t face federal estate taxes, Crosby shared that Minnesota has its own estate tax, impacting estates valued over $3 million. Planning early can help minimize these taxes.

Minnesota & Twin Cities Angle

Estate planning in Minnesota comes with some local considerations, especially if you own a home:

• Minnesota’s estate tax threshold is lower than the federal one.
  
  
• Many families own cabins or lake properties, which can complicate probate without proper planning.
  
  
• The way your home is titled (sole ownership, joint ownership, TODD, or trust) directly impacts how it transfers after death.
  
  

Crosby emphasized that real estate often makes up the largest portion of a family’s estate—making proper planning even more important.

Watch the Full Interview

📺 Watch our full interview with Estate Attorney Alexander Crosby here:

Need real estate guidance as part of your estate planning?

Estate planning impacts your home, and decisions around real estate often influence how easily your loved ones can settle your affairs.

If you’re navigating probate, updating your estate plan, or preparing a home for future transfer, Ann and Scott Breuer at First Choice Realty Solutions are here to help you understand your options.

Contact us anytime for supportive, experienced guidance as you plan for your family’s future.