Estate Planning Attorneys in Minnesota
The idea of planning out what will happen to your estate in the event of death, or incapacitation, is something that many people choose to put off. Although the topics of death and incapacitation can make us uncomfortable, estate planning is an important step that most people need to take.
No matter what your financial situation is, estate planning can help give you peace of mind. Even if you’ve never thought about it before, or if you are hesitant to discuss these matters, our estate planning lawyers in Minnesota can help you through the process.
One of the biggest advantages of estate planning is that it ensures that your wishes will be honored after you are no longer able to see them through. While this should be a big comfort to you, it is also a big help for the people who will eventually be handling your affairs. Even if you aren’t rich, managing an estate after someone dies can be a very difficult process if no estate planning has been completed.
What Is An “Estate?”
Many people associate the word “estate” with being rich. However, the term “estate” applies to everyone. Your estate is made up of all of your property (real and personal) at the time of your death. Your real property refers to any real estate you own, including a house, condo, cabin, or land. Your personal property is essentially everything else you own. It is also referred to as movable property, and it includes bank accounts, furniture, vehicles, and jewelry.
Another factor in your estate is any minor children that you have. While children are not part of your estate in the traditional sense, their needs are an essential factor in the planning of your estate. Whenever you plan your estate, it is important to consider your children.
How Can I Plan My Estate?
After defining your estate, you can make plans concerning what will happen to your assets with assistance from our estate planning attorneys in Minnesota. An estate plan can specify what happens while you are alive and after you die. Estate planning consists of “pre-death” wishes and “post-death” wishes.
Common estate planning includes:
- Last Will and Testament (post-death);
- Power of Attorney (pre-death); and
- Health Care Directive (pre-death)
Should I Plan My Estate?
If you own any property or have any minor children, it is important to enlist the services of estate planning lawyers in Minnesota.
No matter how old you are or what your net worth is, an estate plan can:
- Establish a guardian for minor children;
- Distribute property as you wish to friends and family;
- Name an individual responsible for managing your estate;
- Establish a timeline for distribution;
- Reduce taxes associated with estate distribution; and
- Identify your health care wishes in the event of extenuating circumstances such as life support.