If one could interview a team of estate planning lawyers and financial advisers in Minnesota, what follows are some of the broad, initial themes that they might express about the importance of making an estate plan. First, consider that there are different types of persons who make an estate plan. Some of them are hard wired to flee the process due to an aversion to all things pertaining to death and dying. Others may aggressively attack the estate planning process with the youthful enthusiasm of taking on an exciting new project. Most people may be found between the two extremes.
Once a person comes to terms with the necessity and wisdom of making an estate plan, then the process of learning and doing can commence. It is always a great advantage to have a preliminary meeting with an estate planning attorney to break the ice. Here, the individual or married couple can discuss the broad goals and preferences that they envision for their hereditary legacy. They will get some tips and guidance to know how to proceed and what to do.
After that, a meeting with family members and loved ones will be beneficial. When early meetings are engaged in by the core family members, the chances of conflict later on can be cut down. Everybody can get to know what is expected, and wishes for long-care planning can also be communicated. Communications are vital to getting everything accurate and right.
Try to keep in mind that estate planning is not all concerned with death and dying. It also has freed the person and his or her loved ones from many worries that can weigh down the more exciting activity of life. The time to do some technical preparations to assure that everyone is provided for in the chosen way is an important effort that will bring back benefits tenfold. The rules of making an estate plan and the general framework is the same here in Minnesota as in every other state.
Source: Forbes, “What Every Estate Planning Lawyer Wants You To Know About Death And Dying“, Jeena Cho, June 13, 2016