In Minnesota and elsewhere, making the best plans regarding one’s estate occurs within the context of appropriate and helpful communications. This is encouraged to occur between the individual and his or her family, close friends and estate planning attorney. When one freely communicates, the process is generally more successful in choosing the right options and estate planning strategy.
There are two general benefits that may be said to result from a serious estate planning effort. First, the person’s assets and financial affairs will be enhanced, properly administered and protected during life. Second, the benefactor will be able to know that his or her loved ones are being provided for and will receive the bulk of the assets after death.
One should not underestimate the preparation phase in which consultation with the estate planning attorney sets the stage for construction of the estate planning documents. In virtually every endeavor in the law, and in life for that matter, preparation is a key foundational practice that usually brings successful results. Attorneys become highly adept at generating the right estate plan after engaging in a detailed, in-depth questioning regarding the client’s life and financial affairs.
After the client feels comfortable that a strong estate plan has been established, the documents are executed pursuant to Minnesota estate planning legal requirements and saved for future access. People who will inherit or who will serve in administrating the estate will ideally have been a part of preparatory discussions; they will generally know what to do and when to do it. These results of a fully communicative process will assure far fewer family squabbles and lost information going forward.
Source: commonsnews.org., “Planning for the inevitable“, Amelia W.L. Darrow, July 27, 2016