For many people in Minnesota, the thought of planning their estate is met with feelings of anxiety and stress. They have heard about writing a will, drafting a long-term care plan, determining beneficiaries and guardians, and coordinating power of attorney assignments. With each new thing they hear, the feelings of being overwhelmed grow and soon, the process is so intimidating, they decide it is unnecessary until a future date. However, taking the initiative to plan and implement a detailed estate plan now, is an incredible benefit for families who desire to reduce the stress, confusion and contention of their loved ones following their death.
According to Time Magazine, statistics show that only a meager 35-40 percent of all Americans have taken the time to write their will. For folks who have identified a need to plan their estate and are determined to tackle the process bit by bit, here are some of the things they should remember:
- They should name an executor who they trust.
- They should select someone to make health-related decisions for them.
- They should recruit loved ones to help them make important decisions about their future.
- They should update their will regularly to reflect changes.
- They should communicate with their heirs and anyone else involved in the execution of their will.
Fidelity Investments recommends that people take the time to have a heartfelt conversation about their will with people in their family who will be affected by their passing. Doing so can help prepare their family members, allow a chance to discuss and pass on cherished family values and empower their family members to move on after their death.