Getting any type of important affairs in order can be tricky. When Minnesota residents are trying to figure out where to start when it comes to estate planning, they may feel overwhelmed by the amount of information they may need to organize. Fortunately, an estate plan can start small and turn into a more comprehensive plan.
The first document that often comes to mind when creating an estate plan is the will. This document can cover certain important information like who will act as the executor and who parents desire to act as the guardian for minor children. Individuals can also indicate who they would like to receive certain property. However, a will is not the only important document for an estate plan to have.
Individuals can also create documents that help address their wishes for care in the event of incapacitation. A durable power of attorney, healthcare power of attorney and living will can all be put toward making wishes known. For example, the living will can detail how end-of-life care should be handled, and a healthcare power of attorney can appoint someone to make decisions on behalf of an incapacitated person.
Luckily, individuals do not have to make all of their decisions at once when estate planning or feel as if their decisions are unchangeable. Estate plans should be reviewed periodically and updated to ensure that they still reflect the person’s wishes. Some Minnesota residents may want to start the planning process by creating a will and later adding to their plans to ensure that all of their bases are covered.