Inventorying is a Good Place to Start When Estate Planning

Dunlap Law Insights

The idea of having to assess their entire lives can make many Minnesota residents put off creating an estate plan. It may seem like too much work at the moment or something better left for another time. However, if estate planning is put off for too long, individuals may not have time to create their plans.

Getting started sooner rather than later is ideal when it comes to estate planning. If parties do not know how to get started, they can begin by taking inventory of their assets. They can go over their personal possessions, bank accounts, real estate, investments and much more. An inventory can be useful because it could allow parties to assess what they have and determine what they would like to happen with those assets. It can also give them the opportunity to write down any important information associated with the assets, like passwords, account numbers and contact information.

After deciding what to do with those assets, individuals may want to put their wishes into a legally binding document. They can utilize a will to detail who they want to receive what. However, they may not want to limit themselves to just a will. Creating a trust could also be a useful way to pass on assets.

Of course, estate planning does not have to focus solely on what to do with assets. It would be wise for Minnesota residents to explore the many uses of an estate plan. They may also want to look into the various planning options that could help them create the plan best suited for their personal circumstances.