Having children can be the biggest joy of many Minnesota residents' lives. Of course, siblings do not always get along, and it can often be difficult for parents to make decisions that will be good for everyone. As a result, some parents may struggle with estate planning.
The unprecedented issues we are facing together as a community give us all an unforeseen opportunity to focus on our personal wellbeing, and the wellbeing of our individual families. This focus should include a review of your current estate planning documents. Are your basic needs covered?
Though most Minnesota residents would like to be in charge of their personal affairs, there may come a time in life when they cannot make important decisions. Luckily, individuals can use estate planning to better ensure that someone they trust is in line to make important decisions on their behalf when they cannot. A power of attorney document can help.
Being generous is often seen as a virtue. Many people in Minnesota and across the country enjoy giving to those in need and finding ways to help the less fortunate whenever and however they can. It is common for individuals to want to leave certain assets to charity after their passing, and estate planning can help do that.
Welcoming a child into a family changes life completely. Whether through birth or adoption, changing the family dynamic in such a way warrants important planning for the future. As a result, new parents in Minnesota may want to consider starting estate planning or updating their already-existing estate plans.
Creating a will is a useful first step to creating an estate plan. However, if Minnesota residents stop their estate planning process there, they may miss out on some useful tools that could help them address more aspects of their lives and estates than just their property. Plus, if individuals took a set-it-and-forget-it approach to their wills, it is possible the information is outdated.
Wanting to do what is best for one's family is not always easy. Some Minnesota residents may think that they have done the right thing by creating an estate plan for their loved ones to follow, but too many people make errors while estate planning. As a result, families may not have as smooth a probate process as a loved one may have intended.
Many Minnesota residents may want to use their estate plans to protect assets for beneficiaries. Fortunately, trusts are one estate planning tool that can easily achieve this goal. In particular, discretionary trusts can ensure that beneficiaries are not at unnecessary risk of losing their assets.
Creating an estate plan can be a prudent resolution to make in the new year. Even if Minnesota residents have already created a plan, they can resolve to review and update those plans as needed. Estate planning can certainly be helpful, but the information is the most helpful when it is up to date.
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.