An estate plan is crucial no matter your net worth. This plan ensures that your wishes for your family and financial goals are achieved after you die. There are several pieces to an estate plan and these include a will; the assignment of a power of attorney; the assignment of a guardian if you have minor children; the decision pertaining to a health care proxy or a living will and more. Depending on your particular situation a trust may make sense. These are not just for the wealthy. A trust can allow you to distribute your assets without incurring estate and gift taxes.
While there are many online tools that can assist you with various pieces of your estate planning, you need to understand the federal and state laws that will impact your estate. It may be best to seek the services of an Attorney in Brainerd MN that specializes in estates. They will be well versed in all components of estate planning, and will be able to handle drawing up a simple will or setting up elaborate trust.
The attorney that you have chosen to assist you with your Estate Planning Brainerd MN, will begin by asking you questions pertaining to your assets. These include your investment portfolios, retirement accounts, insurance policies, as well as any business or real estate interest. Once you have identified these, you will need to decide who you want to handle your affairs if you are unable to. While most people think that estate planning is just in case of your death, it can also come into play if you are incapacitated, or even if you are unable to make medical decisions for yourself.
Death brings out the worst in people, and discussing your Estate Planning Brainerd MN, with your heirs prior to your death will help to clear the air after you are gone. Having a will in place will create a concrete document that will ensure that your plans are carried out. This is also a good place to name our children’s guardian. If you die without a will it can cause your estate to incur unnecessary expenses.