Forming Lasting Estate Plans For People In Southern Minnesota
There’s nothing more important than planning for and protecting your future. One of the best ways to do that is through establishing an estate plan. It’s something many Minnesotans still put off until it’s too late. However, by starting today, you can save your loved ones from future headaches.
Kohlmeyer Hagen, Law Office Chtd. has lawyers on staff who do estate planning and can help you create, maintain and adjust them.
The Major Components Of An Estate Plan
What you will need to create an effective estate plan can depend on your personal and family circumstances. Here are a few things you may want to add to yours:
A will can let you determine who will receive your assets when you die. However, there can be some cases where a loved one may decide to contest your will after you die, which may require your executor or other beneficiaries to settle these matters in probate.
A trust can allow you to transfer your assets and property to a trustee who keeps and manages the assets in your trust. Trustees then typically distribute trust assets to beneficiaries after you die. And unlike a will, you usually can’t contest a trust in probate. There are multiple types of trusts, and some may fit your needs better than others. However, the two most common ones people typically choose are:
- Revocable trusts: Revocable trusts can let you control, amend or revoke it whenever you see fit. When you die, your trustee usually takes over the revocable trust and can administer its assets to your designated beneficiaries.
- Irrevocable trusts: Irrevocable trusts don’t allow you to control, amend or revoke the trust once you place your assets in them. While irrevocable trusts offer less freedom and flexibility, they can offer other unique benefits, like additional asset protection and potential estate tax deductions.
If you decide to put a trust in your estate plan, we can evaluate your situation and help you determine which type of trust may work well with your situation.
Power Of Attorney
A power of attorney document can allow you to designate someone who can make decisions for you if you become incapacitated. Those decisions can range from financial decisions, health care decisions – typically through an advanced care directive, or property management decisions.
An Advance Care Directive
An advance care directive can help you determine how you want loved ones to make medical decisions for you should you become incapacitated. In Minnesota, you can use an advance care directive to designate your health care decision-maker and make any specific requests or suggestions that can help them make those decisions.