Estate Planning

Do I need and estate plan in Minnesota?

By admin

As a Minnesota attorney, more specifically an estate planner, I am often asked this question.  Well, actually I usually hear this as a statement rather than a question.  People say that they do not need an estate plan, this is then followed by them saying they don’t have much property.  You don’t have to be rich to need an estate plan. 

Ask yourself the following questions to help determine if you need an estate plan:

• Who would you want to raise your children?
• Are your children capable of handling a large inheritance today or tomorrow?
• Are there specific wishes you have regarding medical treatment or under what circumstances would you like to be kept alive?
• Are their specific assets that you wish to pass to certain people? 
• If you have an estate approaching $1 million, would you like to save on estate taxes?
• Do you want to reduce the stress and family conflict that can occur during the transfer of your estate?

If you answered yes to any of the questions you should have an estate plan.  The great thing about planning for your estate is that you get to decide what happens to your assets and who takes care of your loved ones.  Estate Planning is a great tool to take control of your future and can provide the following answers to the questions I just asked.

• Who would you want to raise your children?
  • You decide, not the Probate Judge
• Are your children capable of handling a large inheritance today or tomorrow?
  • You decide when and under what circumstances they should get the money
• Are there specific wishes you have regarding medical treatment or under what circumstances would you like to be kept alive?
  • You let the doctors and you Health Care Agent know your wishes
  • Your Health Care Agent does not have to make the life ending decision, you already made that decision and communicated that wish
• Are their specific assets that you wish to pass to certain people?
  • You decide who gets grandma?s rocking chair
• If you have an estate approaching $1 million, would you like to save on estate taxes?
  • You can preserve your wealth for the future generations
• Do you want to reduce the stress and family conflict that can occur during the transfer of your estate?
•  
  • Family members can rest easy knowing your estate is handled your way

Take some time to consider these questions and the solutions that Estate Planning can offer you.  Planning for your future in Minnesota is relatively easy to do, and if cost of an estate plan is the issue remember that you can pay a fixed, known cost now or the unknown and likely higher cost later when you family has to decide how to handle your estate.

Feel free to contact me if you have any questions regarding estate planning as I am always happy to speak with anyone.  You can get a hold of me via email at james@jtandersonlaw.com.

Full post as published by Minnesota Estate Planning Blog on May 21, 2008 (boomark / email).