How to prepare for estate planning

How to Prepare for Estate Planning

Why: Keep Family Together

Estate planning exits to ensure that your possessions go to where you want them to go. For example, let’s say that you have three children that you want to pass your estate to. However, much to your disappointment, there exists some underlying sibling rivalry between the youngest and the eldest.

They love each other, yes, but there’s that tension that the youngest never had the success of the eldest and the eldest lacks the attention that the youngest has had since birth. In turn, you want to ensure that everything goes smoothly when they look at your will.

Each kid should get an even share. So, you consult a lawyer about estate planning to ensure that each one gets a one-third slice of the estate pie. They get no more and no less.

MN Estate Planning | Take Inventory

Before you actually get into estate planning, you might want to do some inventory. Ideally, what you want to list everything that’s important to you or worth over a hundred dollars. When in doubt, list something in the inventory. Perhaps you know of certain items that your family wants or you want to gift specific possessions to special family members.

Then, once you have a completed inventory of everything that want listed, double check it. Now is the time to get everything together. When your family no longer has you there, you can still ensure that everyone gets exactly what you intended. By taking an inventory, you can help reduce the chances of error.

The Six Documents

For your estate planning, take time to decide what documents that you want prepared. Specifically, you should consider getting a will or trust, a durable power of attorney, beneficiary designations, a letter of intent, a healthcare power of attorney, and guardianship designations created. Be clear and upfront about which documents that you want your estate planning lawyer to create.

However, if you are unsure about which documents should be created, do some research and consider consulting your lawyer. Note that each document entails a different part of your estate and that creating each takes time. To waste less time, act now and get every document ready.

Leave as little to chance as you can.

Mention Special Conditions

Lawyers are in the business of dealing with complex family situations. Going into the situation, nonetheless, they only have legal access to the information that you put out there. Your past may be done and over with. Though, keep in mind that they may need to understand your past to best assist you. It’s their job to help you work with special circumstances.

Take for example having children from a previous marriage. Regardless of your present marital status, you might want to account for all of your offspring, ensuring that they get equal inheritance. Whether your case fits this example or circumstances are more complex, tell your lawyer. They want to make your estate perfect for your situation.

Health Care Backup | MN Estate Planning

Your health is highly important. Your estate planning does affect your family, yes, but it also can help you in the event that you can’t make a decision about your health. It can affect you. Kids and relatives alike will want to know exactly what you would like to have done, helping them cope through the crisis.

If you can’t talk to your family and they need to make a decision that directly affects your health, you want them to make the right decision. So, give them guidance. Do your research ahead of time, consult with your loved ones, and finalize your plans. Be ready for people to get emotional. However, you need to deal with the possibility that things can get worse before things actually get worse.

Get a Will

This should go without saying, but you need a will. There’s no way around it. Your will is what gives you the power to do what you want to do. Otherwise, without a will, the state will act in place of you. Then, they get to decide who gets your property. Without you or your will there, the state must fill in that void. A will can also help you avoid a Minnesota probate.

They may not know or honor your wishes. As much as you may want to have your children inherit your house and your spouse to be well cared for, there’s no guarantee that either will happen without a will. In order to ensure that your wishes are carried out, make sure that you have a will made and ready. Your will is the central part of your estate planning.