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ESTATE PLANNING ATTORNEYS
TWIN CITIES MN
Planning your estate is not only for the wealthy; everybody has one. You should still have a plan even if you have a minimal estate, like a bank account. It is essential to have certain vital documents in order to avoid having to appoint a guardian or conservator if you are ever incapacitated due to an accident or other unforeseen event.
What Is an Estate Plan in MN?
An estate plan is a process of creating a plan for managing and distributing assets during life and after death. Its purpose is to provide financial security, minimize taxes and fees, and designate people to make decisions in the event of incapacity. In a nutshell, it helps ensure that your wishes are met in the most beneficial way possible.
Creating an estate plan is an essential step to managing life’s certainties. Despite the intimidating title, it simply refers to a set of documents that everyone needs, regardless of financial or family size. These documents help avoid issues that may arise after death, which can be difficult or even impossible to think about when living. Without an estate plan, courts and state law will have to resolve them.
Transfer on Death Deed and Power of Attorney Lawyers Twin Cities
Let’s discuss the advantages of beginning a plan now! Formulating a well-thought-out estate plan is the ideal way to make sure our hard-earned assets are passed down to future generations with least expenditure (both in terms of money and emotions).Having an estate plan in place will also give you the assurance of knowing that all of your affairs are in order. Your will allows you to choose the guardian of your minor children if both parents pass away. It also provides you the opportunity to decide how your possessions should be distributed and shared and reduce any taxes due at the time of your death. Furthermore, you can bequeath your house without the necessity of probate through a transfer on death deed.
Creating a tailored estate plan is important to ensure that your family is protected and that your wishes are followed when you pass away. An advanced health care directive and durable power of attorney are tools that can help achieve this, allowing you to plan for the future and take care of your loved ones. Doing so avoids potential disputes over your property and possessions after you’re gone, allowing your legacy to be protected.
No matter the situation, we are prepared to safeguard your legacy.
Schedule a no-cost initial meeting with an experienced trusts and estates attorney.