Estate planning is similar to insurance. You are planning for the unknown events of tomorrow, today. You are making decisions now to care for family members and friends in your absence. If you wait until the need arises, you are too late.
Estate planning is about choice. By planning today, you are able to indicate your choices and preferences as to how you would like your affairs to be managed, distributed and cared for upon your death or incapacity. In the absence of an estate plan, you give up the right to choice. Instead, the State of Minnesota (not your family and friends) makes these decisions for you.
Whether you are single, married, or in a non-marital relationship, with or without children, or have a large estate or minimal assets, you can benefit from an estate plan. There is no one-size-fits-all estate plan. And there is much more to an estate plan than simply a will. Instead, to be effective, an estate plan must be tailored to your individual needs. Developing an estate plan includes a comprehensive review of your assets and liabilities in order to determine what will occur upon your death. Held Law Office is committed to creating a solution that best satisfies your needs.
Additionally, at Held Law Office, estate planning includes incapacity planning. Incapacity planning lets you chose who will handle your affairs, and how, should you be unable to do so yourself. Absent incapacity planning, you give up the right to choice. And again, the State of Minnesota, through the court system, must get involved in order for loved ones to make decisions on your behalf.
Traditional Estate Planning
Many estate-planning techniques exist. The most common plan includes a Will, Power of Attorney and Health Care Directive.
- A Will outlines your wishes upon death regarding property distribution, nominating a guardian for your minor children, creating trusts, making distributions to charity, and otherwise expressing your wishes.
- A Power of Attorney allows you to grant someone the authority to handle your banking, business, property, or other financial transactions if you are incapacitated or otherwise unable to do so yourself.
- A Health Care Directive, or living will, provides you with the opportunity to state your wishes and preferences regarding health care decisions should you become incapacitated or otherwise unable to do so yourself. Additionally, you can appoint an individual, or individuals, to act on your behalf in making decisions concerning your health care.
Please contact Held Law Office for a complimentary consultation to discuss your estate planning needs.