Protecting Your Legacy: Estate Planning in Golden Valley, MN

Categories: Estate Planning, Minnesota Estate Planning Laws

When Jane learned that her elderly parents had not updated their will in over 20 years, she knew she had to act fast. Her parents had worked hard to build a comfortable life for themselves and their families. Yet, without a proper estate plan, they were at risk of losing much of what they had worked hard to achieve.

Estate planning is essential to ensuring that your assets and family are protected in the event of unexpected circumstances, such as incapacity or death. In Minnesota, the laws regarding estate planning and probate can be complex, making it essential to work with an experienced estate planning attorney.

Consider the following when creating your estate plan:

• Assets: What are your assets, and how do you want them to be distributed in the event of your death?
• Guardianship: Who will take care of your children in the event of your death or incapacity?
• Health Care: What health care decisions do you want to be made on your behalf if you cannot make them yourself?
• Funeral Arrangements: What funeral arrangements do you want to be made on your behalf?

The following is a step-by-step process for creating a comprehensive estate plan:

1. Assess your assets and liabilities
2. Determine who you would like to receive your purchases from in the event of your death
3. Appoint a guardian for your children and a power of attorney for your health care and financial matters
4. Choose an executor to manage your estate
5. Consider tax implications and estate planning strategies to minimize taxes
6. Update your plan as necessary

According to a recent study, over half of all Americans do not have a will or estate plan. In Minnesota, taking action soon to protect your assets and family is essential. Choosing an experienced Golden Valley estate planning attorney can provide peace of mind and ensure that your wishes are carried out as you desire.

Please don’t wait until it’s too late to plan for the future. Contact an experienced Golden Valley estate planning attorney today to learn more about how you can protect your assets and family through a properly written estate plan.