White Bear Lake, Minnesota Estate Planning Law Blog

Because an estate plan can go further than simply creating a will, it is important that you and other Minnesota residents understand the various planning tools available to you. Rather than simply using your plan to determine who should receive your assets after you pass away, you could also use it to designate individuals to make decisions on your behalf in the event that you become incapacitated as well as to leave instructions for your care.

When it comes to putting someone in a position of power, you can utilize power of attorney documents to do so. The power of attorney agent would have the ability to make financial decisions for you and have access to your financial accounts to handle necessary obligations. Though you have the ability to appoint this person yourself while you are still sound of mind, you may worry that someone could abuse such power.

When many people picture someone going through the estate planning process, they may imagine a white-haired man and woman thinking about how they will distribute property to their grandkids. While common, this mental picture may not be the one you need to have when it comes to estate planning.

Even if you have recently reached the age of 30 and feel as if you have your whole life ahead of you, it may benefit you to start estate planning. Even at this young age, you have likely accumulated assets that will need addressing in the event of your demise, and you may already have children of your own whom you certainly want to protect after such an event.

One of the most difficult things to discuss with loved ones is the eventuality that each of them will someday die. The inherent reference to mortality in a conversation about estate planning has many adult children uncomfortable discussing this important task with their parents.

Estate planning should not be ignored, however, because of its ability to formalize wishes about financial management, healthcare, and gifts to family and friends. Here are strategies to make talking with your parents about estate planning a little easier.

You might feel like other Minnesota residents whose loved ones want them to serve as executors of their estates. You appreciate the trust and honor, but don't know what duties the law and the court require you to perform when the time comes. Hopefully, your loved one asked you if you would like to serve in this capacity before putting it in writing.

It might help you make your decision to have at least a rudimentary understanding of what an executor does. If you weren't given the chance to make the choice, but you still agreed to serve after the death of the loved one who appointed you, the information below will provide you with an outline of your duties.