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MARY EBB LAW
Twin Cities Estate and Elder Law Firm

This is why estate planning is so important

Some of the world's greatest entrepreneurs began their journeys into business because they didn't want to work for someone else. They wanted to control their own careers. You might feel this way about money and other financial issues. You want to make your own decisions and choices regarding how you spend your money, how much you save and what will happen to your money after you die.

The latter issue is often the base of the estate planning process. However, if you tend to avoid discussions about your own mortality, you may avoid executing an estate plan, as well. This post is all about why estate planning is so important and reasons that prompt even those who have been procrastinating to ultimately decide to put things in writing and develop strong estate plans.

You can control who gets your assets

Especially if you're the type of person who likes to be at the reins when it comes to where your money is going and what will happen to the assets you've worked so hard to acquire, the estate planning process can prove to be a valuable tool. 

If you own a home, stocks, an art collection, vehicles, etc., you can sign a will that designates a particular person or people to inherit those items after you die. Not doing this means that a probate judge will be making those decisions, and your assets may not go to the people you intended.

You can reduce your loved ones' tax burdens

Another issue that estate planning helps you control is the amount of taxes that your family members will incur after you die. There are numerous ways to help keep estate taxes to a minimum. If you execute a plan, you can explore all options available and make decisions that best help accomplish your goals.

You can choose the person in charge

Many Minnesota families become entangled in feuds and legal battles after their parents or other relatives die. Building a thorough estate plan can help your loved ones avoid this type of stress. You can even control who makes financial or medical decisions on your behalf if you become incapacitated at some point in your life.

There are several types of powers of attorney that grant others the authority to speak and act on your behalf if you are no longer able to do so regarding financial decisions or urgent medical care.

You can continue to develop your plan as time goes on

While you can't change certain documents, such as irrevocable trusts, you can, in fact, update and change many other documents in your estate plan. Experts recommend that you periodically review your plan to make sure it is updated, especially if you divorce and remarry or there is a birth or death in the family.

Discussing such issues with someone who is well-versed in Minnesota estate planning laws can help you learn more about the process and how it might benefit you and your loved ones.

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