Like many Minnesota residents, you probably know that you need a will. Otherwise, the state gets to decide where your assets go after you pass away. However, a will is not the only estate-planning document you can use to provide for your family after your death.
Thinking about death is generally an unpleasant experience, so it likely comes as no surprise that many people in Minnesota avoid estate planning. However, death is unavoidable, so it only makes sense to create a well-thought-out estate plan in preparation for it. Creating this type of plan is paramount for ensuring that your assets end up in the intended hands.
At any stage in life, it's important to plan for your future. As you get older, the plans may change. Instead of making provisions for kid's college funds and retirement, you need to plan for what should be done if you suffer serious health complications or can no longer care for yourself. It can be difficult to think about and it's easy to avoid planning for the worst or to continue putting it off. However, it is important to make a plan for your future now, not only to give yourself peace of mind that your wishes will be followed, but also to ease the burden on your children and loved ones so that they won't end up making these difficult decisions on their own.
Once Americans reach the age of majority, their parents are generally no longer empowered to make legal decisions on their behalf. As a result, Americans older than 17 need to draft estate plans in order to preserve certain legal protections and preferences.