Why Estate Planning
Estate Planning is the legal process that includes making arrangements for the management of your affairs after you have died, as well as other matters involving your health, finances, and property.
One of the most common reasons clients seek out estate planning is to ensure that their loved ones are not burdened with the administrative and costly mess that can accompany dying without a plan. With estate planning, individuals can feel in control of who is provided for at their death or incapacity. Not having a plan in place leaves your loved ones vulnerable to state laws that dictate how your affairs are settled without taking personal wishes into consideration.
Estate Planning is also a critical tool that can aid those who lose capacity. By selecting trusted individuals to handle financial and medical responsibilities in the event a family member cannot make decisions for themselves, clients can avoid the stressful and expensive process to set up guardianship and/or conservatorship for their loved one. Incapacity does not need to mean hardship for a family; estate planning can help avoid unnecessary problems while ensuring a client the best care and protections.
But estate planning is a broad legal spectrum, and encompasses much more than disposing of assets at one’s death or physical incapacity. Unmarried individuals; those with young children; vulnerable adults; family members with physical or cognitive impairment; business owners; property owners; cohabitating partners; divorced individuals or those contemplating divorce; blended families; recent Minnesota residents; cabin owners; farmers; those with property in another state; individuals with medical concerns: estate planning is connected to a wide range of life’s circumstances and can assist with specialized attention and detail.
The most effective way to convey what the benefits of estate planning can be is to highlight what can happen if there isn’t a plan in place. The perils of not being protected can result in costly legal matters that become emotionally detrimental to a family and financially taxing. By getting a plan done now, you spare your loved ones the burden of handling the consequences down the road.
Take action now to save yourself and your loved ones the avoidable costs of not planning.
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