Estate planning services can benefit people of all ages who care about their own futures and about their family’s future. Estate planning services are not a concern only for the elderly worried about end-of-life issues, but for everyone since it is impossible to know when illness or injury could strike.
By working with YMNLAW to make your estate plan, you can have the confidence of knowing you are prepared even for tragedy so you and your family will be able to cope with illness, injury, and death as well as possible in difficult circumstances.
Estate planning is about much more than just creating a will, which is why YMNLAW is ready to help people at all life stages and all income levels with their comprehensive plans. Call our Duluth, MN estate planning attorneys today to talk about what should be in your plan and to get the personalized advice you need. You can also get answers to questions you have about the estate planning process including:
- When should I make an estate plan?
- What should be part of an estate plan?
- How can a Duluth estate planning lawyer help me?
When Should You Make an Estate Plan?
It is a good idea for all adults to make an estate plan, and to update that plan periodically as their life circumstances change. You need to make an estate plan if you want to control what happens in case of illnesses or injury, so your family isn’t forced to go to court to get authority to make difficult life-changing decisions without input from you.
You also need to make an estate plan if you want to control who benefits from the fruits of your life of labor when you pass away. Not only do you need a plan to determine who should inherit, but you also need a plan to ensure that there is actually something to inherit. If you have no plans in place, a few months of nursing home care could wipe out your entire legacy as you are forced to spend thousands a month for care not covered by most insurance providers.
Making an estate plan will give you the peace of mind of knowing you have named a guardian for your minor children; made plans for the care of pets; worked out a way for your business to transition to new owners; or made plans for assets to be left to family members and charities you care about. Everyone has at least some goals for the future and making an estate plan is one of the most essential things you can do to ensure you protect your own plans and protect your ability to help your family achieve their dreams.
What Should Be Part of an Estate Plan?
The components of your estate plan are going to be tailored to you when you work with a Duluth estate plan lawyer at YMNLAW. There are many legal tools used in the estate planning process including:
- A last will and testament
- Living trusts and irrevocable trusts
- Powers of attorney
- Guardianship plans for minor children
- Life insurance, long-term care insurance, and other insurance policies
- Pay on death accounts
- Joint ownership of assets
- Inter vivos gifts
- Advanced healthcare directives
These different legal tools can accomplish different purposes, from letting you balance longevity of life vs. quality of life to allowing you to protect assets in case of nursing home care or to provide for disabled loved ones without those loved ones losing access to means-tested benefits. You need to make certain that you select the right legal tools and that the estate planning documents you create are legally valid and enforceable. There is no room for mistakes since your plan is intended to apply in case of incapacity or death, when it will be too late for you to go back and correct problems.
How can a Duluth Estate Planning Lawyer Help?
An estate planning lawyer at YMNLAW can provide assistance in identifying the essential components of an estate plan that will allow you to accomplish your goals. We prepare legally valid estate planning documents and assist you in making sure that you use every legal tool available to protect yourself and your loved ones. Give us a call at (218) 720-2888 or contact us today to find out more about how our firm can help you with some of the most important plans you will make in your lifetime.