Estate planning should not be confused with elder law, because estate planning is applicable to every stage of your life; from your early days as a professional, through your marriage, when you plan for your children and as your family grows and ages. You should evaluate your estate plans every three to five years, or more often if your situation requires it.
An estate planning lawyer in Minneapolis, MN like the ones available at Johnston | Martineau PLLP, can give you the best advice on how often your estate should be re-evaluated. You want an estate planning lawyer in Minneapolis, MN that is dedicated to working with your family, whether that family in a traditional nuclear family, same-sex family, domestic partnership, blended family or a single-parent situation. If your family has children that require special care, you may want to evaluate your estate more often, and many estate planning lawyers in Minneapolis, MN are equipped to help you set up a Supplemental Needs Trust to ensure those children and family members with special care requirements are cared for, no matter what.
What Is A Probate Lawyer?
When someone passes away, a probate lawyer, who may also be an estate planning lawyer, works with the beneficiaries and surviving relatives of the decedent to ensure the estate is executed according to the decedent’s wishes. You’ll need a probate lawyer if you are required to go through the probate process, and this is because there are many documents that are included in this process and may affect the ease of the estate being transferred to beneficiaries.
Talk to your estate planning lawyer in Minneapolis, MN today if you have questions about the probate process.
It is also important to note that an estate planning lawyer can help you plan for your financial health. This is critical to a client’s “financial fitness”, your lawyer can work with you to ensure your short- and long-term goals match up with your finances.
Furthermore, you may want your estate planning lawyer to take into account charitable planning when planning your estate, and you can have your lawyer list your goals and objectives, so that they can create a trust such as a scholarship fund or another type of charitable donation that will benefit your estate.
Remember, it is very important to take into account that estate planning lawyers apply to everyone, no matter how old or young you are or your socioeconomic status. Without an estate plan in place, the state of Minnesota would decide who inherits the property, leaving family members with difficult decisions and may do more harm than good.
Types of Estate Planning Practices:
This is not an exhaustive list, but this is a list of the most common types of estate planning practices.
- Wills and trusts ensure your primary assets go to the proper beneficiaries of your estate, and the right type of trust can minimize the probate process for your family.
- The power of attorney is important as it leaves someone of your choice with the right to make important business and financial decisions if you are ever incapable.
- Health care directions leave someone the right to decide your health care, end-of-life decisions and other medical decisions if you are ever incapable.