While not everyone realizes the fact, the day will come when some sort of estate planning in Brainerd MN, must take place. The alternative is to leave behind a legacy involving relatives fighting over who gets what and, possibly, the state stepping in and ending up with a good share of the assets. Rather than putting things off, it makes sense to see an attorney and start the process today.
Creating the Foundation
Even if there is not much in the way of assets now, everybody has some belongings that will need to be distributed in the event of death. Think of what would happen to things like furnishings, clothing, the money in the checking account, and any collections if no instructions are put in place. Begin the Estate Planning in Brainerd MN, by drafting a last will and testament. Once work begins on the document, even people who think they do not have much in the way of material goods will discover they have more than they realized.
Deciding Who Can Handle What in an Emergency
Another aspect of estate planning has to do with granting powers of attorney to loved ones if certain events take place. For example, a single person with no immediate family could need someone to make medical decisions if he or she was injured and unable to do so. In like manner, someone would need to be designated to manage any money and settle the estate if that injury ultimately led to death. An attorney can draft the documents necessary to allow specific individuals to step in and take care of whatever matters arise.
Setting Up Trusts and Bequests
With a little luck, the client will amass more financial resources in the years to come. As the personal wealth increase, the attorney can help set up trust funds for the kids or make arrangements for bequests to charities and other organizations. Depending on how these arrangements are structured, the tax obligations the recipients incur will be kept to a minimum.
There is no reason to wait until later to start work on the estate planning. Contact the Brainerd Minnesota Law Firm today and get the basic documents in place. Doing so will ensure that if the inevitable comes sooner rather than later, there will be no question about what should be done with belongings and assets.
