1. Make your retirement years easier.
Even though estate planning primarily benefits those you love and care about, you can also coordinate your estate plan with retirement, health care and other benefits to help you achieve the most comfortable final years while still providing for your loved ones.
2. Provide for your immediate family
Proper estate planning will provide enough money for your family to continue their lifestyle as well as ensure your children’s education and upbringing is provided for.
3. Ease the strain on your family
Ease the burden on your grieving survivors by planning your funeral arrangements when planning your estate. This is done in your healthcare directive.
3. Ease the strain on your family
Ease the burden on your grieving survivors by planning your funeral arrangements when planning your estate. This is done in your healthcare directive.
Basic Estate Plans include:
Will
Everyone needs a will. A will is a legal document that allows you to transfer your property at your death. A will is a simple way to ensure that your money, property, and personal belongings will be distributed as you wish after your death. If you die intestate (without a will), Minnesota's state laws of distribution will determine who receives your property by default, that law may or may not reflect your actual wishes.
Durable Power of Attorney
A durable power of attorney is a document authorizing someone to act "legally" on your behalf. You determine how much power the person will have over your affairs. A general power of attorney authorizes your agent to conduct your entire business and affairs (buy & sell your property, pay taxes, invest your money in stocks, bonds, etc.). A limited or special power of attorney authorizes your agent to conduct specified business or make only certain decisions on your behalf. A power of attorney is considered "durable" when it remains valid even if you become incompetent or incapacitated.
Healthcare Directive
A healthcare directive written document that informs others of your healthcare wishes. During your life time, it allows you to name a person or agent to make decisions for you if you are unable to do so. A healthcare directive is useful if you become unable to adequately communicate your healthcare wishes.
Everyone needs a will. A will is a legal document that allows you to transfer your property at your death. A will is a simple way to ensure that your money, property, and personal belongings will be distributed as you wish after your death. If you die intestate (without a will), Minnesota's state laws of distribution will determine who receives your property by default, that law may or may not reflect your actual wishes.
Durable Power of Attorney
A durable power of attorney is a document authorizing someone to act "legally" on your behalf. You determine how much power the person will have over your affairs. A general power of attorney authorizes your agent to conduct your entire business and affairs (buy & sell your property, pay taxes, invest your money in stocks, bonds, etc.). A limited or special power of attorney authorizes your agent to conduct specified business or make only certain decisions on your behalf. A power of attorney is considered "durable" when it remains valid even if you become incompetent or incapacitated.
Healthcare Directive
A healthcare directive written document that informs others of your healthcare wishes. During your life time, it allows you to name a person or agent to make decisions for you if you are unable to do so. A healthcare directive is useful if you become unable to adequately communicate your healthcare wishes.
I agree. My father had all three of these documents done and it was a life saver!
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