Preparing for the future through an estate plan and a will are great ways to ensure your wishes are followed and your estate is settled. When creating your plan, you will have to select individuals, like an executor of an estate, to work on your behalf.
What is an Executor of an Estate?
An executor
Because your estate plan closely reflects your life, it is necessary to update it accordingly. In fact, many people will update their estate planning documents every five years. This should include a Will, Health Care Directive, and Power of Attorney. A general rule of thumb is when major life events occur, such as having children
While you may have a signed judgment and decree in hand, your divorce may require follow up work to tie up loose ends and complete the process. Post-divorce, it is important to update insurances, manage financial accounts, update your name and address, renew your estate plan, and create a new financial plan.
Update Insurance
During
Personal property is a common concern for those thinking about estate planning. Many people have specific requests for who should receive items such as heirlooms, collectables, and other tangible property. A Minnesota Tangible Personal Property List is a common legal document used to itemize who receives personal property in the event that you pass
When many people think of estate planning in Minnesota, most assume it is for the elderly or the rich. However, it is never too early to start preparing for the future.
Estate planning has less to do with your income and age and more about how families can be prepared should something tragic happen.