Estate planning attorney
As a Minnesota estate planning attorney knows, estate planning is important if you want to pass down your estate to family members or loved ones. Preparing important legal documents well in advance is highly recommended to avoid any issues or disputes between loved ones in the future. An estate plan is an organized set of legal documents that includes detailed information for matters regarding your healthcare, retirement, finances, and a host of other subjects. There is legal assistance available if you are not sure how to take the first step to creating an estate plan. Contact an experienced estate planning attorney so that they can help you get started.
Estate Planning Attorney in Minnesota
An estate is anything a person owns, which includes cash, property, cars, jewelry, and insurance. An estate plan can be made by anyone who owns assets that they would like to give to named individuals, such as children or grandchildren. You do not need to have a high income or high value assets to develop one. Estate planning is an important part of financial planning that should not be overlooked or delayed. It involves a considerable amount of time to prepare, so it’s recommended that you consult with a lawyer.
Estate Planning Basics
If you are organizing an estate plan for the first time, the process can be overwhelming as there are a lot of terms you need to know. Certain types of estate planning legal documentation include multiple kinds of forms, and it can be hard to keep track. As a St. Paul, MN attorney like one at Johnston Martineau, PLLP can elaborate on, here are some terms you can expect to come across while creating an estate plan include:
- Trust. A trust is a legal arrangement where you authorize an entity to control your assets.
- Advanced directive. Documents that describe the future medical care and types of treatment of a person once they incapacitated to the extent that they are unable to communicate to their medical providers themselves. Examples include a last will, durable power of attorney, or “do not resuscitate” (DNR) orders.
- Last Will and Testament. This outlines how a person’s assets will be distributed to specified individuals once they pass.
- Living Will. A living will includes information about what life-saving treatments you consent to.
- Powers of attorney. Powers of attorney (such as durable and non-durable powers of attorney) are legal documents you create to give named individuals the authority to make important decisions on your behalf. They go into effect once certain events occur, such as if you become incapacitated and can no longer make your own decisions regarding your healthcare.
Contact an Attorney for Legal Assistance
Developing an estate plan involves multiple complex steps, and obtaining help from a qualified lawyer who can explain each of the requirements can make the process much less stressful. Learn how you can receive legal assistance by scheduling a free consultation with a trusted and experienced estate planning lawyer from Johnston Martineau, PLLP.