Estate Planning Lawyer Minneapolis, MN
A trusted estate planning lawyer in the Minneapolis, MN community would encourage anyone who intends to give their assets to relatives, loved ones, and other named individuals to develop an estate plan. Estate planning is a topic that is often overlooked. Many people don’t think about drafting an estate plan until later in life. However, it’s never too early to think about the future and initiate the legal process, which may take quite a while to complete. Estate planning can be an intimidating and uneasy process to think about, but a lawyer can explain to you about the required information and documents you need to have. If you are in need of legal assistance to set up your estate plan, a qualified and experienced lawyer such as one at Johnston Martineau, PLLP is there to support you through each step.
Estate planning lawyer in Minneapolis, MN
The dedicated attorneys at Johnston Martineau, PLLP have decades of experience assisting clients with a spectrum of practice areas. They are committed to understanding their clients and providing them with customized legal support. Their firm offers a range of legal services to address clients’ various concerns. They look forward to working with you.
What Is Estate Planning?
An estate consists of the money, property, and other assets that comprise the net worth of an individual. Estate planning refers to the process of making legal arrangements so that one’s estate can be managed and redistributed at the time of their death. A Minneapolis, Minnesota estate planning lawyer would advise that anyone who has an income and assets can and should create an estate plan.
Not everyone needs an estate plan however, so the decision to create one is up to each individual. When establishing an estate plan, there are several major factors to keep in mind. It’s not only about the size of your estate, or even the number or estimated value of your assets. If you have children, grandchildren, or other dependents, estate planning can prevent future legal troubles and give you peace of mind about the future.
There are many advantages that an estate plan offers. Some of the things you can do with an estate plan include the following:
- Plan for your needs
- Protect your wealth
- Protect beneficiaries
- Transfer property
- Prevent family disputes
- Simplify the probate process
- Address privacy concerns
- Reduce taxes and expenses
- Anticipate incapacitation
The Role of an Estate Planning Lawyer
Asset division and other financial planning necessities are not easy to achieve on your own. There are many terms to learn, court processes to follow, and paperwork to sort out. Having a lawyer by your side throughout the estate planning process makes the work much more manageable. There are a number of ways an experienced lawyer can assist you. They can help you explain legal procedures and terminology, draft documents, review your financial information, and prevent issues relating to matters like conservatorship.
Other Important Estate Items
Estate planning also involves some other crucial types of actions that can take place in a few different events. Wills and Powers of Attorneys are powerful documents that designate different things to happen to an individual if they are unable to make decisions on their own or have become incapacitated. An estate planning lawyer in Minneapolis, MN from Johnston Martineau, PLLP can help you out with these items. These are important documents to establish as they will save ample time and energy and alleviate family stress if things get difficult.
Different Types of Wills
When people discuss wills, they are generally referring to a last will. This is the document established by the individual who has passed away that designates certain parts of their estate to certain people. It may also designate guardianship to people that the person who drafted the will deemed fit and able. Another type of will exists though, which is called a living will. This is a document organized by the individual that will set in place different actions to take place if they have become incapacitated. Items in a living will could include what actions the person would like to have happen if they have become incapacitated and are unable to make decisions on their own. They could be in a coma or on life support and the living will would let the doctors and family know what that person’s wishes are while in that circumstance.
What Is a Power of Attorney?
A Power of Attorney is a document set up by an individual that allows another designated person like a close family relative or friend to make decisions and carry out tasks for that person. If the person is sick and in the hospital, and unable to take care of their own affairs, then a Power of Attorney would be able to do those tasks on behalf of that person. Taxes, other financial decisions, bill paying, and insurance are some examples of affairs that the Power of Attorney could be given administering power to take over.
What Kinds of Powers of Attorney Exist?
As it was stated above regarding a regular Power of Attorney, there are other types of Powers of Attorney that exist. A Durable Power of Attorney is different from a regular POA in that this allows the designated person to make decisions if the person has become incapacitated, like in a coma. The regular POA only establishes that the person can make those decisions while the person is still alert and of good mind, which is the main difference. Some subsets of this type include both medical and financial. Discussing these matters with an estate planning lawyer in Minneapolis, Minnesota from Johnston Martineau, PLLP can do you a lot of help. It is not easy to navigate these differing powerful documents by yourself as the nuances of law dictate. You can rest assured that our lawyers with their years of experience can help you to set up and administer these documents as you see fit.
Reliable Legal Assistance Is Available
Preparing for the future of you and your loved ones is critical. It may seem like an overwhelming task, but if you get started now, you can prevent many issues from occurring down the road. Don’t wait another day to optimize your estate plan. If you would like an in-depth explanation about what a lawyer can help you with, contact a top estate planning lawyer that Minneapolis, MN residents rely on.