Estate Planning Lawyer St. Paul, MN
A St. Paul, MN estate planning lawyer would advise that individuals who own an estate should make early preparations for how they want their wealth and assets to be managed. If you have an income and multiple possessions, then you have an estate. Estate planning is a key part of financial planning that many people choose not to develop. To ensure your wealth and assets are handled according to your wishes, it’s important that you create an estate plan while you are healthy enough to communicate your needs related to topics like asset division and future healthcare treatments. Discuss your plans with an attorney who has years of legal experience, such as one at Johnston Martineau, PLLP.
Estate Planning Lawyer in St. Paul, MN
The legal team at Johnston Martineau, PLLP has served numerous clients, working on a wide range of specialties. They believe in making sure that every client’s voice is heard and that their needs are met. Every person deserves to work with a lawyer who will be fully available and transparent with them throughout the case. Learn how you can benefit from quality legal services by scheduling a consultation.
Who Needs an Estate Plan?
Estate planning refers to the development or arrangement of legal documentation that includes important information about how an individual’s total net worth is handled, especially at the time of their passing. An estate plan is not just about ensuring your values are understood, but it is also about protecting your loved ones.
There are a number of determining factors that may be at play to see if you would benefit from an estate plan. If you have specific directions for how your possessions should be passed down to your family, then it may be wise to draft an estate plan. A St. Paul, Minnesota estate planning lawyer would recommend that you consider the following if you are not sure whether an estate plan is advantageous for you:
Family planning. Are you and your partner planning to have children? If so, having an estate plan would allow you to name guardians, establish wills, and other actions to ensure that your children are provided for.
Estate value. Individuals who have an estate of considerable size may opt to create an estate plan because of the amount of assets that need to be managed. Laws are constantly being updated, so depending on the value of your estate, you may benefit from a comprehensive estate plan to better manage your asset division.
Preparation for your needs. Estate plans are useful for providing detailed instructions regarding healthcare decisions to be made later in your life. This includes documents like a Power of Attorney that specifies who can determine the type of medical treatments you want performed on you should you become incapacitated.
Charitable giving. Are there specific organizations or charitable causes you want to donate to? You can communicate your philanthropic preferences in an estate plan.
Different Kinds of Estate Plans
There are a variety of different plans out there that you may consider for your own personal estate plan. Some of the differing types of items in an estate plan could include things like a last will, living will, Power of Attorney, Durable Power of Attorney, burial plans, as well as designation of guardians. Everyone’s estate plans may differ from individual to individual. An estate planning lawyer in St. Paul, Minnesota from Johnston Martineau PLLP can be of assistance. There are different powers and actions that each estate item holds, so it’s important to understand the nuances of these different terms.
Powers of Attorney
Powers of Attorney are something that can make life much easier for the affected individual and their families in a few different circumstances. Some Powers of Attorney designate different actions during different circumstances. A regular Power of Attorney allows a designated individual like a family member or close friend to decide actions to be taken place for a person while they are still of good mind, but in need of some help. These actions could include some financial decisions, gifting, taxes, or deciding crucial medical decisions on that person’s behalf.
A Durable Power of Attorney differs from a regular Power of Attorney in that the Durable Power of Attorney is still held by the designated individual to make decisions if the person has become incapacitated, like in a coma. With this Durable Power of Attorney, the person has the options to allow the person they designate to make those important financial or medical decisions on their behalf if they have become incapacitated.
What Kind of Will’s are There?
A couple different wills exist that do different things for individuals and their estates. A will is something that is set up to take effect when someone has died. This could be for purposes of estate gifts or other actions to be taken upon the death of the individual. A living will is something that differs from a regular will. This is because the living will works while the person is still alive. It allows people to make decisions on behalf of the person when they no longer can make decisions for themselves. An example of this would be if that person went into a coma. The family could then decide which procedures or actions could be administered to keep that person alive. The living will would have been set up before this type of unfortunate event happened. This means the person will make those decisions for items like when to use and stop using life support or other means.
How Can Someone Get Power of Attorney?
A Power of Attorney or Durable Power of Attorney can be set up with an estate planning lawyer in St. Paul, MN. Lawyers from Johnston Martineau PLLP have years of experience helping clients set up these documents. There are various state laws that have to be navigated and discussed in order for the Powers of Attorney of your choice to be set up. It’s always good to keep in mind what you and the family will want to have happen when you are in need of extra help.
Schedule a Free Consultation
There are numerous benefits to estate planning that can resolve many of your financial concerns. Talk to an estate planning lawyer trusted by St. Paul, MN residents such as one from Johnston Martineau, PLLP to discuss your options.