Estate planning in Burnsville, Minnesota is simply the act of deciding what you want to happen to your assets after your death. It usually entails making plans about funeral arrangements, as well as plans for end of life care.
The creation of a will (the document laying out what is to be done with your property after your death) is an essential element of an estate plan, but it is usually not the only element. There are many other critical things that most estate plans should include.
Besides a will, a quality estate plan will contain a living will, which gives your doctors and relatives directions regarding your healthcare in the event that you become incapacitated, funeral arrangements, and instructions on organ donations.
Perhaps most notably, your estate plan should make arrangements for the care and custody of your minor children, if you have any. Of course, you should discuss this matter with the person you intend to take custody of the children beforehand, to ensure that they are able and willing to provide proper care.
What Type of Estate Plan Do I Need in Burnsville, Minnesota?
The answer to this question varies on your individual needs, your priorities, your health, and the size and nature of your estate.
If you are in good health, young, and not married, planning an estate is likely not a high priority. And at this time in your life, it doesn't really have to be, with a few possible exceptions, such as individuals who work in very hazardous jobs, or who are very wealthy.
If you have a life partner in Burnsville, Minnesota, but aren't married to him or her, estate planning is crucial. If you want your partner to have most of the same rights and responsibilities as a spouse, it's usually possible with good estate planning. You should grant your partner power of attorney, so they can make decisions for you in case you become incapacitated. Furthermore, you should name your partner as a beneficiary in your will, because, unlike a spouse, a life partner will not automatically inherit your property if you die without a will.
If you are very old, and have a considerable estate in Burnsville, Minnesota, you should definitely come up with an estate plan if you haven't already. Admittedly, this involves confronting some unpleasant and morbid subjects, but it is still very essential. Estate planning is essential if you care at all what happens to your property, and, more importantly, your loved ones, after you die.
Do I Need a Burnsville, Minnesota Estate Planning Attorney?
Estate planning in Burnsville, Minnesota is not always convoluted, but it certainly can be. In moderately-sized to large estates, with a significant number of potential beneficiaries, it is crucial to have the assistance of an estate planning professional.