Estate planning in La Crescent, 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 necessary 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.
For anyone who has children who are still minors, it is very essential to make arrangements for their custody and care, just in case the unthinkable occurs. You should think of a family member or extremely close friend who you know would be willing and able to take care of your children, and designate them as the person who would take custody. Of course, it's necessary to discuss this matter with that person before you actually do it.
What Type of Estate Plan Do I Need in La Crescent, Minnesota?
The answer to this question varies largely on your goals and priorities, as well as your age, health, and the amount of assets you have.
Unmarried young adults generally don't think much about estate planning. In most cases, this is fine. Unless you are very sick or have an unusually large amount of assets, estate planning is not something to really worry about at this point in your life.
There is one group of unmarried people for whom estate planning in La Crescent, Minnesota is absolutely crucial: adults who are not married, but have a life partner who they'd like to provide for in the event of death. There are many rights that automatically attach with marriage, such as the right to inherit if a spouse dies without a will, the right to make medical decisions for the other spouse if they become incapacitated, etc. If you and your partner are, for whatever reason, unable or unwilling to get married, you will have to take several steps to secure these rights, such as authorizing power of attorney, and writing them into your will.
Other groups for whom estate planning is very necessary in La Crescent, Minnesota are people who are elderly and/or have a lot of assets. This may be the time in one's life where estate planning is most necessary. While it's true that the process of making an estate plan requires a person to deal directly with the reality of their own mortality, it is very important if you value the security that comes with the knowledge that your family will be provided for.
Do I Need a La Crescent, Minnesota Estate Planning Attorney?
Because estate planning in La Crescent, Minnesota can involve some perplexing legal and financial issues, it is crucial to undertake this task with the guidance of an experienced attorney who specializes in estate planning.