Picture
I am often asked whether a person needs to have a Will or estate plan. The answer is yes, probably. If you are single, have never been married, are not in a relationship, do not have children (either biological or adopted), do not have life insurance or another form of insurance that pays a cash benefit upon your death, rent as opposed to own your home, do not own any significant personal property (such as a motor vehicle), and are okay with the state determining what happens to your property after you die, then you might be okay not having an estate plan. In other words, and estate plan is right for most persons, and most people need an estate plan.

I think that everybody should have an estate plan consisting of a Will, a health care directive, and a power of attorney. The Will controls what happens to your property after your death; the health care directive appoints someone who you know and trust to be your healthcare agent in the event that you are incapacitated and unable to make decisions related to your medical care and treatment by yourself; and the power of attorney appoint someone you know and trust to make decisions and carry on your financial affairs in the event that you are unable to do so on your own.

There are two primary reasons why you should have an estate plan. First, you want the control that comes from having a written plan detailing how you want your property distributed at the time of your death. I believe that you will feel an immense feeling of satisfaction and relief once you have a written plan in place that says what you want to have happen to your personal property when you die. I also think that you will feel a profound sense of relief when you have a health care directive and power of attorney that gives somebody you trust the authority to make medical and financial decisions, respectively, on your behalf if you are unable to do so.

The purpose of having an estate plan is not necessarily to benefit you, but to make life easier for those who survive you. Instead of having your loved ones sit around the hospital or funeral home wondering how you would like this situation – probably, your last illness or death – handled, what you would have done, and what you would like to have done, you can spell out exactly what you want to have happen in your estate plan and provide guidance and instruction for your survivors. Providing that guidance and instruction to your survivors is the real purpose and value of having an estate plan.

I've written about this before, but I think that the death of the pop icon Prince illustrates why you should have an estate plan. Prince died intestate, without a Will. If Prince had had a Will, there would not now be so much legal wrangling, maneuvering, and fighting over his estate. I don't think that Prince would have wanted that, and doubt that you wanted as well. All of that trouble could have easily been avoided if Prince had had a Will. To see the prior article, please visit:

http://www.balandlaw.com/3/post/2016/06/the-probate-mess-stemming-from-princes-death-is-why-you-need-an-estate-plan.html

The best way to determine what is right for you is to meet with an estate planning attorney. To that end, I invite you to give me a call at 763-450-9494 to discuss your specific situation. Everybody who calls gets a free 5 minute mini telephone consultation. An in person meeting is $250, and that amount is credited to your account when you retained me to represent you in drafting your Will, healthcare advance directive, power of attorney, and other estate planning documents.

WARNING: The information contained in this article does not constitute legal advice and may not be applicable to your situation.  Tim is licensed to practice law only in the state and federal courts of Minnesota, and the advice that he gives is applicable to that jurisdiction only. Further, reading this blog post does not create an attorney-client relationship between you and Baland Law Office, P.L.L.C.  You should always discuss your situation with an attorney before taking any action based on what you may read in this blog.  To that end, please call (763) 450-9494 to set up an appointment to discuss your situation.

 


Comments

Will or estate plan is very important that’s why everyone should read this blog because here writer is discussing about the same thing. So if anyone wants to share his personal feelings and experience regarding this topic then he should comment here.

Reply
08/29/2016 3:29am

This outline exhibits the key issues to consider when planning and executing the best bequest arrangement. Additionally, the work does not stop at marking your bequest arrangement archives; you should likewise finish the subsequent work of recipient assignments, notice to trustees, and so forth.If you would like to know about business, visit us at childcaresales.com.au

Reply
10/10/2016 9:34am

That is well insightful data is here about the bequest arrange for why that is imperative and how that will help their family after their demise. The people groups who as of now make will before death their property conveyed to the relatives exchange to the relatives.

Reply



Leave a Reply