Download our Will and Estate Planning Informational Form.
Simple Estate Planning is often over looked because people believe it will be time consuming and costly. For the majority of our clients who are considering using a Will, a Health Care Directive (Living Will) and a Power of Attorney, this is simply not true.
The primary purpose of a Will is to transfer assets upon death to the intended beneficiaries. However, people usually don’t realize that a Will may make the probate process itself easier and less expensive. By specifying that the probate be conducted in an informal manner, and without bond, court appearances are unnecessary. By designating the personal representative of your choice to carry out your wishes, you can ensure the person you believe most capable will have control over the assets of your estate.
Another important function of the will is the nomination of guardians for minor children. A parent’s wishes are extremely important to the Court in appointing a guardian, and if these wishes are known, you can virtually ensure that the guardian of your choice will have custody of your children upon your death.
A Health Care Directive (formally called a Living Will) has two main functions: Directing your doctors not to use certain procedures, even though those procedures might extend your life, and appointing a person to make health care decisions if, and only if, you are unable to do so. The use of a Health Care Directive puts you in control of your care and, if you cannot do so, puts a person you trust into that position.
The Power of Attorney is a document which provides another person with legal authority to take any action you could have yourself. Usually, people begin thinking of having a Power of Attorney when they are getting older, but a Power of Attorney is a good idea just in case of an accident or unexpected illness. If you become incapacitated and have not signed a Power of Attorney, your loved ones will have to go to Court to appoint a guardian to handle your legal affairs, or even to obtain necessary information from banks, insurance companies and so on.
It is amazing how much wealth an individual or couple accumulates during their lifetime! As mortgages are paid off, children become independent, incomes rise, life insurance and annuities mature, inheritances are received, property is purchased, 401K’s build, IRA’s increase, investments grow, etc. As time goes on wealth subtly accumulates beyond our wildest dreams!
The belief that Estate Planning is for the “rich,” or should be done later in life must be put to rest! It is these beliefs that block us from taking full advantage of legal knowledge, money management skill and tax positioning expertise that will maximize accumulation, permit greater control over our property while we are still living, takes care of us and our families should disability or incapacity occur, and ultimately insures that our wealth is distributed and managed according to our wishes upon death.
The worst Estate Plan a person can have is no Estate Plan!
The planning of your estate must begin NOW and should include three simple and inexpensive documents:
- A Will transfers assets upon death to your intended beneficiaries, and makes the probate process easier and more inexpensive. It also allows you to designate a personal representative to carry out your wishes. If you are the parent of minor children, a Will can virtually ensure that, upon your death, the guardian of your choice will have custody of your children.
- A Health Care Directive or Living Will has two functions: 1) Directing your doctors not to use certain procedures, even though these procedures might extend your life, and 2) Appointing a person to make health care decisions for you if, and only if, you are unable to do so.
- Power of Attorney is a document giving the person of your choice legal authority to take any action you could have yourself. No matter what your age or position in life, a power of attorney is an invaluable document in case of accident of unexpected illness. Should you suddenly become incapacitated, a Power of Attorney saves your loved ones from having to go to Court for the appointment of a guardian to handle your legal affairs, or even obtain necessary information from banks, insurance companies and the like.
No matter how simple or complex your Estate Planning needs and desires might be, the Minnesota Estate Planning Lawyers at Kallemeyn have the knowledge and experience to create and implement a plan maximizing accumulation and ensuring that your property will go to the people you want, in the way you want, and when you want.
You may download our Will/Estate Planning Information Form from this website. If you would like to begin the estate planning process, complete the form and call the office at (763) 427-5131 to schedule an appointment or contact Charles Kallemeyn at Charles@Kallemeyn.com
