ESTATE PLANNING BE PREPARED:

How can a person determine who will inherit their assets after death? Plan ahead for two kinds of situations.

1) What will happen after your death

2) How to be sure you have a good quality of life now

• Wills and trusts are documents people can prepare now that state what will happen to their assets after they pass away.

• People can also set up many of their assets so they will transfer to heirs automatically upon death.

• When people pass away without preparing in either of these ways, their property will be distributed according to rules set out in MN statutes.

During their life, people will want to manage their finances and property, and also their health care and living situation. If they cannot make decisions about these things themselves, they have several options.

• Options for finances and property:

1) Prepare before the need arises

• Power of Attorney – appoint someone to help
• Trustee – person named in a trust agreement

2) When the need arises

• Guardian/Conservator – appointed by court to manage finances

• Options for health care and living situation

1) Prepare before the need arises

• Health care directive – appoint person to make decisions if person cannot and explain what kind of care the person wants to have

2) When the need arises

• Guardian – appointed by court to decide where person will live and what kind of care is needed

By taking the time to think about who you want to inherit your assets after your death, how you want to manage your finances, health care you and living situations during your lifetime, and who you want to make these decisions for you, and then preparing these documents that express your wishes, you will avoid family disagreements and be assured that your wishes will be followed.

Additional Articles

Choosing the Right Type of Entity for Your New Business: Entity for Your New Business

Children Added on Title to Real Estate: Children On Real Estate Title

Debt Collection On Deceased Family Members: Debt Collection On Deceased Family Members

Estate Planning- Guardianships & Conservatorships: Guardianships & Conservatorships

Estate Planning- Wills, Trusts, & Beneficiary Designation: Types of Estate Planning Documents

Estate Planning- Probate: Types of Probate Procedures

Medical Assistance: Effects on Medical Assistance Eligibility

Memorandum on Mechanic's Liens: Mechanics Liens

Real Estate Answers: Avoid Problems When Putting Your Children on the Title to Your Real Estate

Real Estate Ownership: Types of Real Estate Ownership

Transfer On Death Deed (TOOD): Transfer On Death Deeds

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