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Estate planning is important for everyone. This remains true no matter how old you are and no matter how much money you have, or do not have. It is important to clear up this misconception. Far too many people have avoided estate planning because they think it is only important for the old or the wealthy. This could not be further from the truth. The protections you put in place when you have an estate plan are for everyone. These misconceptions regarding who should estate plan are mainly grounded in a lack of understanding of what is involved in estate planning. To clear up these issues, we will detail what exactly goes into an estate plan and how everyone, regardless of age or wealth can benefit from the legal protections put in place during estate planning.
Why Estate Planning Can Be Important for Everyone, Regardless of Age or Wealth
When most people think of estate planning, they think of a last will and testament. When they think of a last will and testament, they think of it as a way rich people designate who should inherit what after they pass away. While a will can be a way of distributing valuable assets after a person dies, it can accomplish so much more. For instance, a will can dictate how digital assets are entrusted after a person passes away. This can include access to countless content such as family photos and videos as well as writings stored digitally. Furthermore, a will can dictate how property that may not be highly valuable in the financial sense, but highly valuable in the sentimental sense, should be distributed after a person passes away.
A will can also be particularly important for parents of minor children. Did you know that you can make guardian designations in your will? It’s true. You have the ability to render a thoughtful decision on who should be responsible for your minor children should you pass away. Otherwise, the decision will be left to a lengthy, involved, and rather stressful guardianship proceeding where the court will have the final say. Think of how empowering it can be to be able to select a guardian for your children. You can take care of this in your estate plan.
Did you know that estate planning also involves putting critical health care protections in place? It’s true. Estate planning is not just about what will happen after you die. Estate planning can also address what happens when you are still living. One such important health care tool to put in place during estate planning is a health care surrogate. A health care surrogate allows you to choose a person who will act as your surrogate and be empowered to make health care decisions on your behalf should you become incapacitated and unable to communicate these decisions for yourself. Regardless of age or wealth, not one of us is immune from unforeseeable accidents or health issues. Estate planning can protect your health care wishes should you become incapacitated.
Minnesota Trusts and Estates Attorney
Do not delay in putting an estate plan in place. Talk to our team at Unique Estate Law as soon as possible. Contact us today.