Do I Need an Estate Plan in Minnesota?
“Do I need an Estate Plan?” is a question everyone should eventually ask themselves. And the answer is simple: No. You are not required by Minnesota law to have an Estate Plan. HOWEVER, everyone SHOULD have some type of Estate Plan!
Why should you have at least some type of Estate Plan in Minnesota? The truth of the matter is: If you don’t prepare your own Minnesota Estate Plan, you will be assigned an Estate Plan that has already been prepared for you. “Who already made an Estate Plan for me?” – you may ask? The answer is easy: the State.
Minnesota does have default rules in place on how to manage the assets of Minnesota residents (and non-residents that own an interest in real estate in Minnesota) who failed to make their own Estate Plan.
And we all know the government will always make the best, and least-expensive decisions regarding the management of your assets, your healthcare and the care of your family, right? Of course not! This is why it is so important for YOU to make plans for YOURSELF and your family.
Furthermore, Estate Planning is not only for management of your assets after your death. What if you become disabled, incapacitated or incompetent and you haven’t planned for it? Guess what? Minnesota has a plan for that, too. It’s called Guardianship.
Guardianship is court process your loved ones will be forced to endure to fight for control of your assets and health care which can be extremely expensive and painful for them.
Additionally, a Judge is not required to appoint your spouse or other loved one as your Guardian – they are free to appoint whomever they see fit.
Often a judge will prefer to appoint a known local attorney with experience in asset management to manage the ward’s assets and finances (“ward” is the term used for the person who is determined to need a Guardian).
Who willingly wants to put their loved ones through that? And ultimately, who do you want in control of you, your assets, your medical care and your family’s future if something happens to you? Do you want the government – and whoever they choose, or someone you choose?
Basic Estate Planning is not difficult nor expensive – especially if you consider the court costs, attorney fees, court-appointed specialists costs (namely related to your finances and health care), the waste of time and the unnecessary stress you will be piling onto your loved ones at an already stressful time.
At the Maki Law Firm, we have a large selection of Estate Planning tools to ensure your assets are properly managed - whether during temporary or permanent health issue, or your passing.
A well designed Minnesota Estate Plan will account for any change in your health and ensure your assets are well managed and your loved ones are taken care of.
And with that large selection of tools comes great flexibility to ensure we meet all your Estate Planning goals while staying within a reasonable budget.
Still have questions about Minnesota Estate Planning or ready to get started on yours?
Check out these related MN Estate Planning articles:
A Will is a good, and necessary, starting point for any Estate Plan. But there are many scenarios today that a Will ALONE simply cannot address.
Why should you use a Trust when a Will so much cheaper? A Will IS a basic, and necessary, part of any Estate Plan, but they are no match for the power of Trusts. Check out these 14 Top Benefits of Trusts to find out why!