Your death or incapacity can be a very difficult time for the ones you love and can greatly impact them. You can save them from the confusion, stress, and anxiety over what to do, and from the pressure of making quick decisions concerning your affairs, by taking care of them in advance through estate planning. This will allow those you care about to save their energy for processing the situation, grieving, taking care of themselves, and supporting each other.
Estate planning is a master plan to determine what happens to your assets and obligations under various circumstances. Your master plan can range from strategies that are simple and inexpensive to a more expensive and complex plan depending on the size of your estate.
When living, estate planning determines:
- How to manage, grow and preserve your personal wealth.
- How to limit taxes on your estate now and at the time of death.
- Who will make medical decisions for you if you are unable to, based on your directives.
When incapacitated or at death, estate planning establishes:
- How your assets and personal property will be handled.
- Who will have custody of your minor children and/or pets, if any.
- Who your Beneficiaries will be.
- Who will be the Executor of your estate and oversee the terms of your Will.
- Who will be the Trustee of Trusts you may have established during life.
- Where all your important information is stored.
If you would like further information surrounding probate and estate planning, Minnesota and Wisconsin have provided helpful resources. These resources are specific to Minnesota and Wisconsin and may not accurately reflect the laws of other states.
This content is intended to be used as a source for general information and is not provided as legal advice.
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