Estate planning is an important part of becoming an adult. It is a responsibility that many people leave until they reach a certain life event. This might be graduating from college, buying a home, or having a child. However, it is important that anyone over the age of 18 takes steps to ensure their wishes would be followed if the unexpected was to happen.
Families in St. Paul should make estate planning a family affair. It is important that parents keep their children informed of their wishes, and explain any particular clauses or limitations that a parent might include in their will. There are a few key estate planning documents that every person should consider and discuss with their family.
Wills and trusts can be basic, but very important estate planning documents. These will serve as the basic building blocks for a person's entire estate plan. It is also important that another family member can step in to make decisions if a person becomes unable to make medical and financial decisions for themselves. Powers of attorney can be important to ensure a trusted family member can make important decisions.
Checking the titling of assets and who is assigned as a beneficiary on those assets can be important. A St. Paul estate planning attorney can help a person decide how these assets are titles and who are designated beneficiaries to ensure they are in line with the person's overall estate plan. While estate planning can involve difficult discussions with family, it is important that everyone is on the same page for when these plans need to be implemented.
Source: MarketWatch, "5 estate-plan strategies for boomers," Andrea Coombes, Nov. 29, 2013