Not everyone thinks about planning for their future. For some, estate planning may never even enter their mind. However, a recent article in which a couple owns a farm and are trying to decide the best way to plan ahead may be of some assistance to Minnesota residents not quite sure which direction to turn.
The couple has nine children. They are struggling with who to leave their farm to since only two of the children show any interest in the farm, but they are fighting over who should receive the farm. The two children do not get along and each thinks they should receive it. Because of this, the couple is having a hard time deciding what the best thing to do is.
When multiple children are involved, estate planning can be more challenging. When the children don't get along that can add an extra complication. Sometimes it is everyone's best interest for a decision to be made and then let the children adjust to that decision. While they may not be happy at the time, the fact a decision has been made can protect everyone involved. If a plan is not in place, things can get really messy and the family could ultimately end up losing the farm.
Minnesota parents trying to protect their assets for their children may want to look into all available option. Estate planning is a good idea for anyone of any age. This is a way to make sure a person's final wishes are honored and for their loved ones to be taken care of. Understanding the applicable state laws can be a good first step when moving forward with a plan.
Source: Tri-State Neighbor, Estate planning: The green beans of life, Michael Baron, Dec. 26, 2013