Estate Planning Check-In

Do you have a will and/or a trust that directs to whom you wish your assets to be distributed to upon your death? If you do not, then the Minnesota legislature has decided for you to whom your assets will be distributed. Most likely, to whom you wish your assets to be distributed will not be distributed as you wish because you do not have a will and/or a trust.

But, have you thought that even though you do not have a will and/or trust everyone knows who gets what because you have told people so a will and/or a trust is not necessary? Your oral representations are meaningless and have no authority if you do not have a will and/or a trust (and your estate could have to pay estate taxes depending on the size of your estate).

In the event that you become incapacitated or incompetent, do you have a health care directive (note: a health care directive and a living will serve the same purpose) that names a health care agent(s) to make medical decisions for you, and a power of attorney that names an attorney-in-fact(s) to deal with financial transactions, such as paying the bills, depositing funds, selling assets, etc.? If you do not have these types of documents, then most likely a conservatorship will need to be established in court for health care decisions to be made, and a guardianship will need to be established in court so that bills can be paid, money can be deposited, etc.

Do you have your estate planning documents drafted, but they are not executed? If they are not executed, then they not valid.

Spangler and de Stefano, PLLP assists clients with their estate planning, including business succession planning.

The material contained herein is for informational purposes only, and is not intended to create or constitute an attorney-client relationship between Spangler and de Stefano, PLLP and the reader. The information contained herein is not offered as legaladvice and should not be construed as legal advice.