Estate planning is not just for the elderly or the rich. The truth is, everyone over the age of twenty-five and those with children should have an estate plan in place. Although one can take care of their estate planning themselves, this is not always the right method for everyone. To ensure that everything is drawn up to exacting standards and legally binding, it is essential to hire an attorney for with estate planning in Walker, MN. With this information, a person will know the steps they need to take.
One of the most important steps in estate planning is drawing up a will. If a person dies without a will, the state will decide what to do with their property and their children. While in most states the estate goes to the spouse and then the children, no one wants a stranger deciding who gets what or who will receive custody of their minor children. An attorney can help a person draw up their will and make sure it is legally binding so issues can be avoided in probate.
It is crucial one chooses a life insurance policy so their loved ones will be taken care of, along with their final expenses. Term life insurance pays a flat death benefit and covers a person for a set time. Whole life insurance can gain cash value which can be used in different ways.
One will also need to decide on their power of attorney. This person will have the legal right to make financial decisions for the person if they become unable due to illness or serious injury.
Lastly, a person should also pursue an advanced directive. This allows a person to decide whether or not they would want life-saving measures such as ventilators should they be near death.
An attorney can help with each step of estate planning in Walker, MN. If you are in need of help with your estate planning, contact the Brainerd Minnesota Law Firm. Allow them to schedule a consultation appointment so you can get started on the process as soon as possible.
