Estate planning accomplishes several important goals for you. These goals are best when accomplished ahead of your death because they will prevent wrangling over your assets by family members and business associates. An estate planning attorney can help you prepare the plan that dictates where your assets go, how they are to be divided and when.
An Estate Plan gives you the power over the disposition of your assets while you are alive. You can create a trust which will handle the assets in it as you want the assets to be handled. For example, if you were to die leaving a high school age child, then the Estate Plan can put an amount of money in trust for the child to be managed for a college education. A trustee would be appointed in your Estate Plan to manage the money until it was needed.
You can have the Estate Plan set up a trust to provide for the care of your spouse by a monthly payment or any other arrangement you deem necessary. An Estate Plan can provide that money be set aside and managed for the care of a disabled child. The Estate Planning in Brainerd MN can help with this.
The disposition of every asset you own can be provided for. You can specify who gets that antique car and your diamond ring. More importantly, your Estate Plan can be the beneficiaries of your life insurance policies. This means that the proceeds will be dealt with according to the plan you have made.
An Estate Plan can also eliminate so many family feuds because everything has been decided, and you can tell your heirs ahead of your death what the Plan provides for. This is a hard fight for an heir to initiate. You can feel comfortable knowing that your spouse will not have to deal with many legalities after your death and pay high attorney fees to help her. You will not be a legal litter bug. Estate Planning in Brainerd MN will prevent many problems after your death.
One big advantage of an Estate Plan is it could eliminate some or all of the taxes which are imposed on estates. Visit a Brainerd Minnesota Law Firm to learn more about Estate Planning and how it can help you.
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