If you are a Minnesota resident, there are three estate planning documents you should consider:
First, a will. A Will leaves your property to whoever you want when you die. If you don’t have a Will, Minnesota law will decide who gets your property; and it might not go to who you want if you die without a Will. A Will can also simplify the process of probate after your death, appointing a personal representative, which is what Minnesota calls an executor, and make sure that the personal representative does not have to post a bond. A Will may be especially important if you have children from more than one marriage, or if you have children from a prior message, as the law of intestacy (dying without a Will) can have results you would not expect, such leaving the home you share with your spouse partly to your spouse and partly to children from a prior marriage. If you have children who are under eighteen, you can include a contingent trust in your Will to have the money administered with more flexibility than leaving it directly to your minor children.
The second document is a Health Care Directive. A Health Care Directive lets someone else make medical decisions for you if you are unable to make those medical decisions yourself. Most people name their spouse as their health care agent and then name one of their children as an alternate. It is important that the health care agent know that the directive exists and where to find it. There is a very simple form located at: https://honoringchoices.org/health-care-directives/english-directives
The third document is a Durable Power of Attorney. (It is called "Durable" because it remains effective if you become mentally incompetent.) A Durable Power of Attorney permits someone to handle your affairs if you can’t. Many people think that they don’t need a Power of Attorney because their spouse is named as co-owner of bank accounts and is on the deed to the house. But a spouse cannot sign contracts, deeds, tax returns and other documents for you just because they are named as a co-owner on an account. Most people name their spouse on the power of attorney, and name one of their children as an alternate. It is very important, however, to know that a Durable Power of Attorney is literally a blank check, so you need to have the utmost confidence in the person you name. Every year there is a news story about a child who stole a lot of money from their parent. You can name two persons who are required to act jointly.
I can help you with all of these, if you wish. Feel free to visit with me, either in person or remotely. Call my office at 320-252-4473
