The process of estate planning is not just for people with a lot of money and assets. It is for anyone who wants to protect their money and what they do own. It is a set of legal strategies that allow you to choose who you want to take care of your estate, how you want to be taken care of if you become incapacitated, and other things that concern you about your life and after your death. The following will cover some of the basic aspects of Estate Planning in Brainerd, MN.
Understand the Estate
Your estate encompasses everything you own at the time of your death. It includes real estate, cars, artwork, jewelry, stocks, life insurance policies, bank accounts, and other property and assets.
Choose Who Gets What
Planning your estate lets you choose which of your family members, friends, and organizations get your money, take ownership of your property, and any conditions that are attached to getting these assets.
Health Care Options
If you become incapacitated at any time in your life, it is important to explain what you want. Things like what to do if you are hooked up on life support, who is to take over when you can no longer make your own decisions, and what you want for your elder care.
You get to plan your own funeral and burial options when you are planning your estate. This is something that helps you get what you want and takes the pressure and stress of the family for making these decisions. These arrangements also include who you want to carry our your wishes and how the expenses for the arrangements will be paid.
Estate Planning in Brainerd, MN also includes setting up trusts that will lower the amount of taxes owed by your family members which is especially important for people with a lot of money at stake. Inheritance taxes can take large chunk of your hard-earned money out of the hands of those you want to have it.
These are the basic factors of dealing with your estate planning needs. A lawyer will be needed to help you get things setup and done so that your wishes will be carried out as you choose. Borden, Steinbauer, Krueger & Knudson, P.A. are lawyers that can help you with your estate planning needs. Find out more about what they can do at www.brainerdlaw.com.