Modern Estate Planning
Protect Your legacy. Provide for Those You Love.
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Control.
A good estate plan allows you to decide who receives your property, how much they receive, and when they receive it. This can be particularly important in blended families, or in situations where an ex-spouse could gain control of funds inherited by your child.
An Inheritance Doesn’t Have to Be a Check at age 18.
Suppose you want to leave a substantial amount of money to a child or grandchild. If that person is 18 years old when you die, do you really want them receiving the entire inheritance immediately?
Probably not.
An 18-year-old who suddenly receives $100,000 may not think first about college, a down payment on a house, or saving for the future. That money could quickly become a new car and a collection of purchases that seemed like a good idea at the time.
With proper estate planning, you can provide for that young person without handing them the entire inheritance at once.
For example, you can establish a trust and direct a trustee to use the money for the beneficiary’s education, health care, housing, and other legitimate needs. You can then provide that the beneficiary receives control of the remaining money at a particular age—or receives it gradually over a period of years.
You might decide that a child receives part of an inheritance at age 25, another portion at 30, and the remainder at 35. Or you may decide that keeping the assets in trust longer provides better protection.
If you do not have an estate plan, you do not make decisions, the State of Minnesota makes them for you.
Estate Planning Is About More Than Money
- Who should receive your property?
- Should every beneficiary receive the same amount?
- Who should manage money for your children or grandchildren?
- What happens if a beneficiary is still a minor?
- What if a beneficiary is financially irresponsible?
- What if a beneficiary has special needs?
- Who should handle your financial affairs if you become incapacitated?
- Who should make health-care decisions for you if you cannot make them yourself?
- Who should administer your estate after your death?
Without an estate plan, Minnesota law provides default answers to many of these questions. Those answers might not be the answers you would have chosen.
Your Estate Plan Should Reflect Your Families’ Needs.
There is no single estate plan that is right for everyone.
For some people, a relatively simple will, power of attorney, and health care directive may be appropriate. For others, a trust can provide substantially more control over how property is managed and distributed.
The important thing is to make these decisions while you are able to make them for yourself.
Estate planning isn’t simply about what happens to your money after you die. It is about taking care of the people you care about—and making sure that the property you worked for is used in the way you intend.
Talk With an Experienced Minnesota Attorney
I’m attorney Dan Fiskum. I have practiced law in Minnesota for more than 30 years. I believe estate planning should begin with a conversation about your family, your property, and what you actually want to accomplish.
Once we understand those goals, we can determine what documents make sense for you.
If you have been putting off your estate plan, now is a good time to get started.
