Many people in Minnesota put off estate planning for various reasons, but doing so leave a lot left to chance. When you die without a will or other elements of an estate plan in place, it becomes the state’s duty to figure out what to do with your assets and affairs. Having a basic estate plan helps avoid this, and it may, too, mean your beneficiaries gain access to what you leave behind significantly faster.
According to Bankrate, your plan does not have to take a lot of time or money to produce to prove effective. In fact, many people find that they are able to accomplish their most pressing or pertinent estate planning goals by including the following three components in their plans.
1. A will
A will gives you an opportunity to say what you want to happen to your assets when you die. If you do not have kids, you may want to leave assets to a sibling, close friend, charity or a combination of several different parties.
2. A power of attorney
When you give someone power of attorney, you allow that individual to handle property or money-related matters on your behalf. This individual may have the right to sign certain documents for you.
3. An advance directive
An advance medical directive comes into play if you suffer some type of medical incident that prevents you from telling doctors your wishes. There are several types of advance directives, but they all allow you to make certain stipulations with regard to your health care.
Once you put together an estate plan, it makes sense to revisit it now and then to make sure it still suits your needs.