What is an estate plan?

An estate plan is a set of legal documents that are designed to help individuals in Minnesota and beyond to protect their assets and plan for the future. The main purpose of an estate plan is to ensure that one’s assets are distributed according to his or her wishes after death. Estate plans are crafted and customized to the individual’s needs and desires, and can be amended or revoked over time. One of the most common estate planning documents is a Last Will and Testament, which allows a person to specify who will receive their assets upon their death, and when those assets should be distributed. Other estate planning documents can include trusts, powers of attorney, healthcare directives, and more. An estate plan created with the help of an attorney can also provide tax benefits, as there are dedicated IRS regulations for how assets can be managed to minimize estate tax liability. Estate planning should also consider hardships such as long-term care needs, disability, and other life changing events. Ultimately, an estate plan is an individualized set of instructions that outlines how a person would like their assets to be distributed, and even includes how to care for minor children. By creating an estate plan, an individual can have peace of mind that their wishes will be followed in the event of death orincapacity.

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