As you engage in spring cleaning and planning your summer activities, you may also find it useful to spend some time reviewing your estate plan.
An up-to-date Will accomplishes several important objectives:
1) ensures that the disposition of your property is in accordance with your wishes.
2) appoints the person you wish to serve as the guardian of your minor children.
3) nominates the person you wish to serve as the personal representative (Executor) of your estate.
A health care directive enables you to designate the person who would have authority to make decisions regarding your medical care if you are not able to do so yourself.
The directive also gives instructions about the type of medical care that you want or do not want.
With a financial power of attorney, you can disignate a person who would have authority to handle your financial affairs if you become incapacitated.
Finally, a trust may be used in more complex estate plans for various reasons, such as to delay distribution of assets to beneficiaries until they are more mature or (in large estates) to reduce or eliminate potential estate taxes.
For help with your questions on these subjects
Call 952-894-9812
or email me at
Michael W. McNabb
Attorney At Law
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