What Should I Include in My Estate Plan?

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WHAT SHOULD I INCLUDE IN MY
ESTATE PLAN?
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A lot of people are frozen with inaction when it
comes to estate planning because of a lack of
information
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There are numerous DIFFERENT LEGAL DEVICES that
can be used depending on the CIRCUMSTANCES
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In this presentation we will stick to the basics
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• When you are planning your estate, you should
  arrange for your intended beneficiaries to
  inherit your property

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Many people will choose to do this through the
execution of a will
IF YOU DO UTILIZE A LAST WILL TO EXPRESS YOUR
WISHES REGARDING FUTURE ASSET TRANSFERS, YOU
SHOULD NAME A PERSONAL REPRESENTATIVE
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This is the person who will actually handle the
business of the estate during the probate
process
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Many people are not aware of the existence of the
probate process
IN MINNESOTA, AN ESTATE MUST GO THROUGH PROBATE
IF THE ASSETS IN QUESTION EXCEED 50,000 IN TOTAL
VALUE, OR IF THE DECEDENT OWNED AN INTEREST IN
REAL ESTATE
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• It is possible to arrange for the transfer of
  your financial assets outside of the probate
  process

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It is possible to arrange for the transfer of
your financial assets outside of the probate
process
PEOPLE OFTEN CHOOSE TO PLAN AROUND PROBATE
BECAUSE PROBATE CAN BE TIME-CONSUMING AND COSTLY
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This is achieved by using a device other than a
will to transfer the property to your intended
beneficiaries
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If you are interested in avoiding probate, you
may want to consider creating a REVOCABLE LIVING
TRUST
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With these trusts, you retain control of the
assets while you are living
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You could change the terms of the trust or
dissolve it altogether
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You name a trustee and a beneficiary or
beneficiaries
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You name a trustee and a beneficiary or
beneficiaries
After you pass away, the trustee distributes
assets to the beneficiaries
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• Distributions are made in accordance with the
  instructions
• that you include in the trust agreement

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Different people have different ideas about the
utilization of life-sustaining measures
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With a health care directive you can state your
own choices about the use of life-support systems
if you were to fall into an irreversible terminal
condition
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By executing a health care directive, you take a
potentially excruciating decision out of the
hands of your loved ones
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• It is possible that medical circumstances can
  arise that are not specifically covered in your
  health care directive

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With a health care directive, you can also
empower an agent to make medical decisions in
your behalf should you become unable to
communicate your own choices
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You should also include a HIPAA release
authorization
This will allow doctors to provide your named
representatives with relevant medical information
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A significant percentage of elder Americans
become unable to make sound financial decisions
at some point in time
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This is largely due to the widespread nature of
dementia or Alzheimer's disease
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You can prepare for this possibility by executing
a durable power of attorney
THE ATTORNEY-IN-FACT THAT YOU NAME WILL BE
EMPOWERED TO HANDLE YOUR FINANCIAL AFFAIRS IN THE
EVENT OF YOUR INCAPACITY
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Put The Procrastination Behind You
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After viewing this presentation, you should
feel more comfortable about the process of estate
planning
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As you can see, it is not as complicated as it
may seem on the surface
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• The intelligent first step is to set up a
  consultation with an experienced estate planning
  attorney

The intelligent first step is to set up a
consultation with an experienced estate planning
attorney
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Your attorney will gain an understanding of your
wishes, evaluate your situation, and make the
appropriate recommendations
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