Estate planning is vital to ensuring the smooth transfer of personal and business assets and concerns pertaining to the care and financial support of your children or other heirs. A well-thought-out estate plan can even anticipate taxation and asset growth. Our attorneys are equipped with the knowledge and experience to assist you in creating a will, trust, power-of-attorney, and healthcare directives and have the resources for additional assistance with more complex estate planning matters, estate administration, or probate.
IS IT TIME TO UPDATE OR CHANGE YOUR ESTATE PLAN?
Have any of these changes occurred in your life since you executed your Will or Trust? If so, we recommend updating your estate plan documents as soon as possible. In same cases, your existing will or trust may be invalidated by certain life events.
- Have you married or divorced?
- Have relatives or other beneficiaries or the executor died or has your relationship with them changed substantially and no provision is made in your will or trust for this contingency?
- Has the mental or physical condition of any of your relatives or other beneficiaries or of your executor changed substantially?
- Have you had more children or grandchildren, or have children gone to college or moved out of, or into, your home?
- Have you moved to another state?
- Have you bought, sold, or mortgaged a business or real estate?
- Have you acquired major assets (car, home, bank account)?
- Have your business or financial circumstances changed significantly (estate size, pension, salary, ownership)?
- Has Minnesota state law (or have federal tax laws) changed in a way that might affect your tax and estate planning?
If you update your estate plan, we recommend that you also update your final instructions and Will with the addresses and phone numbers of beneficiaries, trustees, executors and others mentioned in estate planning documents.
GIVING YOU PEACE OF MIND
Knowing that you have planned for the inevitable brings peace of mind. Taking care of your personal business is a gift to your loved ones who will not have to go through the rigors of probate or try to determine what your wishes might have been pertaining to the care of your children, distribution of assets, or division of property. Furthermore, you can decide, ahead of time, wishes for charitable gifting, legacy planning, business succession, and designation of personal artifacts. Our experienced attorneys will walk you through all the possible considerations.
TAKING CARE OF YOURSELF AND EASING THE BURDEN ON FAMILY & FRIENDS
You can also take care of yourself through the establishment of healthcare directives which provides instructions if you become incapacitated. Medical crisis and end-of-life care is an emotional and traumatic time for loved ones. Healthcare directives can help ease the difficulty for those you trust to make decisions on your behalf and which following your wishes.
RESOURCES TO ADDRESS ALL ESTATE SIZES AND COMPLEXITIES
Estate plans can vary from simple to complex. Baker Vicchiollo Law offices are located within the Collaborative Alliance group of practitioners, giving us access to experts who can assist with all aspects of your estate planning and estate administration needs.