 Many people think that they do not have "enough" to have a will or do any Estate Planning. Nothing could be further from the truth. Who needs a will? Anyone who is married, single, divorced, has children, doesn't have children, owns anything, likes to donate to charity, doesn't like their siblings, you get the picture...., If you want to have a say in who gets your things and money in the event of your death, you need a will. Also, if you want to appoint a guardian for your minor children in Minnesota - a will is the only way to do so without a court process. If you do not use a will to voice your preferences, the court will say where your assets go and who watches over your children and the money they may receive from you. The court follows the law of intestate succession ( "intestate" means that you passed away without a will). This law is different in each state but has the same general outcome - you have no say in who gets what. If you die without a will your money and anything you own could pass to your spouse or directly to your children, to your parents or siblings. If your children are minors, how would they manage those assets or funds without adult guidance or supervision? Who would physically take care of them? What if your parents are incapacitated or on Medicare? What if you don't like your siblings? The courts would decide amongst your family members as to who would get your assets and who would be in charge. These may not be the people you would have chosen. you can accomplish many important things by establishing a will - 1. Setting up a trust/trusts for your children or other minors that would last until they are old enough to manage their finances on their own, 2. Designating who is to physically take care of the kids themselves 3. Decide who will watch over any money or assets that you leave any minors until they can manage the money and assets on their own. 4. Designate any gifts to charity or other individuals that you may want to include. 5. Exclude certain people from receiving money or assets There is a plan even if you do not make one. Make sure you have a say in where your assets go! |
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