Estate Planning Services

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An estate plan may include:

  • Will
  • Trust
  • Health Care Directive
  • Power of Attorney
  • Joint ownership of assets
  • Beneficiary designations on life insurance, retirement accounts, or other property.
  • Transfer on Death Deed (like a beneficiary designation for real estate)
  • Business succession planning

Making an estate plan is much more than getting a set of documents.  You are planning for how and when your assets will pass after your death.  Planning can help you provide for your loved ones and give you peace of mind.

Some of the most important reasons to do estate planning:

  • Nominate guardians for your minor children
  • Manage assets for your children or grandchildren while they are minors or young adults
  • Minimize taxes
  • Plan ahead for transfers of closely-held businesses or other unique assets
  • Make sure your assets will pass according to your wishes

Without an estate plan, your property will pass according to the family tree defined by Minnesota law.  Sometimes this is what you would want, and sometimes it’s not.  Your wishes may be different especially in these circumstances:

  • Second marriages, where one or both spouses have children from prior relationships.
  • If you are in a committed relationship but not legally married.
  • If you wish to leave assets outside of your family tree: for example, to charity, friends, or your partner’s family.
  • If you wish to skip over people on your family tree: for example, leaving money to your nieces and nephews before your siblings, or to your siblings before your parents.

It is a common myth that estate planning is only for the wealthy, but many of these goals are equally important for families and individuals of all kinds.  As you can see, anyone with minor children, “non-traditional” families, or anyone with high net worth or unique assets can find estate planning to be rewarding.  Hable Law strives to make the process easy and understandable.

The final component is incapacity planning.   We will discuss this along with your estate plan.

  • A power of attorney can help avoid guardianship or conservatorship by proceeding by appointing someone else to manage your assets for you if you cannot.
  • A health care directive appoints someone to make health care decisions for you if you are unable to speak or decide for yourself.