There are people who think they have to amass a certain amount of assets before there is any need to engage in estate planning in Walker, MN. In fact, everyone has an estate. It may not be composed of a collection of property, stocks, and bonds, but there is the need to ensure that all holdings and personal belongings are distributed properly if the party should pass away. Here are some ways to get started with estate planning, even if there are not a lot of assets to consider.
Taking an Inventory
One way to get started with the estate planning in Walker, MN is to take a complete inventory of everything the individual owns. Nothing should be left out of the inventory no matter how insignificant it may seem. Even things like personal collections should be cataloged and an inventory maintained. There is always the chance that a few of those vinyl albums in the collection are actually worth a lot of money.
Preparing Basic Documents
With the inventory prepared, the time has come to prepare a few important legal documents. A last will and testament is a must, even if there is little in the way of earthly possessions to distribute. The document will ensure that there is no confusion about who gets the money in the bank accounts, who ends up with the furniture and who will inherit the shares of stock or the money in a personal retirement account. Preparing this one document will make settling the estate much easier.
While preparing the will, talk with a lawyer about preparing a couple of other documents. This includes a legal power of attorney. If the client should become incapacitated and unable to make financial decisions, a trusted individual can safeguard the assets while the client recovers. Remember to prepare a medical power of attorney, so there is someone who has the authority to make decisions about treatment if the patient is not capable of authorizing any type of medical care. Having those documents in place will prevent quite a bit of tension from developing between family members.
For help with any aspect of estate planning, contact the Brainerd Minnesota Law Firm today. After looking over the assets, the professional will be able to help the client put the estate in order and keep it that way in the years to come.
