After addressing the basics of Estate Planning in Brainerd MN, it helps to begin considering other ways to ensure that assets pass on to those that could put them to the best use. There are several ways to go about this process. The key is to make sure those additional approaches to estate planning work in conjunction with last wills and testaments, and any other plans already in place. Establishing Trust Funds One approach to providing for loved ones is to set up trust funds. This particular approach to Estate Planning in Brainerd MN, can be structured to ensure income generated by different assets goes directly into the fund. The money can be used for things like funding a college education for a child, providing a surviving spouse with a monthly living allowance, or even continuing to support the work of a local charity.
Healthcare Proxies and Powers of Attorney While many people tend to think of estate planning as focusing on what happens when they pass away, it also pays to make some plans for end of life situations. This includes having a healthcare proxy in place in the event an accident or illness makes it impossible for the individual to make health decisions. A healthcare proxy is especially important for people who do not have a spouse or a child to make those decisions. Rather than running the risk of a distant relative being able to step in and make decisions, the proxy would allow a trusted friend to carry out the wishes as outlined in the document. A power of attorney will also ensure a trusted individual can make decisions about legal matters during this time. As with the healthcare proxy, the document becomes all the more important for people who do not have any close relatives, or who would prefer a loved one with a head for financial affairs takes care of any transactions.
For people who have put off estate planning, today is the day to Contact Business Name and get started. Doing so will ensure that the every aspect of the estate is worked out in advance, and that those who are left behind are provided for in accordance with the wishes of the client.