What other documents are typically involved in the estate planning process?
Minneapolis, MN estate planning attorney Cameron R. Kelly talks about important documents that are a part of the typical estate planning process.
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Most people think of their estate plan in terms of when I pass away but really, estate planning also deal with events that might happen during your life and most often, what you’re talking about there is disability. So in addition to just doing a will I always will talk to my clients about disability and will look to put documents in place like power of attorney for financial matters or power of attorney for healthcare, which is also referred to in Minnesota as a healthcare directive.
Those documents will help to make sure that if you become disabled that someone’s still there and able to help take care of you and your estate. If you don’t put those into place then a lot of times what you end up doing is having to go to court to get a guardian or a conservator appointed. And that can be costly and it can also be embarrassing for the person who’s the subject of that action because your disability and the fact that you can’t take care of yourself has to be illustrated to the court and usually that’s the worst stuff that they’re trying to parade through in order to convince a judge. If we can avoid that, we sure want to do it.