The pandemic has thrown most of us for a loop, and we’re struggling to feel secure again after months of uncertainty. We’re worried about our health, knowing that even otherwise healthy people have succumbed to COVID-19. Many Minnesotans have wondered what they can do to feel better about the uncertainty of our current circumstances, and some have decided an estate plan would help.
COVID-19 has made the issue of creating a will feel very pressing. In reality, it is always important to have an up-to-date, valid will and testament. But if you’re feeling rushed to create your will and other estate planning documents during the pandemic, you probably want to know about the best way to draft yours quickly – with the help of a Minnesota estate planning attorney, of course. Here are our tips.
Benefits of Estate Planning During COVID-19
In order to create the best estate plan for you and your family, you first have to identify what drove you to this decision.
One of the biggest benefits of creating an estate plan is the peace of mind that comes with it. We’re living in uncertain times, so it pays to have a plan. When you’ve created an estate plan, including a will, you can be certain your last wishes will be respected and your family will be financially secure after you’re gone.
If you have minor children, you probably want to create an estate plan to ensure they’re provided for financially in the event of your untimely death. But an estate plan can also allow you to lay out who you would like to care for your children and how you wish for them to be raised. This is a huge responsibility, and the courts should not decide who ends up as your child’s guardian.
More common benefits of an estate plan include the potential for reduced taxes, an easier retirement, and peace of mind that your small business will continue to run smoothly.
The Most Crucial Component of Your Estate Plan
If you’re trying to create an estate plan quickly during the pandemic and want to know which document you should prioritize, most Edina estate planning attorneys will agree it’s your will.
A will is the most important component of your estate plan, whether you have modest or substantial assets. You can lay out exactly what happens to your assets after your death instead of having your family tied up in court for months or years after you’ve passed away.
Your Last Will and Testament only becomes active after you pass away, and a probate court oversees its administration. If you pass without a will, the state of Minnesota will divide your estate according to state guidelines. Those plans may not be consistent with your intentions, which is just another reason why it’s so important to start planning early. And remember that your will is not completely nullified after a divorce (although certain aspects are), so you should definitely update your will if you’ve gotten divorced during the pandemic.
Easily Create A Will in Minnesota
The best way to create your will quickly is by hiring a Minnesota estate planning attorney. If you try to create a will on your own you run the risk of not following Minnesota law. An invalid will is the last thing you want, especially if you’re creating one to bring greater security to your family and yourself.
Start thinking about what to put in your will right away. For example, your will identifies the executor, or personal representative, for your estate. This is the person who will oversee the distribution of your assets and follow your wishes. If you know who you’d like this person to be when you start drafting your will the process will go much more quickly. Your will should also identify guardians who will care for your minor children and provide details regarding how and to whom you distribute your assets.
Be specific and realistic about who gets what in your will. If you’re rushing to finish your estate plan, you may think you can cut corners and still have the same end result. Nothing could be further from the truth. If your will is vague or unenforceable in any way all your hard work will be for nothing. An Edina estate planning lawyer will ensure you follow all the necessary steps when creating your will.
Edina Estate Planning Attorney for Creating Wills
Regardless of what phase of life you are in during this pandemic, it is important to have a will or estate plan that reflects your wishes. Minnesota estate planning attorney Beth Barbosa can help. Beth will take the time to talk with you about the legacy you want to pass on to your children and grandchildren, and she has the estate planning experience in Minnesota to make sure your wishes will be carried out.