(612) 206-3701 info@lucerelegal.com

It’s Time You Got an Agent

Lucere Legal helps young families with estate planning
Categories: Estate Planning

You need an agent. No matter the nature of your unique talent and whether or not you have a particularly telegenic personality, your agent will be there to protect your interests and desires even after you’ve passed.

What, did you think I meant the Hollywood type? Estate planning has its own agents—individuals designated by you to ensure that your estate is handled according to your wishes after you’ve gone or otherwise incapable of communicating them yourself.

The Four Agents Everybody needs:

Personal Representative

This is the person responsible for the distribution of your assets and the fulfillment of your wishes as accords to your will. The choice of this person is entirely up to you—they can be a trusted member of the family, a close personal friend, or even a professional who has dedicated his or her career to ensuring that the will of the deceased be met.

Guardian

Out of all that is yours, your children are the most precious. In the unfortunate event that both you and your spouse pass before your children step out into the world, having not designated a guardian leaves their fate up to the ruling of a judge who does not know them and is entirely unfamiliar with your particular familial relations.

Naming someone trusted to watch over them—providing both the upbringing you think is best and a secure handling of their finances. Many people do not realize that these roles can be divided and assigned separately, to multiple guardians. You want to know with absolute certainty that your children will have the opportunity to reach their full potential, so choose carefully (and, if possible, choose a backup in case your 1st choice is unable to serve).

Another essential component is providing for their care in the interim before they end up in the hands of their permanent guardian. If the guardian is distant or your legal documents cannot be found, the court may appoint a stranger to see to their care. That’s why I provide a Kids Protection Plan®, the most comprehensive way to protect your children’s future.

Attorney in Fact

No, this isn’t the same as your Attorney at Law. An attorney in fact is the person you designate in a Durable Power of Attorney to manage your financial affairs on your behalf. If you are still living but unable to make the decisions necessary to manage your financial affairs, it is important for you to have already designated a person to fill this role.

Healthcare Proxy

A Healthcare proxy is the person designated by you to manage your healthcare decisions in the event that you are unable to do so yourself. This is a key component of a solid Healthcare Directive, as you will want to be certain that your wishes are carried out in full. Particularly if your family members do not share your views on medical treatment, a person who can stand up to them on your behalf is essential.

How we can help

One of the main goals of our law practice is to help families like yours plan for the protection of yourself and your family through thoughtful estate planning. Call our office today at 612-206-3701 or reach out via our online contact form. to schedule a time for us to sit down and talk about a planning consultation where we can identify the best strategies for you and your family.

Contact us to see how we can help you with Estate Planning

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The plain-English guide for Minnesota small business owners

When it comes to business, ignorance isn't bliss; ignorance is risk.

There's a handful of legal topics that business owners should be familiar with, at least on a rudimentary level, to reduce the risk of having something horrible come out of left field.

This book is a legal guide to help you put the most common business legal issues on your radar, with enough information for you to be on the alert for when you may need to get some professional advice.

The intention in arming you with this information is so that you can proceed in business confidently and with fewer legal quagmires.

Do you have a cabin?

The first generation that buys a cabin enjoys it to the fullest and it’s a magical place where happy memories are made and families go for some much needed respite. Unfortunately, without thoughtful planning, the chances of the cabin staying a place of happiness and tranquility into successive generations is very, very slim.

If you haven’t done the planning in advance and made it legally binding, the family members (and their ex-spouses and new spouses) will have to work every detail out for themselves. If they can’t, what is likely to happen is a lawsuit called an action for partition that forces everyone to sell their interest. This lawsuit is expensive, and the costs of litigation will come out of the proceeds of the sale of the cabin, so to add insult to injury to those who wanted to keep the cabin but couldn’t afford to buy the others out, they are footing part of the legal bills in the lawsuit against them. Ouch!

It’s no wonder that family members stop speaking for years after the cabin conflict is “resolved.” You can’t make family relationships perfect, but you can take away much of the fuel for the family conflict fire. That’s what cabin planning does, and it has the nice side effect of giving you peace of mind now.

That’s why Kimberly wrote The Minnesota Cabin Planning Guide and Workbook, and you can get a free electronic copy of her book on our cabin planning website, or you can find it in many county libraries in Minnesota, or you can get it on amazon.com.

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