While your estate, which passes on to your loved ones after you die, is made up of everything you own, there is something else that you should be thinking about passing on. Your legacy is much more than just your financial assets. It includes your family values, memories, stories, purposes, and passions that make you who you are.
The whole point of estate planning is to give you control over how your estate is handled in regards to the people or organizations you care about, and to preserve your legacy for the next generation and beyond. If you don’t include the pieces that capture who you are, you are missing the part that your family will cherish most after you are gone.
For your estate plan to be working fully for you and leaving your legacy for your family, it needs to do these things:
- Giving instructions for your healthcare in case you are unable to do so;
- Naming someone to manage your financial affairs if you are unable to do so;
- Naming a guardian for your children;
- Providing for children or other family members who have special needs in a way that won’t affect government benefits, and protecting loved ones from the “incidents of life” – creditors, ex-spouses, and unnecessary taxes;
- Providing protection for your assets, both during your lifetime and after;
- Minimizing taxes and probate fees;
- Planning for retirement and long-term care costs; and
- Capturing your stories, values, and messages to your family in a way that they will appreciate after you are gone.
Your estate plan can be about more than just money.
If you don’t already have an estate plan – or have one that needs to be reviewed and updated – make this the year you get this done. Call us at (612) 206-3701 or fill out our contact form today to set up an appointment.
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