Minnesota Legal Blog

Why baby boomers and millennials should consider estate planning

On Behalf of | Jul 28, 2021 | Estate Planning |

Baby boomers and millennials are the largest generation groups in the U.S. Members of each group have one thing in common: you have made significant sacrifices for your families and careers. It is never too early or too late to consider estate planning to safeguard your family and your hard-earned assets.

Life can be unpredictable. You want to protect your family if you cannot care for them or yourself. Familiarizing yourself with information about estate planning may enable you to secure your family’s well-being.

Probate in Minnesota

Probate is the legal process of settling your estate in court after you die. Having a will does not avoid probate. Unless the real estate is in joint tenancy, or a trust includes a provision for the property, probate proceedings will deliver decisions about real estate ownership.

2 reasons to consider implementing an estate plan

  1. If you have an estate plan, you can determine:
  • Beneficiaries of your assets and inheritance
  • The trustee of your estate
  • A guardian for your children
  • The sale or continuation of a family business
  1. If you do not have an estate plan, during probate the court may:
  • Designate the beneficiaries of your assets
  • Appoint an administrator who may not represent your values or objectives
  • Charge additional administrative fees
  • Sell your business at a loss

Regardless of your age, preparing an estate plan is an investment in your family’s future. By thoughtfully organizing your wishes, you can provide comfort and peace of mind for yourself and your loved ones.