Congratulations. You just passed 30 and are really beginning to bring in the bucks with your fabulous new Minneapolis, MN job or business. While working your way up that ladder of life, you probably didn't stop to consider what if it all ended tomorrow? What would happen to everything that you have worked so hard to build?
Now is the time to talk to an attorney well versed in estate planning services and create a will, power of attorney, and a healthcare directive. You have more to lose than you might think, and if you are starting a family, they could lose even more when your income vanishes due to a life-ending accident or illness. It might feel morbid to talk about, but it is the mature and necessary thing to do for those you love.
Preserving the Wealth for Which You Fought
As you began your career, you probably enrolled in a retirement plan, built up some savings and invested in a nice home. That represents a huge chunk of change when you add it all up. If you die without creating a will, it is possible that your estate will be divvied up according to Minnesota state law and subject to a variety of taxes. Your fiance or live-in girlfriend/boyfriend would be left without any part of your wealth. It would likely go to your parents, siblings, or even cousins if there were no one else. Your wealth would literally vanish.
A will can ensure that those who supported you are the ones who benefit from your labors.
Looking Out for Your Spouse
Now, if you did make it to the altar, you might think that your spouse will be in line to inherit everything. However, if there is no will it is possible for your family members to challenge your estate and say that some part of it was created prior to marriage. This could result in your spouse only receiving half of the non-marital assets. A will makes sure that everyone receives what you want them to get.
Securing the Future of Your Business
Is your fortune built on your own company? It is even more important that you contact an estate planning attorney who is also a business lawyer to help you sort out what would happen to the business if you passed away. Could your spouse continue to operate it? What about your partners? Setting out clear definitions of responsibilities and percentages of ownership will help to maintain the business, allowing it to prosper for years to come.
If you have any questions about creating a will in the Minneapolis, MN area, give Betsy Larson Law a call for experienced and knowledgeable assistance.