Life Events That Should Trigger A Call To Your Minnesota Estate Planning Attorney

Certain life events are crucial triggers for contacting a Minnesota estate planning attorney to create or update your estate planning documents. Estate planning is not just for the wealthy; it is a critical step for anyone wanting to ensure their wishes are followed and their loved ones are cared for after they are gone. Mullen Law Firm, P.A., can provide trusted guidance regarding your estate planning needs. We will help you find strategic solutions tailored to your family’s unique situation.

Description Of The Types Of Change In Life Events To Discuss With Your Estate Planning Attorney

  • Marriage or Divorce: The most common reasons to contact an estate planning attorney are significant changes in your relationship status. Marriage might mean you want to ensure you adequately provide for your spouse in the event of your death. At the same time, divorce might necessitate removing your former spouse from your will or other estate planning documents.
  • Birth or Adoption of a Child: Adding a new family member is a joyous occasion and a necessary time to consider how you want to provide for their future. You might wish to set up trusts, appoint a guardian in the event of your death, or ensure that your estate plan reflects the increased size of your family.
  • Significant Changes in Assets: If you have come into a large sum of money, received a substantial inheritance, or purchased property, your new financial situation should prompt a review of your estate plan. This review will ensure that your assets are distributed according to your wishes and can help with tax planning.
  • Moving to a New State: Since estate laws vary from state to state, moving, even within the same country, can necessitate changes to your estate plan. If you have moved to Minnesota from another state, reviewing your estate plan with a local attorney is a good idea to ensure it complies with Minnesota laws.
  • Death of a Spouse or Beneficiary: The death of someone named in your estate plan may require immediate updates. You may need to choose a new executor guardian for your children or redistribute your assets among your remaining beneficiaries.
  • Significant Health Diagnosis: A primary health diagnosis can be a wake-up call to get your affairs in order. This might involve creating or updating a living will, healthcare proxy, or power of attorney to address how you want someone close to you to make medical decisions if you cannot make them yourself.
  • Retirement: Retirement is a significant life change that can affect your financial situation and how you want your assets handled. It is an ideal time to review your estate plan to ensure it reflects your current wishes and economic status.
  • Recent Developments in Tax Laws: Tax laws can significantly impact estate planning strategies. When there are significant changes in federal or Minnesota state tax laws, it is wise to review your estate plan with an attorney to minimize tax liabilities for your estate and beneficiaries.
  • Desire to Support a Charitable Cause: If you develop a passion for a charitable cause and wish to leave a portion of your estate to a charity, an estate planning attorney can help you structure this to benefit both the charity and your estate.
  • Starting a Business: If you start a business, it is essential to consider how to handle the interest in your business upon your death or incapacity. This decision will include who will take over your role in the business and how it will affect the distribution of your other assets.

Conclusion

In all of the above situations, consulting with an estate planning attorney in Minnesota can help ensure that your estate plan accurately reflects your wishes and complies with current laws. An up-to-date estate plan can provide peace of mind for you and your loved ones, ensuring your wishes are honored and your family is protected. Mullen Law Firm can help you plan your estate and modify an existing estate plan based on a change in significant life events.  Contact our office for a consultation to discuss your changing needs.