Generations of Minnesotans, from individuals to families, non-profit organizations, foundations, closely-held businesses, and Fortune 500 corporations have looked to Best & Flanagan for guidance as reliable counselors and partners who understand their unique challenges and local values. For more than 90 years, our attorneys and staff have been building uniquely close relationships with our clients in order to provide consistent, informed and personal service.
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Founded in 1926, Best & Flanagan’s practice began with trust and estate planning. Having a good estate plan helps you distribute your assets as you intend, minimize taxes, take care of your loved ones, and avoid conflict and unnecessary court involvement. These important, personal decisions should be made by you.
Before the unexpected (or expected) happens, everyone should plan ahead. Here are three key estate planning documents to make certain that your overall goals and objectives are accomplished.
- Power of Attorney
The best time to plan for a crisis is before there is a crisis. Having a Power of Attorney for Finances allows you to name a person that you trust (your attorney-in-fact) to make decisions that are in your best interest if you are ever incapacitated. The State of Minnesota provides a statutory form that allows you to give as much or as little power as you wish to your attorney-in-fact, including banking, gifting, and property transactions, on your behalf.
Our advice is to choose the person you would like to carry out your affairs rather than waiting on a public, court-appointed conservator during a high-stress, time-sensitive life event.
- Health Care Directive
For medical decisions that you are unable to make or communicate yourself, a Health Care Directive allows you to express your medical treatment directions to be fulfilled by your health care team and appointed agent. You can give specific instructions regarding your preferences for burial or cremation, religious beliefs and traditions, what to do in extraordinary measures, and even your preferred health care providers. As a companion to the Power of Attorney, this document operates like a living will.
Prevent disagreement, assuage guilt and pressure, and allow your loved ones to make decisions according to your wishes.
- Will or Revocable Trust
Fewer than 50% of American adults have prepared for their future with estate planning documents. Determine who inherits your property, appoint a guardian for your minor children, and manage your assets as you intend. Without a Will or Trust, the court will make these decisions for you, often with unexpected cost, complexity, additional taxes, and financial burdens for your loved ones.
An attorney can help you understand the differences between these two instruments, some of which include privacy considerations, incapacity planning, tax strategy, and time efficiency. We assist clients through all phases of estate and trust planning and ultimately their administration, navigating beyond the complexities and obstacles to take care of you, accomplish your wishes, and secure your legacy.
Learn more about our Private Wealth Planning practice
With trust and estate planning as our foundation, we continue to provide sophisticated, personalized, and pragmatic solutions, particularly when dealing with major and complex estates. Our work is understanding where you want to go and helping you get there.
