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Make the time for estate planning

With work, family events and daily activities, many St. Paul residents have difficulty finding much free time to think about the future. Certainly, individuals may plan out their activities days or weeks in advance, but it may be tough to plan things out years in advance, as is often required with estate planning.

This can be particularly true for St. Paul residents who do not spend the entire year in the State. Many individuals may spend the winters in southern states, for example, which can make it difficult to meet with an estate planning attorney in Minnesota who is licensed and knowledgeable regarding Minnesota law.

Despite these difficulties, it is essential that individuals take the time to consider the inheritance issues that may arise in their personal circumstances. Individuals can provide for the distribution of property in their wills, and can indicate their health care decisions through health care directives.

By taking time to consider these issues and draft the necessary estate planning documents, individuals can reduce the likelihood of future conflict within their family that would otherwise arise if a person's intentions were not clear. This conflict can also prolong the probate process and lead to increased costs in handling the person's estate.

Moreover, without proper estate planning, a person's tax burden may be significantly higher, which can lessen the amount of property that is distributed to loved ones at death. Accordingly, while it is difficult to find time to consider all of the issues that may arise in estate planning, it is essential that individuals make time for such an important issue.

Source: Farm and Ranch Guide, "At some point you need to make estate planning a priority," Michael Baron, June 25, 2014

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