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When it comes to estate planning, everyone is different

From time to time, St. Paul residents have disagreements with their friends, family, coworkers or others. Even between those within the closest of relationships, there can be important differences of opinion, particularly when it comes to sensitive matters like financial issues.

Part of these differences of opinion come from the fact that everyone is different. Accordingly, what works best for one person may not work for another, and therefore there may not be one right answer to a sensitive question.

A good example of this is in the area of estate planning and drafting wills. A will is an important part of a person's estate plan, as it directs how the distribution of property belonging to the person should occur after the person's death. There can be many different ways of distributing property however, and therefore it is essential that individuals discovery what works best for them.

For instance, different individuals designate different family members, friends or charities to distribute their property to after death. This sounds simple, but can be sensitive because of the family disputes that can arise without careful planning. In addition, when there are family legacies or business assets at stake, it is vital that the transition be as seamless as possible.

Other considerations may change the appropriate course of action for some individuals. For example, larger estates may need to plan to avoid being hit by a large tax liability. Others may have concerns involving disability trusts or government-funded benefits. The bottom line is that everyone's situation is different, even among family members, and therefore individuals should spend time and effort to ensure the right estate plan is developed for them. For more information, see our wills page.

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