“I love it that the government makes decisions for me,” said no one ever. That one woman who has said so many quotable things—you know her as “anonymous”—even she has never said that. So what does the government have to do with your estate planning?
The Government Already Made Your Will…
…and that is the single biggest reason why everyone should have an estate plan. If you don’t have your own estate plan (think of Prince here), then the legislature in St. Paul effectively makes all your decisions for you after you are gone. The state has a set of laws that come into force and effect when a person dies with no will. These are called “intestacy statutes.” Under this set of laws, the state decides who gets your assets – homes, cars, collections, etc. The state dictates who can handle your estate for you. If you leave minor children, the state—through a judge—will decide who will raise your children.
Where Will My Assets Go When I’m Gone?
One prospective client was thinking about getting an estate plan and I asked him a trick question: “Do you already have a will?” He said that he didn’t. I then told him that he actually does have a will and that it was written by the state legislature. We discussed his relatives and figured out who would get his assets if he died without a will and, under the intestacy statutes, his sister would get his assets. His response? “NO WAY!! I don’t want her to get my assets. I want my assets to go to my ex-wife’s son…he’s kind of like a son to me.”
And that’s the problem with not planning your estate. The state’s rules may be very different from the outcome that you’d like to see.
So, take control away from the state by making your own estate plan decisions – decisions that are meaningful to you.
Exert your own power by thinking through what you want to happen.
Now that you’re ready to take control, Contact Us at 763-404-8677. Let’s talk!