Myths and Realities of Estate Planning, Inheritance, and Medical Decision-Making

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Estate planning is important for every family, but many people avoid or delay writing a will or a living will because they are under the impression that it is difficult or complicated. Some people avoid it because it raises uncomfortable questions they don't know how to answer.

Writing your legal will, establishing a trust to care for children, or drafting a health care directive need not be a burden to you. Yes, estate planning requires knowledge and skill, but that is what an estate planning attorney brings to the table. For you, this process should be fairly simple—and not particularly time consuming.

I'm Twin Cities estate planning lawyer Ann Wilczynski. I provide affordable, convenient estate planning services to families in the eight counties that make up the greater Twin Cities metro area. I can assure you that we can accomplish your estate planning goals quickly and effectively by working together at a time and place convenient to you. Contact my law office to schedule a free initial consultation.

Understanding Some of the Myths and Realities of Estate Planning

MYTH: I can write my own will at any time and it will be honored by the court and protect my children.

This is a very common misconception, and it is acted upon by parents all the time. You are getting ready to go on vacation and your mind starts wandering to thoughts of plane crashes. Who will take care of your children? You take out a piece of paper and write out a "will" naming a guardian for your child.

That is not how the courts work. There is no shortcut to drafting a legally valid will. I can explain to you what makes a will valid and help you draft a will and name a guardian.

MYTH: When I die, my children will inherit all my property, so I don't need a will.

Yes, your children will receive your property, but how will that happen? There is no automatic mechanism to invest your assets, which could be squandered unwisely. If you haven't left specific direction, the court will have to decide who will manage that money. Plus, the more you leave to the court to decide, the more costly probating your estate will be.

MYTH: When I die, my family (parent, partner, sister) will automatically become guardian of my children.

Someone will become guardian of your children, but it is up to the probate judge to decide, unless you have left specific instructions naming the guardian you prefer. Remember, the probate judge doesn't know your family or your friends: you do. You are the best judge of who will raise your children the way you would want them to be raised.

MYTH: Trusts are too complicated and expensive for average people with average estates.

Not necessarily: A trust is more complicated, but it offers benefits that you won't get with a will. In some situations, a trust may actually a better option. That is why it's essential to work with a knowledgeable estate planning lawyer who can help you anticipate the situations that might arise.

MYTH: If I became critically ill, my spouse automatically has the authority to make medical decisions for me, so I don't need to write anything down.

Not necessarily: When tough decisions need to be made, such as ending life-prolonging care or withholding food or water, a spouse's decision may or may not be honored. Even if it is, it places a great burden on your spouse or partner to make such critical decisions if you haven't given him or her clear guidance on your wishes by preparing a healthcare directive.

MYTH: If my college-aged student were to become critically ill, I would be able to make medical decisions for him or her because I'm the parent.

This is a myth: You may still be paying your child's bills, but your legal standing to make decisions for your child ended at age 18, or even 16. No one has the automatic legal authority to make a decision on your child's behalf. Before your son or daughter heads off to college, contact an attorney to draft these important documents.

Elder parents also need healthcare directives so family members know their wishes and can make medical decisions. Don't assume you will all agree on sensitive medical matters during a time of crisis. Plan ahead to ensure parents' wishes are followed.

MYTH: Probate is expensive and takes a lot of time.

Not necessarily: If you have an estate plan in place, probate can be accomplished relatively easily and inexpensively. However, if you have no will or trust in place, the court will need to decide everything—and that can be costly. Your children will need a lawyer. The legal guardian will need a lawyer. The meter is running, and it can really add up.

There is much that can be done ahead of time to make the process of probating an estate in Minnesota easier and to further the goals of your estate plan, such as:

• We can review the manner in which your assets are held to ensure title is clear
• We can review beneficiary designations to ensure they are up to date
• We can document where all assets and documents are located
• We can look for gift opportunities to move some assets now and to minimize taxes

Contact my law office to schedule a free consultation. We can begin today to ensure the security of your family and children tomorrow.

Law Office of Ann Wilczynski, PLLC

5775 Wayzata Boulevard, Suite 700
St. Louis Park, MN 55416
Phone 952 525-2276
Fax 952 546-4829
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Twin Cities, Minnesota estate planning attorney and probate lawyer Ann Wilczynski provides legal services to families throughout the greater Minneapolis - St. Paul metro area in communities in Hennepin County, Ramsey County, Dakota County, Anoka County, Carver County, Scott County, Washington County, and Wright County, including Minneapolis, Saint Paul, Edina, Richfield, Bloomington, St. Louis Park, Hopkins, Eden Prairie, Minnetonka, Golden Valley, Plymouth, and Eagan.