Brezik: Estate Planning Is for Everyone

Estate planning is not reserved solely to the affluent. Proper planning, even for those with few assets, can mitigate the potential for messy and costly probate after death. Drafting a will or a trust helps ensure assets are distributed according to your wishes. These documents can direct how debts are to be paid, to whom property will be distributed, and who will be named the legal guardian of minor children. Among the benefits of a trust created prior to death is that it avoids the probate process. This can be extremely beneficial if the decedent is leaving minor children or a spouse that needs quick access to funds.

Another important aspect of estate planning is the durable power of attorney (DPOA). A DPOA authorizes someone, your attorney-in-fact, to make financial decisions on your behalf in the event of incapacity. Your attorney-in-fact can pay bills, collect income, make investment decisions, and file tax returns.

The people you name in your documents have significant responsibilities. Consider whom you trust, their capabilities and willingness to accept these duties. Estate planning is worth the time and effort and will ultimately be a great gift to your family and friends.

See Connie Brezik, Brezik: Estate Planning Is for Everyone, Casper Star Tribune, June 30, 2017.