Resources
Commonly Used Terminology
Agent (Attorney-In-Fact) — The person you give authority to in your Power of Attorney, to act on your behalf.
Beneficiary — A person(s) you name in your Will who will receive benefits from your estate.
End of Life Planning — The steps a person takes to get their affairs in order before they die, to help those who are left behind.
Estate Planning — The process where a person decides how they will compose and execute their Will or Trust, which provides for the distribution of their assets.
Executor — An executor is the person appointed to administer the Last Will & Testament or Trust of a deceased person. (They are often referred to as the administrator of the estate.)
Health Care Agent — The person you appoint in your Health Care Directive to make health care decisions for you.
Intestate — Refers to a person who dies without a Will.
Probate — The legal process that involves reviewing and validating the Will and estate of an individual.
Trust — A Trust is a legal entity that holds and directs assets for the benefit of a third party, the beneficiary.
Frequently Asked Questions
Q: What are the potential outcomes if I’m not prepared when I die?
A: There can be a significant impact on those you love. They may feel at a loss regarding next steps. They may not know your preferences for health care or your wishes for distributing your assets. In addition, there can be legal ramifications and family conflict.
Q: Gathering all this information seems overwhelming. Where do I start?
A: It’s best to take one step at a time and start with what is most important to you. And PrepairNow is here if you need us. We can assist in making those hard decisions and help you organize your thoughts and information.
Q: I don’t have many assets, why do I need a Will?
A: With a written Will, you get to decide who gets what, regardless of the size of your estate. If you don’t have a Will, state law will automatically dictate this. Your loved ones could have a long, and sometimes messy battle in court if they don’t agree with the state.
Q: Who manages my finances after I die?
A: We recommend that you appoint an executor of your estate. Then, once you have passed, that person will take over managing your finances and estate as you have indicated.
Q: When is probate required in Minnesota?
A: Probate is required when a deceased person owned assets in his/her name alone, at the time of their death, and those assets are worth more than $75,000.
Q: What are the benefits of having a Health Care Directive?
A: With a Health Care Directive, you ensure your health care beliefs are known in advance. You elect a health care agent who makes certain your medical requests are carried out as you wish.
Q: What is the benefit of doing pre-funeral planning?
A: Pre-planning your funeral allows you to make decisions prior to your passing, to ensure you have exactly the type of service you want. Having everything planned out in advance is also extremely helpful for those you leave behind. Allowing them more time to grieve and one less thing to do at this difficult time.
