Leaving instructions that go beyond your Will and estate planning

Mar 30, 2018 | Minnesota Estate Planning

We all need a Will if we have any assets that we are going to leave behind but often extra care is not taken with specific instructions. These specific instructions could have a life changing difference to your children which are without a doubt your biggest asset, no matter how wealthy you are.

Often the planning of your estate is something that we spend a lot of time and care on in getting all the ducks in a row so that we know where we are headed and are correctly protected. But the problem when planning an estate is that it can leave a gap taking care of the non-tangible assets like children and/or grandchildren.

For a parent this could prove to be vital as in the rush of the world today we can so easily be taken from this life without any warning. Whether it be from a serious accident or a sudden illness like a heart attack one can very easily leave an unspecified gap if no specific instructions are left behind.

There are too many stories of both parents been killed in an accident and the children are sent to ‘unloving’ or ‘resenting’ relatives who either do not want the responsibility or simply do not have the money to do a good job of bring up your children in your stead.
When you finally sit down and think about this you need to create something that family law or a good lawyer can help you with. But before you get to the lawyer you need to go through a few specifics like child custody issues and certain parenting issues that you feel are important.

Just like creating any will or divorce you need to think ahead of where you are today and with the fast changing times we live this can certainly be challenging. The best is to try and cover all the bases by including as many possibilities that you can imagine.
It obviously depends on the age of your children but something that needs to be kept in mind when you write these instructions is that any instructions you specify will need to be legally adhered to. Another consideration is that you children or child could legally access this info as well.

It is the consideration of all of the above that would make any family person think-again what estate planning they may or may not have done. Similar to paying for insurance which is paying for something you hope never happens, you need to spend a bit of time creating a few specific instructions that could be added to your will.