Kennelly Business Law

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Misconceptions could lead to estate planning and probate problems

When a person thinks about planning for the future with an estate plan, he or she probably thinks that it mainly involves deciding what will happen to personal property after death. While this is a major part of any good estate plan, it is not the only thing a North Dakota reader may need to protect his or her interests. Misconceptions can lead to estate planning and probate problems.

One of the biggest misunderstandings that people have regarding an estate plan is that they don't need one because they are not wealthy enough or old enough to require this type of legal protection. In reality, this is a practical and beneficial step for virtually every adult. People may also think that estate planning is only thinking about and planning for death, but they may not realize that their plan could allow them to decide what type of medical care they may want and make other decisions that may apply in case of a medical emergency.

A will is not the only thing a person may need to properly distribute his or her assets after death. In some cases, it may be necessary to establish a trust or employ other types of estate planning tools to set aside and protect assets for a specific use. Each case is different, and a person's objectives for the future will determine what steps he or she may need to take.

Estate planning and probate issues can be complex and confusing, but a person does not have to face them alone. Speaking with an experienced attorney can ensure that a North Dakota reader gets the help he or she needs to make smart choices for the future. An assessment of the individual case can reveal what estate planning steps and tools will be helpful. 

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