Hagstrom Law and Mediation, PLLC

Family Law, Estate Planning, and Conflict Resolution

Posts Tagged ‘will with minor children’

Where Should I Store My Will and Other Estate Planning Documents?

June 19th, 2012 by Anna Hagstrom

Congratulations – you have completed your estate plan, which likely includes a Will (containing trust provisions if applicable), Health Care Directive, and Power of Attorney. Now – where to keep these documents?

Will

An ideal location is a fireproof safe. If you do not have a safe, keep your will in a safe location along with other personal documents. Some county courthouses allow wills to be deposited and filed for safekeeping for a small fee. A safe deposit box is another option. Wherever you choose to store it, make sure that someone other than your spouse knows the location of your will and has access (combination to the safe, access to safe deposit box, etc.). You might want to give a copy of your will to your personal representative, trustee, or guardians, but it is not necessary to do so.

Health Care Directive

It is a good idea to retain the original, and provide a copy to each agent named in the document. Additionally, you should give a copy to your primary care physician to be kept with your medical records, and bring a copy with you to any medical procedure that you have.

Power of Attorney

I recommend that you store your original power of attorney with your will, making sure that your attorney in fact has access. You may also choose to give an original to your attorney in fact. Since this document is effective immediately and is very powerful, that choice should be made carefully.

Because you may not be able to direct someone to the location of these documents, it is important to let a trusted family member or friend know the location and how to access your documents if necessary.

Do I Need A Will?

June 11th, 2012 by Anna Hagstrom

I think there is a common misconception that a will is only necessary if you have feuding family members and a very large estate. Since we don’t often discuss wills, our exposure to estate planning in popular culture is usually limited to the dramatic reading of the millionaire’s will. Exaggerated portrayal of the subject makes it easy to think that wills and estate planning are for “them,” not for “us.”

I recently came across a news story on Jason DeRusha’s blog, answering the question “Should you have a will?” The article provides some great information, including pointing out that if you don’t write your will, the statute writes one for you – in order to control what happens after your death you need to make a will.

Children are the first and most important trigger in my mind that someone should have a will. Yet, people often don’t come to me to make a will until they have heard stories of (or experienced first hand) the difficulty following the death of a loved one who did not have a will. Most people are unaware of the legal headache that not having a will causes for their family. The good news is that much of the procedural difficulty can be removed simply by having a will.

In contrast to the dramatic portrayal, the reality is that if you have children you should have a will – regardless of how much money or assets you have. A will covers many areas, including naming guardians of minor children, deciding at what age children receive money, naming a trustee to manage any funds in trust, designating who will be in charge of wrapping up your affairs, and more. Writing a will is also a simple process (and – often not as expensive as people assume).

Yes – if you are a multimillionaire, you should have a will. But, if you are the average family, you need a will too!

Latest Blog Post

Article Featured in ‘With Equal Right’

January 14th, 2013 by Anna Hagstrom

I’m honored to have been asked to write a feature article for With Equal Right, the quarterly publication of Minnesota Women Lawyers, on the topic of Generations in the Workplace.  I focused on how my generation of law school graduates is Redefining Success – in light of the various challenges we are facing.  Read the… (Read more…)