Castle Rock Financial PlanningCastle Rock Logo

A trusted fee-only planning firm.

lauri@castlerockfp.com
651-294-0013
  • Home
  • About
    • Lauri Salverda, CFA, CFP®, AIF®
    • Jody Stroh
  • Services
    • Financial Planning
    • Investment Management Services
    • Retirement Planning
    • Estate Planning
  • Why Choose Us
  • Resources
  • Client Portals
    • Stashboard
  • Blog
  • Contact

Planning Your Estate

June 22, 2020 By Lauri Salverda, CFA, CFP®, AIF®

dark skinned hand signing a paper with a silver fountain pen

In times like these, people tend to wonder, “What would happen if I were to pass away?” “Will my family, my pets and my possessions be taken care of in the way that I want?” These are questions that need to be considered carefully so that children are cared for thoughtfully, your pets don’t end up at The Humane Society, and treasured possessions aren’t sold en masse in a garage sale. With the impacts of coronavirus, state planning attorneys are busier than ever, trying to get estate plans together while loved ones are isolated in ICU units.


No matter how good the attorneys are, when things are rushed and a loved one cannot give their input, mistakes are made. I recently heard a probate judge speak to errors in documents she has recently come across. One that stuck with me was a widow who died of the coronavirus. Her will defined her survivors as her 4 children and her husband’s 2 children as “my children.” Her will stated that half of her estate be given to “my children” and the other half be given to her husband’s children. I am not sure she meant to split half of her estate among all 6 children and the other half between just her husband’s 2 children—however, that was how the will was drafted.

This is a great time to talk through what you would like to see happen when you pass and choose who is the most appropriate to handle your estate. If there are younger children or a large estate, perhaps it is appropriate to have trusts set up. Who would you like to handle your household finances should you be unable to pay bills? Who do you want to make end of life health care choices for you, and will they be capable of making the choices you desire?

The next step is to take the time to have the documents drafted by a qualified Minnesota estate planning attorney. They will know how to incorporate Minnesota law into your documents to make sure your wishes will be carried out. If you change states, make sure that you have an attorney in your new state check through the documents to determine is your will is valid in your new home state. You should at the minimum have a will, health care directive, and a durable power of attorney for finance.
Your estate planning documents should be reviewed every 3 to 4 years to determine if goals have changed. Children grow up, friends change, wishes change, and relationships evolve. Make sure your documents stay current with your life.

We have several helpful tips on our resources page to assist you in making sure you take control over your end of life and make it easier for loved ones to understand what your wishes are and make it easier to carry out your wishes. Visit our resources page to get your copy of our Personal & Financial Inventory and What to Do When a Loved One Dies.

Filed Under: Blog Posts

About Lauri Salverda, CFA, CFP®, AIF®

Lauri Salverda has been working with individuals and families to help them reach their financial goals since 2001. Warm and personable, she works closely with her clients to make sure they have the information they need to be confident in the decisions they are making about their future.
Read Lauri's Biography >

Recent Posts

  • When You or Someone You Love Receives the Diagnosis June 21, 2022
  • Are ETFs Truly the Best Way to Invest? September 24, 2021
  • Castle Rock named one of Top Financial Advisors in St. Paul by Expertise for Third Year Running August 1, 2021
  • Making Summer Jobs More Lucrative for Your Children and Young Adults July 4, 2021
  • What is all the talk about NFTs? April 5, 2021
  • How do you value a bond? January 7, 2021
  • ESG Investing: the What and the Why October 1, 2020
  • Women financial planners group rings in 25th anniversary with $25,000 donation to promote women, diversity in the industry August 6, 2020
  • Planning Your Estate June 22, 2020
  • Castle Rock Named One of the 2020 “Top 16 Financial Advisors in Saint Paul” by Expertise June 2, 2020

Blog Categories

  • Blog Posts
  • Financial Planning
  • Industry News
  • Investment Management
  • Lauri Salverda, CFA, CFP®, AIF®
  • Philanthropy

Contact Information

Castle Rock Financial Planning
2267 Waters Drive
Mendota Heights, MN 55120
lauri@castlerockfp.com
651-294-0013

Recent Blog Posts

  • When You or Someone You Love Receives the Diagnosis June 21, 2022
  • Are ETFs Truly the Best Way to Invest? September 24, 2021
  • Castle Rock named one of Top Financial Advisors in St. Paul by Expertise for Third Year Running August 1, 2021

Can’t find what you’re looking for?



Copyright © 2022 Castle Rock · Financial Services Marketing by PSM Marketing · Log in