Access Minnesota

1 June 2016

Estate Planning

For the week of June 5, 2016

The death of Prince and the apparent lack of a will is a reminder of the importance of estate planning. Marlene Stum, Professor in the Department of Family Social Science at the University of Minnesota, discusses why so many adults avoid planning end of life decisions and what to expect when making a will.

  • Part 1

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    (1:12) When to start thinking about a will and end of life decisions; (1:43) Roughly fifty percent of adults do not have a will; (2:30) Why people avoid estate planning; (3:33) How to start the estate planning process; (5:05) Types of documents to expect in the process; (9:04) Discussing the topic of death and dying; (11:52) Family arguments that can happen in the absence of a will

  • Part 2

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    (:22) The importance of sentimental possessions in wills; (2:59) Where documents should be kept and who should be notified; (5:55) Updating estate plans; (7:40) What happens to assets in the absence of a will; (9:35) Access to digital records and online accounts; (10:17) Resources to help begin the estate planning process:
    Professor Stum’s paper Estate Planning Matters: Lessons from the Unexpected Death of Prince
    U of M’s Extension
    Minnesota State Bar Association’s Estate/Probate Guide

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