Why don’t more people make estate plans?
If you poll people regarding their estate planning, you may be surprised by what you find. Researchers who have done this discovered that most people just don’t have an estate plan at all. Only about a...
View ArticleChanging an executor: When can you do this?
You can remove any party you name in your estate plan, including your personal representative/executor. Circumstances in your life may change from when you appointed your existing executor....
View ArticleCan you leave money to your pets? Yes, in a pet trust
Pets are not property – they are family members. Many people feel this way, but the law considers pets as property to be owned. Therefore, you cannot leave your pets an inheritance in the traditional...
View Article3 strategies for keeping assets out of probate court
The probate courts fill an important role during the estate administration process. They help ensure that the personal representative of an estate abides by the instructions provided in an estate plan....
View ArticleWhat’s the problem with a “springing” power of attorney?
People are often hesitant to give someone their durable power of attorney (POA) simply because those go into effect immediately and there is always the potential for misuse. One alternative to a...
View ArticleHow does a spendthrift trust protect your loved ones?
You are likely concerned about the long-term financial well-being of your loved ones after you are gone, especially if you have family members prone to mismanaging money or vulnerable to financial...
View ArticlePros and cons of leaving your kids uneven inheritances
When it comes to estate planning, one of the most difficult decisions parents of multiple children may face is how to divide their assets among their kids. While many opt to leave equal shares to each...
View ArticleWhen can you be removed as an executor of an estate?
Being an executor (personal representative) for someone’s estate can be a thankless job. It may seem like everyone wants something from you and that no one thinks you’re doing things right. Even if the...
View Article3 issues caused by downloading a will template from the internet
Many people recognize that they should have estate plans but may procrastinate about actually drafting documents. Others may try to handle the process in the quickest, cheapest way they can. The...
View ArticleUnderstanding the difference between an heir and a beneficiary
When it comes to estate planning and probate in Minnesota, the terms heir and beneficiary are often used interchangeably, but they have distinct legal meanings. Understanding these differences can...
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