Addressing sentimental property in your estate plan
When creating an estate plan, much attention is traditionally given to financial assets, real estate and investments. However, addressing the distribution of sentimental personal property—a category of...
View ArticleWhat if someone dies without a will on record in Minnesota?
Drafting a will can be a stressful experience. It can be difficult for someone to think about what might happen to their family members after they die. Beyond that, many people find it challenging to...
View ArticleBe informed: Ask questions before becoming an estate executor
After losing a close loved one, you’ll want to review their will. If executed properly, it should outline their final wishes and may name a trusted friend or family member to settle their affairs....
View ArticleShould you have a mirror or joint will with your spouse?
It’s not unusual for married couples to craft their wills at the same time. Broadly speaking, most couples either choose to create mirror wills or joint (“mutual”) wills. What’s the difference? While...
View ArticleFactors that can delay probate
Probate is the legal process where the courts assess the validity of a will and oversee the administration of an estate. Typically, this process should take between six and 12 months but there can be...
View ArticleHow do you pick an executor for your estate plan?
Choosing someone to execute your estate is one of the key tasks to cover in your estate plan. If you don’t make the choice, then a probate court will be forced to do it for you. Here are some of the...
View ArticleWhen is the right time to draft an estate plan?
Most people understand the idea that an estate plan is an important form of legal protection. They know if they die or have some personal emergency, the documents they create can be a crucial form of...
View ArticleShould you include a trust in your estate plan?
A trust lets you nominate a third party—a trustee in legal terms—to hold assets on your beneficiaries’ behalf. An estate planning instrument, a trust specifies precisely when and how to distribute...
View Article5 legal estate planning tools
Are you planning your estate? As you go through the estate planning process, it can help to create a checklist of everything you should consider including. There are a lot of aspects that you can...
View ArticleWhy 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...
View ArticleWhen should your child receive their inheritance?
As a parent, ensuring your child’s financial future is a top priority when writing a will. Timing is crucial when it comes to inheritance. Deciding when your child should receive their inheritance...
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