Archive for April 29, 2013

Not All Probate Actions Are the Same in Minnesota

One Minnesotan’s probate action may differ considerably from that of another’s.

If you die with more than $50,000 in assets in your name alone, or own real estate in your name alone, a probate proceeding is required in Minnesota to handle the transfer of your assets.

For most Minnesotans, probate is either “formal” or “informal”.  Formal proceedings are of two types: “supervised” or “unsupervised” by the Probate Court. Informal proceedings are always unsupervised, and entail little court involvement. Supervised proceedings involve considerable Court involvement. » Read more..

Prioritize What You Want Future Generations to Keep With a “Family Keepers List”

Your children may not care about the stuff you leave behind – at least not yet – so help them prioritize what they should keep by preparing a “Family Keepers List” for them.

Minnesota’s Star Tribune newspaper published an article April 20, 2013 reporting that family possessions are being shed due to the next generation’s disinterest and/or lack of space. » Read more..

The Power Behind a Power of Attorney Document

A Power of Attorney document is a powerful document that should be used carefully and wisely.  It can be a useful tool, or it can be abused. » Read more..

Will Your Trust Harm Your Spouse?

Caution: Your spouse may face unintended financial consequences at your death if you created a Minnesota revocable trust prior to the steep climbs in the exemption from federal estate taxes that began in 2001. » Read more..