Archive for June 28, 2016

Creating a Valid Minnesota Will

Will docA Will must meet certain criteria to be considered a valid Will in Minnesota.

To make a Will, you must be at least 18 years of age, and must be “of sound mind”.

The Will must be in writing, and must be signed by you, by another person at your direction, or by your conservator pursuant to a court order. Two other individuals must sign your Will as witnesses. A beneficiary of the Will may sign as a witness. However, Minnesota lawyers often prefer that neutral parties — rather than beneficiaries — serve as witnesses so as to better avoid a potential future accusation that the maker of the Will was pressured by the beneficiary to sign the Will.    » Read more..

Your Will Doesn’t Cover All Your Assets

Will docThe danger of thinking that your Will covers the transfer of all your assets at your death is that the distribution of your assets may not end up as you intended.

Your Minnesota Will covers only what is known as your “probate assets”. If your Will provides that each of your 3 children is to inherit one-third of your estate, each child will inherit one-third of your “probate assets” only.

Stated another way, the wording of your Will has no impact on assets that are considered “non-probate assets”, and your non-probate assets may be a significant portion of your estate. » Read more..