Minnesotans still need a Will even if they have a Revocable Living Trust.
The Will that accompanies a Revocable Living Trust is different, however, than a Will that is the sole testamentary document.
Typically, people think of Wills as saying “who gets what” of your assets. When a Minnesotan has a Revocable Living Trust, it’s a chief task of the trust document to say “who gets what”. If more than one document described the distribution of all of the deceased’s assets, there would be confusion.
So what is the need for a Will when there’s a Revocable Living Trust? » Read more..
Skipping the writing of a Will may harmfully disrupt family dynamics, may result in distributions that you didn’t want or intend, and may increase the costs of settling your estate.
A Will, properly executed under Minnesota law, is your legal instruction to your survivors as to how you want your estate divvied up after you die.
If you don’t have a Will, Minnesota law has a plan for you, which you may not like. » Read more..
What you need for an estate plan varies with each life stage or milestone. Here are some examples of estate plan considerations for Minnesotans at various ages and life stages/milestones:
Age 18: If you are a young adult you should have a Health Care Directive and Durable Power of Attorney because incapacity can strike at any time. The Health Care Directive will enable your hand-picked agent to make decisions regarding your body, and the Durable Power of Attorney will enable your hand-picked representative to handle your financial affairs. » Read more..
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Consider these consequences if you die in Minnesota without an estate plan: » Read more..
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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..
Both are federal programs for healthcare costs. However, Medicaid is for the poor regardless of age, whereas Medicare is mostly for persons 65 and older regardless of wealth. Medicare also covers persons with certain disabilities.
Medicare, which is funded and administered at the federal level, provides the same coverage regardless of the state in which one resides. However, Medicaid is run separately by each state, which means that the eligibility rules and the type of coverage vary from state to state. Medicaid eligibility involves both an asset test and an income test. Medicaid and Minnesota’s Medical Assistance rules frequently change. » Read more..
Minors can’t directly receive gifts or inheritance in Minnesota. Instead, the gift or inheritance must be held in custody or in trust for the benefit of the minor.
Typical ways to manage the inherited asset or gift for the minor are as follows: » Read more..
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When adults fail to plan for how they or their property should be managed in the event that they lose their mental capacity, they may find themselves under the care of a guardian and/or conservator appointed by a Minnesota court. Guardians and conservators cost money, and they are under court supervision. » Read more..
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