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Whether a Will or a Revocable Living Trust is best for you depends on your goals and situation.
An estate planning lawyer can help you review the pros and cons of each based on your needs and desires.
A Revocable Living Trust is more flexible than a Will, and may help married persons avoid Minnesota’s estate tax. However, a Revocable Living Trust is more expensive to set up, and requires you to proactively assign various assets to your Trust for your Trust to work properly. » Read more..
children, creditors, death, divorcing spouses, estate plan, estate tax, incapacity, Minnesota, minors, privacy, probate, real estate, revocable living trust, second marriage, solely owned business, Will
Minnesota’s Transfer-on-Death Deed (TODD) has been a popular estate planning tool since 2008, when a law enabling the technique became effective.
The homeowner uses a TODD to designate who should inherit a specific parcel of real estate after the homeowner’s death. The TODD must be recorded with the county recorder (or registrar of titles, as the case may be) in the Minnesota county where the property is located prior to the death of the homeowner. » Read more..
Careful! It may be best to pause before paying bills of the deceased.
It’s important to first know what the assets of the estate are, and what claims are being made against those assets. Is the estate solvent? If not, Minnesota law sets out a priority list for paying creditors. The creditors at the bottom of the priority list may not receive anything. » Read more..
If you want your step-children to inherit, you need to specify that wish in your Minnesota Will or Revocable Living Trust.
If you don’t do so, then only your blood relatives or adopted children will inherit.
Without a Will (and assuming that you have no surviving spouse), your children inherit in equal shares under Minnesota law. No provision is provided for step-children. » Read more..
Let’s admit it: We care about how we are remembered after death, and also about what happens to our lifetime accumulation of financial and other assets.
Thus, it’s foolhardy to think that we can keep putting off estate planning on the premise that death is still a long ways away, or that everything will somehow work out (miraculously) according to our wishes if we do nothing. » Read more..