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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..
Typically, people want to avoid probate, but there are times when probate is the better path.
(Probate is a legal process in which a court formally appoints a personal representative to administer the deceased’s estate. Probate may occur whether or not the deceased had a Will. When the deceased’s Will names someone to be the personal representative, the selection is considered a “nomination” – not an appointment. It is the court that “appoints” and provides the official documentation that enables the nominated personal representative to act.)
People often prefer to avoid probate because the probate process is public, takes time, costs money, and involves some hassle.
But sometimes probate may be the preferred — or required — path because the court can resolve issues, thereby reducing pressure on the personal representative. Some examples are: » 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..
Which is better – a Revocable Living Trust or a Testamentary Trust? What’s the difference between them?
As the names imply, a Revocable Living Trust exists during your lifetime whereas a Testamentary Trust becomes effective only upon your death. » Read more..
Minnesota’s Transfer on Death Deed (TODD) for real estate is a popular way for Minnesota families to try to avoid probate upon the death of the property owner.
Probate in Minnesota isn’t the onerous process that it is in some states, but probate takes time and costs money regardless. Thus, many Minnesotans try to avoid probate.
Probate is triggered in Minnesota when the deceased: (1) owns real estate in his or her name alone, or (2) owns $75,000 or more in probate assets in his or her name alone. This blog focuses solely on the first trigger – ownership of real estate. » Read more..
Legal paperwork for the newly married shouldn’t stop with the Minnesota marriage license.
An important wedding gift to give yourselves, as newlyweds, is peace of mind that you’ve left your new spouse in the best situation possible should tragedy occur to one of you.
What steps foster that peace of mind? » Read more..
beneficiary, beneficiary designations, estate planning, health care directive, life insurance, Minnesota, newlyweds, power of attorney, real estate, title, Will
“Right of representation” and “per stirpes” are two ways of describing the same method for dividing the assets of the deceased, but what do the phrases mean?
A second way of dividing a deceased person’s assets in Minnesota is “per capita at each generation”.
Translation? » Read more..
Chances are that you no longer remember whom you’ve named as the beneficiary of your life insurance policy. You should find out. Why? The beneficiaries that you listed with your life insurance company trump any beneficiary designations that you may have made via your Minnesota Will.
It’s also important that your loved ones know that you have a life insurance policy and where to find it. Otherwise, the life insurance money may go unclaimed! » Read more..