You may think that you have the best-crafted estate plan that you can have. However, if your children don’t learn about it until your death, and are surprised by it, you may unintentionally trigger resentment and fighting that my last throughout their lifetimes. » Read more..
Estate Planning Blog
Designating one of your children as the joint holder of your bank account may create problems.
It is typically better to use a Minnesota Durable Power of Attorney document to enable the child to write checks and to take other actions on your behalf during your senior years instead of creating the jointly held account.
Why? A jointly held account may place your carefully crafted estate plan in jeopardy. » Read more..
Thoughtful estate planning may help you build the size of your estate, rather than just focusing on what happens to your money and other possessions after you die.
Nasty family fights may erupt after your death if it’s not clear whether the money that you transferred to one of your children during your lifetime was a gift or a loan.
If it was a loan, the child borrower must repay the money to your estate. If it was a gift, no money is owed to your estate. » Read more..
By writing your own obituary, you spare your grieving family the burden of trying to write one within the few days between your death and your funeral or memorial service. You also influence what you want people to remember about you.
The obituary of Bill Maurer of Des Moines, Iowa captures the reader right from the beginning with this introduction: “Bill Maurer’s goal was to live to be 113. He didn’t make it.” » Read more..
A key benefit of a Revocable Living Trust is to control the ages at which your children receive their inheritance. Without a trust, sons and daughters as young as 18 years of age receive full distribution of their inheritance in Minnesota once your estate is settled. » Read more..
As the names imply, a Revocable Living Trust exists during your lifetime whereas a Testamentary Trust becomes effective only upon your death. » Read more..
Even the terms describing amendments to these documents are different. An amendment to your Will is called a “Codicil” whereas an amendment to your Revocable Trust is called an “Amendment”. » Read more..
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..
Creating a well-thought-out estate plan is really your last gift to your family. Without such a plan, your relatives may be cursing you for the unnecessary mess that you left behind rather than having sufficient time to grieve your death and navigate ways to cope without you. » Read more..