Tag Archive for beneficiary

Estate Planning for Minnesota Newlyweds

Estate PlanLegal 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..

“Mine, and That’s Mine, Too”

When the second parent dies, the fights over personal possessions can derail any sense of family harmony.

In fact, the kids may appear to regress to fights and tactics more common among 3-year-olds.  It may sound as though the kids are each saying: “Mine, and that’s mine, too”.

Why? Certain household goods and personal items can be emotionally priceless to the kids even when the financial value of the item is next to nothing. » Read more..

POA and Beneficiary Designations

Under Minnesota law, an agent given power of attorney (POA) authority cannot change the beneficiary designations made by the power grantor.

Minnesota’s statutory so-called “short form” power of attorney document may authorize the agent to act regarding beneficiary transactions, but there is no specific authority to select or modify beneficiary designations made by the power grantor. As an example of a transaction, the power grantor’s agent (officially called an attorney-in-fact) may accept or disclaim assets for which the power grantor was named as a beneficiary of someone else’s assets. » Read more..

When Should You Consider a Revocable Living Trust?

You don’t need to be a millionaire to benefit from a Revocable Living Trust. Regardless of your wealth, a Revocable Living Trust should be considered when you:

Want the opportunity to avoid probate. Probate is required in Minnesota if you own $50,000 or more in assets in your name alone at your death, or you own real estate in your name alone. Any assets held in the name of your Revocable Living Trust are not counted toward the $50,000 figure that triggers a probate action.  Probate costs money and takes time. » Read more..

Misconceptions Regarding Revocable Living Trusts

Revocable Living Trusts are an excellent estate planning tool, but there are common misconceptions about them. A Revocable Living Trust is set up by you, during your lifetime. » Read more..

How Often Should You Check Your Beneficiary Designations?

Your beneficiary designations should be checked every time your situation changes because the beneficiary designations trump anything that you state in your Will or Trust.

Married? Divorced? Chances are you either want to add your new spouse, or delete the ex-spouse as your beneficiary. Don’t delay. An ex-spouse can collect your life insurance benefits at your death if he or she is still named as your beneficiary. » Read more..

Who Inherits the Mortgage & the Credit Card Debt?

Family members typically aren’t responsible for debt held solely in the name of a deceased relative, but creditors still have certain rights to payment. Whether the creditors get paid ultimately depends on the value of the assets owned by the deceased. » Read more..

Don’t Let Titling and Beneficiary Designation Mistakes Spoil Your Estate Plan

Your best-laid plans for the distribution of your wealth at your death may go badly awry if you stumble with the titling of your assets and/or designation of beneficiaries.

For various types of assets, your beneficiary designations trump any language in your will or trust. Meanwhile, your trust is worthless if there is nothing in it. To make things even more confusing, assets that are “jointly held with right of survivorship” transfer outside your will and trust to the other joint holders of the asset. » Read more..