There are at least 12 reasons why Minnesotans need a Will.
Reason #1: Keep control. The Minnesota Legislature has established a plan in state law for what happens to your assets if you do not have a Will. That plan may be contrary to your wishes, and may not be the best for your family. You are in control if you create a Will. » Read more..
business interests, charities, conservatorship, family business, family keepsakes, gifts, guardian, heir, inheritance, keepsake, Minnesota, minor, peace, personal property, personal representative, possessions, separate writing, step-children, surviving spouse, Will
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..
age 18, birth of a child, business management, conservator, conservatorship, estate plan, estate planning, executor, guardian, guardianship, health care directive, incapacity, life stage, life stages, loss of capacity, milestone, milestones, Minnesota, personal representative, power of attorney, revocable living trust, revocable trust, Trust, trustee, Will, Wills
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..
assets, conservator, conservatorship, gifts, inherit, inheritance, Minnesota, minor, minors, Trust, UTMA
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..
adult, conservator, conservatorship, court, Durable Power of Attorney, guardian, guardianship, incapacity, Minnesota, property, revocable living trust, Trust
Sooner or later, we change from taking on the world to needing others to take care of us. In medical and legal terms, this period is referred to as “incapacity” – and it can be a temporary or permanent condition. Incapacity, in which we are either mentally or physically unable to take care of ourselves or manage our routine affairs, can be triggered by illness, advancing age, serious physical injury, drug abuse or alcohol abuse.
Most adults have two goals in planning for potential incapacity – 1) avoid guardianship and/or conservatorship, which are court controlled, and are expensive in terms of time, money and emotions; and 2) keep control among our family members. Control is focused on two key areas – control of the person and control of property. Guardianship relates to control over the person whereas conservatorship focuses on control of money and property. Three legal documents are particularly helpful in achieving those goals – a revocable trust, a Minnesota durable power of attorney and a Minnesota health care directive. » Read more..