Tag Archive for inherit

Avoiding Probate with Minnesota’s Transfer on Death Deed

iStock_000004014203SmallMinnesota’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..

What is Probate?

iStock_000004014203SmallHave you seen the ads that encourage you to take steps to avoid probate?

Probate in Minnesota does take some time and does cost some money, but typically it’s not the legal equivalent of a root canal.

Probate is a Court-directed process for paying the deceased’s debts and taxes, and then transferring the remaining assets to the deceased’s beneficiaries. » Read more..

The Legal Joys and Pitfalls of Turning Age 18 in Minnesota

Minnesota residents turning age 18 reap certain benefits of legally becoming an adult, while also taking on new responsibilities.

Minnesota law defines a “minor” as someone under age 18, and an “adult” as someone age 18 or older. The terms “legal age” and “age of majority” also mean age 18 in Minnesota.

An 18-year-old in Minnesota may get a tattoo, choose where he or she wants to live, obtain a license to be an auctioneer, and vote if citizen, residency and certain other requirements are met. » Read more..

Why You Need an Estate Plan

Consider these consequences if you die in Minnesota without an estate plan: » Read more..

Is Your Inheritance a Marital Asset?

It’s often a good idea to keep any cash or other assets inherited from your parents or other relatives separate from assets that you share with your spouse. » Read more..

Should You Discuss Your Estate Plan With Your Children?

There are pros and cons to whether you do or don’t discuss your estate plan with your children, but in many situations it is better that you do so.

It can be a hard conversation to start.  If you, as parents, initiate the discussion, your children may resist because they don’t want to think about your eventual death. If your children initiate the conversation, you may believe that their primary interest in you is how much they might inherit.

In reality, however, you have a lot more to talk about.  » Read more..

Not Married, But Want Your Partner to Inherit?

Not married, but want your partner to inherit?  Then you must have an estate plan or your blood relatives will get everything. » Read more..

Who Inherits Your Unused Cemetery Lot?

Minnesota statutes address who inherits any unused cemetery lots, and the answer may somewhat surprise you.

If your Will doesn’t specifically mention the cemetery lot and doesn’t name just one person to inherit it, the Will has no impact on what happens to the cemetery lot. Note that both conditions  — specific mention and one person named — must be met.

If the conditions are not met, Minnesota law responds as if you had no Will. » Read more..