The checks for your inheritance may come in partial payments over many months, be tied up for years in a trust, or come within weeks. Or, there may be nothing left for you to inherit.
Much of the timing of the disbursement of your inheritance depends on the type and value of the deceased’s assets, the creditor claims against those assets, whether probate is required, and whether the deceased wanted your inheritance to be distributed outright to you or tied up in a trust for some period of time. » Read more..
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If your goal is to find the cheapest and easiest administration of your estate after you die, a Revocable Living Trust may be your best bet.
The upfront costs of creating a Revocable Living Trust is almost certain to be higher than creating a Will, but a Revocable Living Trust may be cheaper in the end. Why? The Revocable Living Trust typically avoids the time and expense of probate. » Read more..
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Have 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..
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Given that your trustee and personal representative (a/k/a “executor”) are charged with ensuring that your Revocable Trust agreement and Will are followed, it’s important to select the right persons to assume these responsibilities.
Both personal representatives of a Will and trustees of a Trust are fiduciaries. As fiduciaries, they are legally required to act for the benefit of your beneficiaries — not for their own benefit — in following the terms of your Will or Trust. » Read more..
Although most Minnesotans seek to avoid probate, there are pros to probate as well as cons.
Because probate involves the court — an open and public process — probate provides a level of transparency to all potential heirs and beneficiaries that may not exist otherwise. » Read more..
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If several children are in line to inherit Minnesota real estate that is destined to be sold, probate may be faster, less complicated and less expensive than some of the maneuvers used to avoid probate.
Why? » Read more..
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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..
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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..
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If some of the language in your Will or Trust seems foreign to you, you are not alone. Here’s a rundown of some commonly used terms, and a description of what they mean:
Testator (male) or Testatrix (female): This is you, if this is your Will.
Settlor or Grantor: This is you, if this is your Trust. » Read more..
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When the Personal Representative of an Estate (also known as the Executor) is a family member, he or she often agrees to work for free before fully understanding the amount of work involved.
And, because other family members likely don’t understand the responsibilities of the Personal Representative, and the time that it takes to carry out those responsibilities, the Personal Representative may not even get a “thank you” for his or her work. » Read more..