The homeowner uses a TODD to designate who should inherit a specific parcel of real estate after the homeowner’s death. The TODD must be recorded with the county recorder (or registrar of titles, as the case may be) in the Minnesota county where the property is located prior to the death of the homeowner. » Read more..
Tag Archive for real estate
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..
Probate in Minnesota does take some time and does cost some money, but typically it’s not the legal equivalent of a root canal.
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..
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..
Pro — Avoid Probate: All assets held in a Revocable Living Trust avoid probate. Probate avoidance is especially helpful when you own real estate in more than one state. If real estate is owned in your name alone, it may trigger a probate action in each state where the real estate is located. » Read more..
Your estate plan — like your car — needs a tune-up occasionally.
If you don’t get that tune-up, either your estate planning goals may not be met, and/or you may be paying hundreds — if not thousands — more for legal services and/or other costs than would have been the case if you had timely asked a lawyer to review your estate plan and suggest necessary adjustments based on current laws and your current goals. » Read more..
Yes! First, your trustee only has authority over your financial assets that are held in your Revocable Trust, and chances are not all of your financial assets are in your Revocable Trust. » Read more..
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..
Perhaps you’ve never given much thought to the words on the deed to your Minnesota real estate, but whether you own it as joint tenants or tenants in common can make a big difference as to what you own. The difference also impacts how, when and to whom the real estate is transferred.
Joint tenants own an undivided interest in the property whereas tenants in common own a specific percentage. Why does the difference matter? » Read more..