Tag Archive for real estate

Keeping the Family Peace with Your Estate Plan

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How can you increase the odds that your children won’t fight over the family assets after your death?

Children don’t always fight after their parents’ deaths. However, family fights happen more often than you might think.

Below are some steps that you can take to help reduce the odds of a fight breaking out. » Read more..

Should You Have a Will or a Trust?

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Whether a Will or a Revocable Living Trust is best for you depends on your goals and situation.

An estate planning lawyer can help you review the pros and cons of each based on your needs and desires.

A Revocable Living Trust is more flexible than a Will, and may help married persons avoid Minnesota’s estate tax. However, a Revocable Living Trust is more expensive to set up, and requires you to proactively assign various assets to your Trust for your Trust to work properly. » Read more..

Pros & Cons of Minnesota’s Transfer-on-Death Deed

Minnesota’s Transfer-on-Death Deed (TODD) has been a popular estate planning tool since 2008, when a law enabling the technique became effective.

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..

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..

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..

Pros & Cons to Probate in Minnesota

Probate Court

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..

Probate Advantages for Sale of MN Real Estate

houseIf 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..

Pros & Cons of Trusts in Minnesota

Trust Doc 2What are some key pros and cons that Minnesotans use to determine whether a Revocable Living Trust should be part of their estate plan?

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..

Does Your Estate Plan Need a Tune Up?

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..

Have a Trust? You Still Need a Power of Attorney

Given that both trustees and your hand-picked agent under your Power of Attorney document can deal with your financial matters, do you need both?

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..