Tag Archive for Will
It’s important to first know what the assets of the estate are, and what claims are being made against those assets. Is the estate solvent? If not, Minnesota law sets out a priority list for paying creditors. The creditors at the bottom of the priority list may not receive anything. » Read more..
(Probate is a legal process in which a court formally appoints a personal representative to administer the deceased’s estate. Probate may occur whether or not the deceased had a Will. When the deceased’s Will names someone to be the personal representative, the selection is considered a “nomination” – not an appointment. It is the court that “appoints” and provides the official documentation that enables the nominated personal representative to act.)
People often prefer to avoid probate because the probate process is public, takes time, costs money, and involves some hassle.
But sometimes probate may be the preferred — or required — path because the court can resolve issues, thereby reducing pressure on the personal representative. Some examples are: » Read more..
Thoughtful estate planning may help you build the size of your estate, rather than just focusing on what happens to your money and other possessions after you die.
As the names imply, a Revocable Living Trust exists during your lifetime whereas a Testamentary Trust becomes effective only upon your death. » Read more..
Even the terms describing amendments to these documents are different. An amendment to your Will is called a “Codicil” whereas an amendment to your Revocable Trust is called an “Amendment”. » Read more..
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..
Creating a well-thought-out estate plan is really your last gift to your family. Without such a plan, your relatives may be cursing you for the unnecessary mess that you left behind rather than having sufficient time to grieve your death and navigate ways to cope without you. » Read more..
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..
“Right of representation” and “per stirpes” are two ways of describing the same method for dividing the assets of the deceased, but what do the phrases mean?
A second way of dividing a deceased person’s assets in Minnesota is “per capita at each generation”.
Translation? » Read more..