Tag Archive for heirs
(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..
You may think that you have the best-crafted estate plan that you can have. However, if your children don’t learn about it until your death, and are surprised by it, you may unintentionally trigger resentment and fighting that my last throughout their lifetimes. » Read more..
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..
An estate plan is more than just documents.
Think of it this way: Chances are that you aren’t just looking for a certain “pill” when you visit a doctor. Instead you want to tap into the doctor’s experience and knowledge so that the remedy prescribed for you correctly treats your symptoms. Similarly, it’s best to tap into the knowledge and experience of an estate planning lawyer in devising your estate plan. Just like a pill is merely one possible consequence of a medical consultation, a Will document is but one aspect of your consultation with an estate planning lawyer. » 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..
Consider these consequences if you die in Minnesota without an estate plan: » Read more..
When you cannot find the original copy of the Will of a recently deceased friend or relative, Minnesota’s Probate Court may accept a copy of the Will instead.
However, Minnesota law requires that the estate then be probated formally, which is a more expensive process than informal probate. For this reason alone, it is a good idea to place the original Will in a safety deposit box or in a secure place in one’s home. It is also important that relatives or friends know where to find it. » Read more..