Estate administration in Minnesota can be a lengthy process. The personal representative of the estate must find testamentary documents. They need to submit documents to the courts, send letters out to creditors and fulfill someone's responsibilities before...
Building An Estate Plan That Is Right For You
Year: 2023
Why someone with a trust may need a pour-over will as well
One of the most important steps when creating a trust is properly funding it. People often transfer some of their most valuable resources into a trust. They may do so as they prepare for retirement or even earlier in life to protect their assets from lawsuits and...
When might someone lack the capacity to create a will?
Occasionally, family members take issue with the terms included in someone's estate plan or will. Those disappointed with the inheritance that they believe that they should receive might try to raise a claim that a testator's documents are invalid. One of the more...
What are reciprocal (mirror) wills?
If you and your spouse have been married for decades, your assets are likely largely or entirely combined. Your estate planning needs may seem simple. You just want whomever outlives the other to have all of your assets. When you’re both gone, you want your adult...
3 common ways to craft an estate plan that honors your faith
Those who have strong religious beliefs often like to integrate their faith into many aspects of their life. For example, those who regularly attend church services often tithe or make contributions to their congregation and volunteer for various faith-related causes....
What to look for when creating a power of attorney
A power of attorney is a document that you can use to plan for your future. Understandably, you can’t predict exactly how your future will unfold or what needs you’re going to have at every stage of life. Therefore, a power of attorney allows you to select an agent...
How do people properly fund their trusts?
Those who are planning for the future may create a trust as a way of structuring support for dependent family members or charitable organizations. They can provide detailed criteria for distributions from the trust and even name a final beneficiary to receive whatever...
Is it fair to leave your heirs unequal bequests?
Ask any parent with more than one child and they’ll probably tell you that “fair” and “equal” are far from the same thing. One child’s needs don’t necessarily match the needs of the other child. That’s a hard reality to navigate when the kids are young – but what do...
The difference between a legal and medical power of attorney
Most people think of a will when they think of estate planning. And that is often a good place to begin. But it’s not the only estate planning resource that you can use, as distributing assets is not the only goal of an estate plan. People can – for example – also use...
How age and health issues can lead to will contests
In theory, those who take the time to create an estate plan get to control what happens with their property when they die. Unfortunately, some people will have their last wishes undermined by family members who challenge their estate plans. Probate challenges can...