Drafting a will is one of the most basic aspects of modern estate planning. People can secure peace of mind and provide support for their loved ones by establishing an estate plan, including a will, before they die. State law imposes certain restrictions on drafting...
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Minnesota Estate Planning Law Blog
Irrevocable trusts can provide valuable wealth protection
Creating an estate plan is a critical task that all adults should complete. Part of this process is determining who should get which assets and how those assets should be passed down. This can be done through a will, but there’s also the option of establishing a...
When should you review your advance directives?
An advance health care directive is an estate planning document that outlines your preferences for medical care if you are unable to communicate. However, as your life changes, so might your wishes. Ideally, it is wise to review your advance directive documents...
What is a letter of instruction?
Getting an estate plan together is critical for all adults. One thing that some people don’t think about that may be helpful is including a letter of instruction. This is an informal document that provides guidance on a variety of personal, administrative and...
The main benefit of a special needs trust
If you have a family member with special needs, they may qualify for certain benefits, such as Medicaid or Social Security. These benefits are often essential for covering expenses like housing or medical care. As you create your estate plan, you may consider leaving...
Can stepchildren inherit when a stepparent dies?
Stepparents often fill the same role as legal or biological parents. They spend every day with their stepchildren. They provide them with guidance, comfort and financial support. They love and care for their stepchildren and may view them as an integral part of the...
Is it time to review your estate plan?
Life can change quickly. One day, you are engaged to be married. Then, before you know it, you have three children and another on the way. Life events, changes in your financial situation and new laws all play a role in determining when you should review your estate...
Leaving assets to charity in your estate plan
Including charitable giving in your estate plan is a meaningful way to leave a lasting legacy while supporting causes that matter to you. Whether you want to fund medical research, support education or contribute to a local nonprofit, your estate plan can help to...
Should you use a DNR order in your estate plan?
If your heart stops beating or you stop breathing, medical professionals may use CPR to try to resuscitate you. In many cases, emergency treatment can save your life. However, some individuals do not want CPR to be used. For example, you may worry about the risk of...
What should new parents know about estate planning?
Having a baby is an exciting experience for new parents, but it’s one that comes with some decisions they may not have thought about before. One of these is estate planning. Many new parents don’t consider the need to outline the plan because they don’t want to think...