The court process of administering your estate before handing everything over to your beneficiaries is known as probate. It can be a time-consuming and expensive affair that may attract unwanted attention to your loved ones. These are just a few reasons you may want...
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Minnesota Estate Planning Law Blog
What is an irrevocable trust?
Getting your estate plan together means taking the time to think about the best ways to use your assets to help your loved ones when you’re gone. You must ensure that you establish who will get what so your wishes can be followed. While some people think they can do...
3 reasons family members might benefit from a spendthrift trust
Trusts are legal entities created to preserve, invest and distribute resources. There are different kinds of trusts that people can create to leave a specific legacy and protect their loved ones’ interests. A spendthrift trust is one of the more common kinds of trusts...
Why you should avoid DIY wills
The pace of life is increasingly becoming faster. Now, it is possible to carry out multi-million dollar deals on your phone at the click of a button. There is an app that serves almost every purpose, including estate planning. DIY will templates are very common and...
Why make a will after you have a child?
When people think about estate planning, they often imagine elderly parents leaving assets to their adult children. The parents are in their 80s, the children are in their 50s and wealth is transferred from one generation to the next. Certainly, this happens all the...
What is an ethical will and does your estate plan need one?
Do you want your loved ones to live an ethical lifestyle? Do you wish you could pass on the values and beliefs you have come to trust in your lifetime? A yes answer to one or both of these questions could mean your estate plan would benefit from an ethical will (aka...
3 assets you should not include in your will
Creating a will is, without a doubt, one of the most responsible things you can ever do. In fact, a will is the foundation of the estate planning process. Done right, you can have peace of mind knowing that your hard-earned assets will pass down to the people and...
Why you may need a residuary clause in your will
When you sit down to plan your estate and designate beneficiaries for your largest assets, you probably already know what assets are worth the most. Your home, your cabin, your investment accounts and your small business could all be assets that you carefully plan for...
What does your family know about your estate plan?
If you died tomorrow, would your family know what to do next? You may have your will written and a trust in place, but your family may still largely be clueless about what steps to take when you die. If you’re healthy, you may not be immediately concerned for your...
What is resuscitation?
When you are doing your estate planning, making medical decisions is one thing that you want to keep in mind. This isn’t all about money and assets. One document that people sometimes used to do this is known as a DNR order, where DNR stands for “Do Not Resuscitate.”...