October 2013 Archives

What happens when there are competing wills?

For many people, creating a will is a practical way to protect their assets and loved ones. As such, a person can take the steps to have his or her final wishes respected by gathering the necessary financial documents, visiting with an attorney and creating an estate plan.

When does Minnesota's estate tax take effect?

There may be a general perception that complex estate planning is only for particularly wealthy people. Realistically, that's not the case. No matter how sizable a person's assets are, it may be important to designate beneficiaries in order to reflect personal wishes, rather than inheritance laws enforced by the state government.

Grantors may have some authority over living trusts

Despite the fact that trust law can be very complex, it can also open the door to some wise estate planning options. On a basic level, trusts can be used to distribute assets to beneficiaries in accord with a grantor's wishes. A trustee is assigned to oversee the administration of the assets included in the trust. Interestingly enough, trusts can be administered while grantors are alive or after they pass away.

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