A will is often the most important estate planning document for Minnesota residents, and there are times when it may make sense to update one. For instance, when an individual with an existing will gets married, the spouse does not necessarily become the main heir. Instead, state law may determine that the spouse will get half of the estate with parents or children getting the rest. Updating the will may also come in handy when remarrying or divorcing as this could impact who gets what assets under the current will.
5 Steps to Take After a Loved One Dies
5 Steps to Take after a Loved One Dies
Types of trusts
For some Minnesota residents, establishing a trust may be a helpful if not essential part of their estate planning. Trusts fall into two basic categories: testamentary and living. Testamentary trusts, as established in the will itself, takes effect only after the death of the will's owner, known as a trustor. A living trust may be enacted while the trustor is still alive.
Couples Who Cohabitate Need an Estate Plan
Couples Who Cohabitate Need an Estate Plan
Avoiding mistakes on beneficiary forms
Estate planning is a complex process that is in some sense unique to each Minnesota resident. A person's family relationships and charitable choices have can have an enormous impact, and outlining how assets are distributed can be complicated. With so many factors to consider, there are many ways for a will to go wrong, and simply the act of naming beneficiaries has many pitfalls of which to be wary.
