November 2015 Archives

How does intestacy work?

Despite the soundness of the estate planning strategy of having a will, not everyone will have prepared such a document before he or she dies. This can be for any number of reasons: few of us spend much time thinking about our own demise and its effects on those we leave behind; sometimes death comes unexpectedly and at an early age. Regardless of the reason why, dying without leaving a will to govern how your estate should be allocated creates a challenge that Minnesota law attempts to overcome through its intestacy laws.

Types of trusts in Minnesota

A trust is an estate-planning tool that you can use to manage distribution of your assets. Through the trust, a third party, which is known as a trustee, holds your assets on behalf of another person or entity, which is known as the beneficiary. In Minnesota, there are different types of trusts.

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