People are often hesitant to give someone their durable power of attorney (POA) simply because those go into effect immediately and there is always the potential for misuse. One alternative to a durable power of attorney that’s often proposed is the use of a...
Estate Planning
Changing an executor: When can you do this?
You can remove any party you name in your estate plan, including your personal representative/executor. Circumstances in your life may change from when you appointed your existing executor. Accordingly, you may want to replace them. Below are four examples of such...
Why don’t more people make estate plans?
If you poll people regarding their estate planning, you may be surprised by what you find. Researchers who have done this discovered that most people just don’t have an estate plan at all. Only about a third of Americans who were asked said that they already had a...
When is the right time to draft an estate plan?
Most people understand the idea that an estate plan is an important form of legal protection. They know if they die or have some personal emergency, the documents they create can be a crucial form of support. Despite the importance of an estate plan, quite a few...
How do you pick an executor for your estate plan?
Choosing someone to execute your estate is one of the key tasks to cover in your estate plan. If you don’t make the choice, then a probate court will be forced to do it for you. Here are some of the things to consider when deciding who to ask: Do you trust them? You...
Should you have a mirror or joint will with your spouse?
It’s not unusual for married couples to craft their wills at the same time. Broadly speaking, most couples either choose to create mirror wills or joint (“mutual”) wills. What’s the difference? While both outline how assets will be distributed upon the death of one or...
What if someone dies without a will on record in Minnesota?
Drafting a will can be a stressful experience. It can be difficult for someone to think about what might happen to their family members after they die. Beyond that, many people find it challenging to think about what may happen with family relationships when they are...
Addressing sentimental property in your estate plan
When creating an estate plan, much attention is traditionally given to financial assets, real estate and investments. However, addressing the distribution of sentimental personal property—a category of assets that often includes family heirlooms, photographs, jewelry,...
Do you need to review your will after your divorce?
Divorce is one of the reasons to update a will. But do you need to remove your ex-spouse from your will? Is there a risk to keeping them? Here is what to know: Revocation by dissolution of marriage In Minnesota, the dissolution or annulment of marriage automatically...
Why should young adults draft a will?
Estate planning is often thought of as something that only elderly individuals need to do, but this is far from the truth. Estate planning can help adults of all ages to better safeguard their interests. Drafting a will may be the last thing on the mind of a young...
