Nothing can slow the probate process down quite like a missing heir or beneficiary that you need to notify. Whether they’re likely to receive anything or not, their “status unknown” can create a lot of headaches for the executor of an estate. Since you cannot proceed...
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Minnesota Estate Planning Law Blog
3 reasons why you need an estate plan
Unfortunately, many people spend more time planning a holiday getaway, selecting a restaurant for dinner or purchasing a new vehicle than they devote to planning their estate. Making decisions about the people who will take over your estate when you are gone may not...
What is a revocable living trust?
A will is often created alongside a revocable living trust. A trust allows you to appoint a trustee who will take ownership of your assets. However, you will retain control over your assets during your lifetime. You can modify or change the trust terms whenever you...
What is digital estate planning?
Digital estate planning is a relatively new feature of broader estate management that deals with the handling of digital assets after a person's death or incapacitation. Due to the ways in which the world has evolved over the past few decades, a significant portion...
Who will make medical decisions for you if you’re incapacitated?
When an individual becomes incapacitated, unable to communicate or make decisions due to medical reasons, the question of who will make medical decisions on their behalf becomes a primary concern. Two critical legal tools are crucial in this scenario: advance...
Can you have more than one medical power of attorney?
Good estate plans don’t just address what happens after you die. They also try to anticipate your needs before death – including any period when you may be incapacitated and unable to speak for yourself. A durable power of attorney (POA) for health care is one such...
How to avoid becoming the victim of an abusive guardianship
If you’re one of the many seniors in this country who is getting into their senior years and has no adult children or close family, you may be concerned about what would happen if you become mentally and/or physically incapacitated and unable to care or even speak for...
4 things you should know about dynasty trusts
Dynasty trusts, also known as "generation-skipping trusts," are unique vehicles designed to preserve and protect wealth for multiple generations. These irrevocable trusts extend beyond the typical trust period, allowing assets to benefit grandchildren and even...
Why you might base trust distributions on age
If you’re thinking of setting up a trust as part of your estate plan to leave an inheritance, there are many different ways to do it. For instance, you could choose a trustee who has full discretion to decide how the money can be used. This is known as a discretionary...
Revocable vs. irrevocable trust: which one should you set up?
If you have worked hard all your life, it makes sense to want to leave as much of your assets as possible to the people you love. This is where estate planning comes in. One of the most effective estate planning tools you can use to set aside assets for your loved...