When the court is involved in distributing assets after a loved one’s death, many people in Minnesota worry about what the process involves. It’s easy to feel overwhelmed by stories of stressful, complicated probate situations. However, probate is often a good thing....
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Estate Planning And Probate
Could transfer on death accounts bypass probate?
Probate might be a legal process that surviving Minnesota relatives may wish to avoid. Probate requires the courts to review the will and oversee several steps, including covering the estate's debts before distributing assets. While the estate won't find creditors...
Wills are key for cohabiting couples
Every adult in Minnesota should have a will. A last will and testament is the cornerstone of an estate plan. Even people who don't own much should have one. A will allows the testator to distribute his or her assets, nominate an executor, and name a guardian for any...
Learning more about revocable trusts
Trusts have become the best way to control your investments even after you pass on. A revocable trust is a legal document declaring the trustee who will manage the assets of the grantor. The grantor writes the trust and can leave it with either a trust company or a...
How often can you update your will?
When you write your will in Minnesota, it might be tempting to think that you can sit back and never worry about your assets again. Unfortunately, this isn't the case. If you want your will to be accurate when you die, you'll need to revise it multiple times...
3 Reasons you should have a will
If you're like most people, you're probably hoping you can put off estate planning until death is nearly knocking at your door. However, life tends to be unpredictable. If you should pass away without a will, state laws will govern who gets your assets and property,...
What might happen to a home after a parent dies
It isn't uncommon for parents in Minnesota and around the country to leave a home or other assets to their children in their wills. However, a parent may also stipulate that a friend or romantic partner can remain in the home after he or she passes away. Of course,...
How to make changes to a revocable trust
A revocable living trust is an estate planning tool that allows you to transfer assets outside of your estate. The trustee is responsible for managing and distributing property held inside of it per your instructions. Take a closer look at what you need to do if you...
Estate planning is a must for everyone
Estate planning is one of those tasks that many people put off but should handle sooner rather than later. Estate planning is the process of creating a distribution plan for a person’s assets once that person passes away. Most people don't like to talk about estate...
Using estate planning techniques to protect assets from creditors
The first thing that many people think of when they hear the term estate planning is saving money on tax payments. However, protecting the value of assets from creditors for the benefit of the asset holder as well as the beneficiaries of his or her estate is just as...