The estate planning process involves preparing how your assets are to be distributed or passed on after your death. It is a difficult topic to think about, but there are many important decisions to make. Estate planning can involve drafting a will, creating trust...
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Estate Planning And Probate
Acting as an executor for family
When choosing who should be the executor of one's estate, many people trust family with this task. However, handling an estate once a loved one has passed away can be more complex than grantors and executors realize. Minnesota residents might like some more...
Estate planning errors
Many people living in Minnesota understand the importance of an estate plan. Unfortunately, simply writing a will is often not enough to protect a person's interests or the well-being of his or her family. One of the most common errors in estate planning is failing to...
Why spendthrift trusts can be powerful estate planning tools
The use of a spendthrift trust could help ensure that families in Minnesota and elsewhere don't lose assets because of creditor claims. They can also prevent a beneficiary from squandering money or assets given to him or her by a parent or grandparent. A trustee is...
Estate planning and blended families
People in Minnesota with blended families should make sure that their estate plans are regularly reviewed and updated, especially after a major life event such as the birth of children, marriage or divorce. If they fail to update their trusts, wills, insurance...
Beneficiary designations, IRAs and estate planning
Choosing the right beneficiary for an IRA is an important decision to make for people in Minnesota. Individuals who have no family may want to name a charity as beneficiary. Many people choose their spouses. A spouse who inherits an IRA has the same rights as the...
Should your beneficiaries inherit the same amount?
If you have three children, shouldn’t you give them the same amount of inheritance? Isn’t that fair? If you take a closer look at your estate plan, it might be just the opposite. Why is equitable better than equal? One of the biggest complicating factors...
Estate planning is important with or without kids
Estate planning is not a one-size-fits-all proposition for Minnesota residents. There are a number of factors that make the process unique for each individual, and one of them is whether or not the person has children. In cases where a person is making an estate plan...
Why an estate plan might need an update
Minnesota residents who have not looked over their estate plan for a few years should do so. Estate plans should be reviewed about every three years, but there are also certain situations that should require a review even if less time has passed. For example, an...
Renowned artist’s death puts spotlight on estate planning
While many people in Minnesota may be fans of Stan Lee's comic book art and creative work, they may not want to emulate his estate planning choices. The 95-year-old man passed away in November 2018, survived by his 68-year-old daughter. In 2017, his wife of 70 years...