Opening a Probate Case – Things To Prepare For Preparing for a probate case might be just what you need to do. Maybe you wanted to do this earlier since you feel overwhelmed or perhaps it’s because you’re always wanting to plan ahead. So, here are a handful of things that you should plan on…
Category: Minnesota Trust
Why estate planning is necessary | MN Estate Law
Why Estate Planning is Necessary Assets are only one of many parts of estate planning. Leaving behind good memories and protecting your children are two small sections of the many things that you can do with the right documents. How many assets you have shouldn’t dictate whether or not you should seek out an estate…
Minnesota Revocable and Irrevocable Trusts | MN Estate Planning
Minnesota Revocable and Irrevocable Trusts Not all trusts are the same. That statement goes further than simply in how they’re written. There are multiple different kinds of trusts regardless of their contents. A trust lawyer can help you understand all the ins and outs of trust law and how each kind of trust is different….
Proper Trust Accounting in Minnesota | Duties of Trustees
What is a proper trust accounting in Minnesota? Under Minnesota trust code, a trustee of a revocable or irrevocable trust, in Minnesota, must conduct a “trust accounting” and serve the same upon any beneficiaries or other “interested parties” of the trust. (As an aside, I will not go into what the term “interested parties” means…
Going Through Probate Without a Will | Minnesota Law
Ideally, everyone would be born with a will which would automatically adjust to their estate assets and heart’s desires. Such is not the case. Wills may need to be updated often to account for incoming assets and changing families. Passing without a will or a trust remains a regular circumstance. Thankfully, there’s an answer to…
Tax Identification Numbers | Minnesota Trusts and IRS
Taxes and Minnesota Trusts Many new estate planning clients have lots of questions about taxes. After all, who wants to pay taxes? Mainly, people want to know how to avoid taxes when they die. Although there are a number of tax planning “strategies” that can be discussed in every new estate planning consult, it is…
Minnesota Revocable Trust Administration | Should You Have a Trust?
Should You Have a Trust? Trusts are funny little things. You’ve most likely heard them tossed around in the same sentence as wills and estates, but you might not be sure if having one is really advantageous to estate planning. This article aims to tackle that issue head on. Before you even search for a…
What Is a Revocable Trust | Minnesota Law
What is a revocable trust? When most people think about estate planning, their first thought likely involves creation of a will. Others may realize the importance of a living will/healthcare power of attorney or even a financial power of attorney. Once the bare minimums have been accounted for, it is rare for most people to…
MN Estate Planning | When adding your child’s name to your deed goes wrong
Titling and Deeding of Property in Minnesota It’s not uncommon as people age to start considering strategies to either avoid probate or limit assets that could be taken to pay medical/nursing expenses. One of the most well-known strategies is to simply add your child’s name to the deed of your house. Though the strategy is…
Common Mistakes Made When Handling Your Own Minnesota Estate Planning
Common mistakes when drafting your own estate plan We discussed some of the dangers of drafting your own estate plan last week as well as the questions to keep in mind if you’re thinking about doing it yourself. For those that are still determined to create an estate plan alone, there are some common mistakes…