If you live in Minnesota and are thinking about creating a trust or drafting a will, one of the most important steps in the process is choosing a person or entity to act as your fiduciary. In the context of a trust, that means choosing a trustee. For a will, this person is known as a personal representative….
Author: Flanders Law Firm LLC
What are the roles in a Minnesota Trust?
One confusing aspect of any discussion about the creation of a Minnesota trust is terminology. Lots of people are unfamiliar with the lingo and with good reason. After all, it’s not everyday that a person establishes a trust fund to manage their estate. To help unravel some of the mystery surrounding the creation of a…
Minnesota Probate Estate | What are Laughing Heirs?
A recent news article about a probate fight going on in Dallas, Texas prompted the following look into an interesting concept known as the “laughing heir.” The dispute in Texas revolved around a case where a man died without a will and a lengthy process (more than a year) of identifying all possible relatives ensued….
What is a Trustee of a Minnesota Trust and what does one do?
If you live in Minnesota and you’ve created or are considering creating a trust to help manage your estate then you’ve likely encountered the term “trustee.” You might be wondering what exactly a trustee is and how they function. If so, you’ve come to the right place. Without further ado, let’s dive in. What is…
Establishing A Special Needs Trust In Minnesota
If you are a parent you likely spend time worrying about whether your children will be well taken care of once you’re gone. You probably want to know that you’ve done what you can to ensure they are protected as children and that once they are old enough, they will be able to function independently…
IRA, Joint Accounts, and Contingent Beneficiaries In Minnesota
Estate planning in Minnesota often touches on some pretty interesting subjects. Death, inheritance, disputed estates and health care directives are pretty hot button issues. Other times, however, estate planning is a little on the dry side. One example of a more mundane subject is the following article discussing contingent beneficiaries. Though the subject may sound…
What Exactly Is A Codicil And How Does It Work In Minnesota?
Last week I brought you a post concerning making alterations to your estate plan. In that post, codicils to a Minnesota Will were discussed briefly. The following post will go a bit more in-depth on the subject of codicils, explaining what they are, when they can be useful and how you go about creating one….
How To Change A Will In Minnesota
If you are one of the Minnesotans who has taken the time to create a will, congratulations. The vast majority of Minnesotans have no such estate plan and you’ve taken an important step in ensuring your family is looked after once you’re gone. While it’s great that you made the will, after a while…
How Does Probate Work In Minnesota?
How Does Probate Work in Minnesota? Read on. Probate can be a very confusing process. Many people are unfamiliar with how to probate an estate due to their lack of experience with the subject. In a lifetime, it is likely that a person will only be involved with the probate process once or twice, if ever. While your lack of…
What’s The Minnesota Probate Process All About?
Many people are confused about the Minnesota probate process and are often intimated before taking the time to fully understand how probate proceedings works. First of all, probate is the name for the legal process whereby an estate disposes of its assets. What does that mean exactly? Well, probate is a term that can be…