It is almost a universal maxim that everyone wants to avoid probate. My question for this article: what if everybody is wrong? In my opinion as a Minnesota probate attorney who has been practicing for a number of years, probates are not necessarily such a bad of thing. What exactly does Minnesota probate mean? Probate is simply a process set up by…
Category: Minnesota Estate Planning
Minnesota Transfer on Death Deeds
When doing Minnesota estate planning, a person may draft what is called a transfer on death deed which will transfer the title to that person’s home or other real property to their chosen beneficiaries. That transfer on death deed is a very effective as an estate planning tool to avoid probate. What to know about Minnesota Transfer…
Minnesota Probate Law | Is Probate Such a Bad Thing?
Probate is the process in which a court (or possibly a referee in Minnesota) makes a decision about a deceased person’s assets and debts – which are in that deceased person’s name only. A Minnesota Probate is not necessarily a bad thing, but it can be avoided and it is expensive. Often, probates are not necessary if,…
Minnesota Estate Planning | Three Estate Planning Tools Everyone Should Have
The Wall Street Journal recently published an article concerning the most important estate planning documents that everyone should have prepared. The author of the piece noted how when many people hear the phrase “estate planning” they imagine wealthy oil tycoons and contentious probate battles, wrongly believing they don’t need to concern themselves with such matters….
Advice For Minnesota Estate Planning For Those Under 40
The sad fact is that less than half of all Americans have an existing estate plan. Though there are many reasons why people put off creating an estate plan, one common refrain is that people feel they are “too young” to begin worrying about estate planning. For those under 40 years old, death may feel…
MN Probate and Estate Planning: What Lessons Can Be Learned From Philip Seymour Hoffman’s Estate Plan?
Philip Seymour Hoffman’s unexpected death at the age of 46 shocked the country and garnered headlines for weeks. Now that the dust has begun to settle, details of Hoffman’s estate plan have started to emerge. Though Hoffman thankfully had the foresight to create a basic estate plan to ensure that his loved ones were cared…
Minnesota Estate Planning Law: What Happens Without A Will?
Some people may not have a will or may be reluctant to draft one because they assume that if they don’t, the state will take care of things. The state’s default inheritance scheme is known as intestate Minnesota probate law. While it’s true that your assets will be identified and distributed even if you lack…
The Impact of Divorce On Minnesota Estate Planning
Everyone knows how confusing and emotionally exhausting divorce can be. Between custody disputes, paying lawyer bills and dividing your assets, it can be a lot for anyone to handle. Though the last thing you want to hear is the need to do even more work, the reality is that it’s important to take steps quickly…
End Of Year Minnesota Estate Plan Checkup
The holiday season is well underway with Thanksgiving behind us and Christmas only a few weeks away. As the year begins to wind down, it’s a good opportunity for Minnesotans to sit back and reflect on their lives and estate plan, among other things. Before the New Year begins, take a moment to go through…
What Exactly Is A Trust And Why Do I Need One?
Most people have heard of a trust, but few likely understand what the estate-planning tool is and whether they might benefit from having one of their own. There’s a common misconception that estate planning trusts are only useful for those with gobs of money. While it’s true that barebones estates may not benefit from a…