It’s been a bad year in terms of celebrity deaths and estate planning mistakes, with several famous actors and musicians passing away. Though sad for family members and fans, it has been a good year for nosey readers curious about the private financial status of these famous individuals. From Robin Williams to Phillip Seymour Hoffman,…
Category: Minnesota Trust
Minnesota Wills and Trusts | The Value Of A Living Trust & Lou Reed’s Estate
Lou Reed, lead singer and guitarist for the group The Velvet Underground, died after a long battle with liver disease late last year at the age of 71. As a celebrity who valued privacy, little was known at the time about his financial condition, net worth or estate planning decisions. That’s all changed now that…
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 Wills and Trusts | Women and Estate-Planning
Though Minnesota estate planning seems like something that would affect everyone equally, and that’s certainly true, there are unique concerns faced by some women that warrant a quick discussion. A recent article by CBS MarketWatch explored some of these issues and we’ll go through some of the advice targeted specifically at women now. First things…
Minnesota Probate: What Happens With Jointly Owned Property?
We’ve previously discussed the issue of Minnesota probate and how some assets fall outside the probate process. One example of such an asset is jointly owned property. Keep reading to find out more about how jointly owned property operates following the death of one owner. What is jointly owned property? Jointly owned property is any…
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…
Minnesota Estate Planning: Who To Tell About Your Estate Plan
If you’ve taken the important step of meeting with a Minnesota estate planning attorney you should be congratulated. It’s an important step that far too many people put off. But now that the plan is drafted and formally prepared, you may be wondering who you should tell, if anyone. There are two basic strategies that…
Minnesota Estate Planning: What Makes A Will Invalid?
We’ve discussed the idea of challenging the validity of a will before, including some creative ways to prevent such challenges like no-contest clauses. This time let’s discuss the subject of a will’s validity but from another side, let’s focus on some of the issues that can make a will invalid and how to avoid them….
Minnesota Estate Planning: What A Will Won’t Do
Minnesota Wills are wonderful things. We’ve discussed before how important it is to create and update a Minnesota will and how a proper estate plan can help to ensure that your wishes are carried out after you’re gone. While the benefits of a will are undeniable, the fact is wills do not do everything. Though a…