If you’re reading this article chances are you have heard the terms “will” and “trust.” Though the words are frequently bandied about, they are often used without much explanation. While most everyone is passingly familiar with the terms, it’s likely that few truly understand the differences between the two important Minnesota estate planning tools. The…
Category: Wills & Trusts
Estate Planning in Minnesota | Do you need a Will or a Trust?
Many couples have asked me to do some basic Minnesota estate planning for them. My response is usually, ok, what kind of estate planning do you think you want done? Although I get many answers to that question, there are similarities that arise time-and-again. For instance, today, a client asked me to draft a Will,…
Estate Planning | What to do with an inheritance
Disclaimer: this article and all content related to it will not be able to tell you what to do with your inheritance. Now that the disclaimer is out of the way, I would hope that any person who has inherited a large (or even small) amount of money had a plan for what they want…
Probate Law | What Does “Probate Property” Mean?
The term probate and probate property is, in my opinion, largely misunderstood by the public at large. Unfortunately, only a good probate lawyer will typically understand these complicated legal terms. Why is it important to understand the meaning of the term “probate property”? Because it has a significant impact on the administration of an estate…
Estate Administration | Beginning an Informal Estate Administration Proceeding
As I’ve discussed, in many states throughout the United States, there are two typical forms of estate administration: (1) formal and (2) informal. For this post, I want to discuss and informal probate proceeding. Caution: you should talk with an estate administration attorney in your state about these topics as the law in your state…
Estate Planning: Formal and Informal Estate Administration
Although the law is different in every state, and you should talk to your estate administration lawyer in your state about the process, it is true that many states of two, basic kind of estate administration procedures: (1) formal and (2) informal. What is the difference between formal and informal estate administration? I will apologize…
Estate Planning: What is Probate?
Many clients have asked me: “what is probate”? My answer: it depends. As an qualified estate planning lawyer will tell you, on a basic level, the term probate is merely a court proceeding(s) in which a court wraps-up or concludes all the legal and financial matters of deceased person. Think about it: when somebody dies,…
Estate Planning: Drafting a Will with Witnesses Present
In most states, witnesses must be present when the person making the Will reviews and signs the document. This seems simple, right? Additionally, in most states, anywhere from two to three witness must be present with the Will maker when it is signed. A good estate planning attorney will explain this. Again, simple. However, many…
Estate Planning Advice | Put Your Will in a Trust
As I discussed in a prior post, many people are not aware of the common differences between a Will and a Trust. This post offers a discussion of what is known as the “Pour-Over Will.” The Pour-Over Will is a document that acts as a typical Last Will and Testament in many respects with one…
Estate Planning | New Marriages Can Mean Disinheriting Your Children
Helen Morris at the Times Colonist had an interesting article this morning about the potential dangers of new marriages causing disinheritance of children. As she does a nice job discussing, new marriages can have a significant effect on how money and other assets are passed when a person dies. Often, people who fail to conduct proper estate planning can be surprised on what…