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…
Tag: Probate
Minnesota Decree of Descent | Estate Planning and Probate
If you are a personal representative or an executor of an estate, you should be aware of the legal vehicle that is a Minnesota decree of descent. Decree of Descent in Minnesota In Minnesota, whenever any person has been dead for three or more years and their estate has not been probated, an “interested person” can…
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 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 | Handling Estate Cash Responsibly
As I discussed in my prior post, a Personal Representative must properly manage the estate assets. The court and the beneficiaries of the estate will all be paying attention to make sure that Personal Representative is acting in the best interest of the estate. The Personal Representative must act as a fiduciary and handle estate…