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…
Tag: Trusts
Minnesota Estate Planning (Wills & Trusts): How To Handle Items Of Personal Property
Though estate planning often revolves around money, there are other items of personal property that are often just as important and sometimes even more important to people, regardless of their worth. Jewelry, photographs, antiques and other items may not have much monetary value, but can be very important for sentimental reason. When handling the disposition…
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: What Is Simultaneous Death?
Though the thought is a terrible one, it’s also not unheard of: a couple dies together in a horrible accident with no will to handle the distribution of assets. While the case is certainly tragic and estate planning would likely not be the first issue to spring to mind, the fact is the case presents…
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’s The Difference Between A Will And A Trust?
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…
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…
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…
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 | 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…