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…
Tag: Wills
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…
How to Find and Select a Corporate Fiduciary in Minnesota
If you live in Minnesota and are thinking about creating a trust or drafting a will, one of the most important steps in the process is choosing a person or entity to act as your fiduciary. In the context of a trust, that means choosing a trustee. For a will, this person is known as a personal representative….
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…