Wills
The following articles detail the many uses and issues involving the use of Wills in estate planning and probate in Minnesota. A "Will" is a signed written document that, among other things, (1) directs the disposition of your assets at your death, (2) names a Personal Representative for your estate to supervise your estate, and (3) nominates a Guardian for your minor children.
Estate Planning for Pets
03/14/2013 - Pets are quite often seen as part of the family and much like their own children, pet owners worry about their pet's care after the owner's death. Under Minnesota law, pets are considered property. They cannot directly inherit property, own property, or be the beneficiaries of a trust. So,...
Importance of Estate Planning for Unmarried, Cohabitating Couples
01/08/2013 - Many people in long-term relationships live with their significant other, but for any number of reasons choose not to get married. Estate planning is especially important for people in this situation if they expect their significant other to inherit property from them upon their death. A pers...
Choosing Fiduciaries Part II - Guardians and Trustees
10/25/2012 - A fiduciary is a person or an institution that you give the power to act on your behalf or administer your affairs according to the terms you lay out in your estate planning documents. They have a "fiduciary duty" to act in good faith according to your wishes and the terms you set out defining...
Choosing Fiduciaries Part I - Personal Representative
10/12/2012 - A fiduciary is a person or an institution that you give the power to act on your behalf or administer your affairs according to the terms you lay out in your estate planning documents. They have a "fiduciary duty" to act in good faith according to your wishes and the terms you set out definin...
When to Review Your Estate Plan
09/20/2012 - If you already have estate planning in place, you are ahead of the game. However, estate planning is not a one-time event, but is a lifelong process - especially when you start early. It is a good idea to review your plan at least every two years to ensure that the plan still reflects your c...
What Happens If I Don't Have a Will?
08/22/2012 - You're constantly told by attorneys, financial advisers, etc. that you need to have a Will (or some form of estate planning). So, what happens if you die without having created a Will? Here's a list of some important things you cannot do if you do not have a Will when you pass away. Minnes...
Contingent Trusts for Minor Children
12/10/2011 - The general consensus is that parents with minor children (under 18) should have some form of estate planning in place. This is often in the form of a Simple Will which has a provision nominating a Guardian who will physically care for the minor children if both parents die. Additionally, it...
Four Simple Ways to Prevent Conflict through Estate Planning
11/19/2011 - Grieving for the loss of a loved one is hard enough without enduring extra familial conflict surrounding the death. The death of a loved one is an emotional time and can often rekindle old arguments and rivalries between family members, as well as start new arguments. However, you can take s...
Quick Tip: Use of Tangible Personal Property Lists
11/05/2011 - Minnesota Statutes Section 514.2-513 allows people to direct the disposition of specific items of tangible personal property in a writing that is separate from, but referenced in a person's Will. This is a great way to make sure that specific heirlooms are distributed to specific heirs and is ...
Estate Planning and Divorce in Minnesota
10/20/2011 - During the emotional turmoil accompanying a divorce, one of the last things on your mind is estate planning. However, it is advisable to review your entire estate plan during and after a divorce because the plan will almost certainly require some fine tuning and may no longer be desirable in s...
Quick Tip: What Do I Do With My Will?
10/05/2011 - You've been proactive, taken stock of your estate planning goals, and created a Will. Hopefully, you've secured some peace of mind. Take the following steps to keep your will safe and keep that peace of mind: Destroy any prior wills, if any, to avoid confusion and conflict later. Put the ...
Estate Planning is for Everyone
09/15/2011 - The phrase "estate planning" often conjures up images of an older, wealthy person trying to reduce estate taxes at death. While this certainly is one goal, it only scratches the surface of what estate planning entails. Estate planning in one form or another is truly for people of all ages,...
Overview: Duties of a Personal Representative in Minnesota
08/30/2011 - The personal representative (formerly called "executor") is the person that administers the estate when a person dies. The personal representative runs the show during probate. Basically, the personal representative ("PR") winds up the decedent's financial affairs, pays the decedent's debts...
The Basic Estate Planning Process
07/21/2011 - You've finally decided to take action and get your estate plan in order. So, how do you get started? What should you be thinking about? Here is the basic process that will make it easier for you, your spouse, and your attorney to efficiently and effectively execute your estate planning g...
Do I Really Need a Will?
05/12/2011 - I'm not going to preach and claim that every person needs to create a Will, but given the relatively small amount of time and expense involved in making a Will, there are not many good excuses for not having a Will. If you die without a Will (or other estate planning devices), the State basica...