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When you die, your estate has to pass to someone. For this reason, the law allows you to create a will that dictates how your assets will be divided. Without a will, Minnesota intestacy laws would dictate how your estate is distributed. Probate is the legal process...
There are a lot of considerations to make when planning out your estate. For starters, you should have some idea of who will inherit your estate. Likewise, someone will need to stay and watch over your estate to ensure it’s all in proper order once the probate period...
From student loans, to credit card debts, mortgages and car loans, millions of Americans are in some form of debt. Unfortunately, not everyone is able to clear off their debts during their lifetime. In fact, most Americans do not. So what happens to a loved one’s debt...
Management of estate resources is one of the bigger challenges during estate administration. The executor or personal representative of a Minnesota estate will have certain liabilities, including responsibility for debts if they fail to pay creditors when distributing...
If you are executing someone’s estate after they die, you generally cannot hand out the assets until you have settled the deceased’s debts. Or rather, the debts that are eligible to be covered by the estate, as some debts, such as federal student loans, will die with...
The executor handling an estate or the trustee managing trust assets will have a major impact on the inheritances of the beneficiaries. They typically have a responsibility to comply with state law and the instructions provided by the testator throughout the probate...
Setting up an estate plan requires you to look at all the available options for turning assets over to your heirs when you die. One option that might be beneficial to you is a transfer on death deed. A transfer on death deed allows you to convey real property, such as...
Before probate can be completed, the total value of the estate needs to be calculated. The executor will need to know a definite amount, subject to any expenses or debt, that’s then payable to beneficiaries. Certain assets, like property and cash in the bank, will be...
As the beneficiary of an estate, you are in a position to inherit property from someone who recently died. However, you don't actually have control over that property. The personal representative or executive state is the one with control. If the testator created a...
Executors of estate plans have very specific duties that they need to handle. They must ensure they know what to do because errors can cost the heirs and beneficiaries money and cause the estate to drag on longer than necessary. It can also create legal liabilities...