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If investigating estate planning for the first time, you may come across lots of new terms. One you may hear is a payable-on-death account or POD for short. What are they, and could you benefit from using one? PODs help ensure your money gets where you want faster...
A 401(k) can be worth a lot of money to your family when you die, especially if you die before having had time to draw on it yourself. Therefore it’s crucial to ensure that money gets to the people you want. One mistake a lot of people make is to forget to update...
Some families do not discuss money. That can cause problems when it comes to estate planning. If you are making your estate plan, you might want to consult your children first. Here is why: You can take their wishes into account Have you ever gone to great lengths to...
Executing someone’s estate can be taxing, especially if you were close to the deceased person and are still grieving their loss. To add to your problems, you may face pressure from beneficiaries to hurry up and distribute the estate. If the estate needs to go through...
One of the things that incentivizes many Minnesotans to put their estate plan in place is the wish to prevent their estate from having to go through probate. That can be a long, stressful, costly process for grieving loved ones. With knowledgeable planning, you can...
If you are one of the beneficiaries named in a will, only the probate process stands between you and your inheritance. The court-controlled exercise involves validating the will, identifying assets, paying debts and distributing the estate to its heirs and other...
If you leave a will behind, your estate will go through probate. This is a court-supervised process of authenticating your will. But from locating your assets to validating your will, paying out your debts and estate taxes and distributing what is left per your will...
When you get a pet, you’re taking on a long-term obligation. This is why many parents have their children get fish or other pets that don’t require a lot of attention and that don’t live for many years, just to get them used to the idea of caring for a pet. Buying a...
When the testator of an estate plan dies, as the appointed executor, you will assume your duties. In addition to handling immediate jobs, including registering the death and arranging the funeral, you will take the will to probate to authorize the distribution of the...
When planning the future of your estate, you want to ensure that your assets are protected and can be passed down to your loved ones without complications or loss. That's where trusts come into play. Unlike wills, these estate planning tools can help protect your...