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You don't avoid probate by writing a will. Instead, the will helps direct the probate process. The court oversees this as they divide your assets and take other steps to ensure that your will is followed. There are two different types of probate that may be used. It's...
Unlike humans, animals cannot inherit. This is because the law considers pets as the property of someone. Thankfully, there is a way around this in Minnesota as in many states. If you want to provide for your pet in your estate plan, you need to create a pet trust....
When someone dies, the property that was once theirs becomes the property of their estate. The executor or personal representative of the estate will need to go through probate proceedings to properly handle the assets and debts someone leaves behind when they die....
A loved one died three weeks ago. You are the designated trustee, personal representative, or closest relative. You have notified family, friends, and employers. You have held the funeral or memorial service. You have secured the decedent’s home and possessions. You...
For married couples creating an estate plan , a trust may be a better option than a will. Trusts offer protection of assets during the couple’s lifetime as well as after the death of one of both spouses. Many kinds of trusts offer many kinds of protection. Why should...
September 5 is International Charity Day. You may have causes or organizations that you care about. As a result, you may want to leave money or other resources toward accomplishing the goals so important to you. It is not enough to verbally tell someone about your...
If you are single and are creating an estate plan, a trust may be a better option for you than a will. Why? Reason #1: Incapacity—Protecting Your Children & Pets If you become mentally or physically incapacitated, who do you want to manage your assets until you...
If you or your spouse dies, when it comes to providing for surviving children, sometimes a will is not enough to protect their inheritances. This is where a trust comes in. Trusts are not just for the wealthy. A trust is a legal entity that can own property and...
Moving across state lines is increasingly common these days. Whether the transition is for a new job, a transfer, or to be closer to family, thousands of people relocate to Minnesota every year. Your relocation from elsewhere may affect your current estate planning ....
Reason 1. Quite simply, to let your family know your wishes, in an enforceable document , in directing how your assets will be distributed after you pass away. A Will lists the property you have and where—and to whom—you want it to go. Reason 2. Avoid family drama and...