People choose their beneficiaries based on their personal relationships and obligations. People with resources often name their spouses, children and grandchildren as their beneficiaries. Friends and other extended family members may also be beneficiaries of an...
Search Results
The danger of overlooking a residuary estate in an estate plan
People drafting wills often have one or two specific priorities. Parents may want to ensure there is a guardian to care for their children if they die. Successful adults often want to control who inherits their property. They may focus on allocating businesses, real...
What could make your estate plan out of date?
You can make an estate plan as young as 18 and never touch it again in your life, should you choose. Yet while estate plans aren’t subject to any official expiration date, their usefulness certainly can go out of date. Regularly reviewing your estate plan and updating...
3 options for charitable giving while estate planning
People drafting estate plans often want to provide support and meaningful inheritances for their close loved ones. Charitable giving can also sometimes be a priority. People may want to provide resources for causes that are dear to them. They may even want to...
How a power of attorney differs from a living will
When you are making an estate plan, you can include advance directives. These are often used to address potential choices you may need to make in the future. For example, you may be considering medical care you would need after an emergency, such as a heart attack or...
Tips for choosing the right estate executor
When you pass away, you can leave instructions for your family through an estate plan. But you still need someone to administer the estate and adhere to that plan. This person is known as the estate executor. Tasks they have include paying debts, taking an inventory...
Can beneficiary designations override your will?
Many people believe their will controls everything they own after death. In Minnesota, this belief is not always true. Some assets pass outside a will through beneficiary forms. When these forms conflict with a will, the beneficiary designation usually wins. This...
Your estate doesn’t have to be divided equally
When you are writing your estate plan, you may feel some pressure to find an equal distribution of your assets. You do not want any of your adult children or other beneficiaries to feel slighted. It is very common for adult children to assume their parents are going...
Should you add a Totten trust to your estate plan?
There are so many complex solutions to wealth distribution that sometimes some of the simplest answers get overlooked. Such may be the case of Totten trusts. Don't let the name fool you, as Totten trusts are regular bank accounts that have payable-on-death clauses...
3 reasons why you shouldn’t put off planning for incapacity
Life has an uncanny way of reminding us that the unexpected can happen to anyone at any time. A sudden illness, a serious accident or even the natural effects of aging can leave someone unable to communicate or make decisions for themselves. The idea of being in a...