Beneficiaries inherit from an estate with a will or trust in place. Heirs have a right of inheritance when there is no estate plan on record. Typically, spouses, children and other immediate family members become heirs when a person dies without a will. When an adult...
When a person dies, the individuals who have the closest relationships to them may assume they have a right of inheritance. Minnesota state law identifies specific people as heirs in cases where a person dies without an estate plan. However, the situation changes...
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...
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...
If you own a business in Minnesota, you may think about selling someday. You might worry if your financial records are incomplete or outdated. Many small businesses focus more on daily work than on detailed reports. Even with limited numbers, buyers will still expect...
You accepted the role of executor or trustee to honor someone you cared about. Now you face endless paperwork, hostile family members or complex legal issues. The stress keeps you up at night and you wonder if you can step away. The short answer is yes, but the...
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...
If you are about to make your first estate plan, you might not be inclined to tell others you are doing so. While you could make an estate plan without telling anyone else, it tends to be more effective when you do share some things with a select few others. Here are...
People creating estate plans typically need to address numerous challenging matters. They have to choose who inherits property and who administers their estate. They may even need to make careful plans to preserve their resources and optimize what their beneficiaries...
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...