When setting up a health care power of attorney, you choose an agent. This agent doesn't have to do anything at the time, other than agree to the position. But if you become incapacitated, then they take over making medical decisions on your behalf. You can see why...
Understanding the basics of a trust
As you get older and work on your estate plan, one of the things you may want to set up is a trust. A trust can come in one of many forms, so the exact way it works will depend on the kind you select. Still, there are some things that trusts have in common. To start...
Why do newlyweds need to write out a will?
When you first get married, you may feel like you will be young and in love forever. Even after the honeymoon phase ends, you and your new spouse will likely derive a lot of joy from your newly-solemnized relationship. You may not want to diminish your happiness by...
Can the representative keep estate property out of probate court?
The personal representative of an estate, what some people call an executor, has to handle all of the requirements of probate administration. They have to review the estate plan and file taxes. They have to distribute property to beneficiaries and possibly attend...
The benefits of adding a health care directive to an estate plan
The more thorough and up-to-date your estate plan is, the more it will protect you as you grow older and after you die. Too many people in Minnesota reviewing or creating their estate plans focus solely on what happens to their property or their children when they die...
The basics you need to know about special needs trusts
For many people, thinking of a trust conjures images of well-to-do, spoiled adults in their twenties living off of their parents' money. While trusts are absolutely useful for the most affluent members of society, they are also an important form of protection for the...
2 financial obligations executors must resolve during probate
Probate proceedings involve court oversight of how you distribute someone's property. They are more than just long and dull hearings where you submit paperwork and discuss someone's will or other testamentary documents. Estate administration in probate court also...
How a durable power of attorney protects you as you age
As you grow older, you may find yourself needing to revisit your estate plan. The plans you first created in your 20s or 30s may no longer effectively protect you or the people you love. Your family circumstances may change, and you may acquire or get rid of certain...
3 reasons to put an adult child’s inheritance in a trust
When your children are still young, you can protect them by putting their inheritance in a trust. There will be resources available if their guardian struggles to provide for them, but there will also be rules that prevent the guardian from abusing and using up their...
Why do estate disputes happen?
When you ask many people why they want to do estate planning, eliminating the potential for disputes is at the top of the list. They simply say that they want to make sure they know what's going to happen to their assets so that their children don't fight over them....
