When you create an estate plan, you pick beneficiaries for specific assets. For instance, say that you have a bank account with $500,000 in it, and you want to leave $250,000 to each of your adult children. The estate plan gives you a variety of tools you can use to...
You would like to leave an inheritance to one of your adult children, who is married. Unfortunately, you are not convinced that the marriage is going to last. You don’t want to leave an inheritance to the couple, just for your child to have to split it with their ex...
Estate planning is something that people often procrastinate. They put it off. They fail to make a plan even when they admit how important it is. As a result, the majority of Americans don’t have an estate plan. You may be surprised to learn this, considering how...
All adults should have an estate plan in place so their loved ones know their wishes. Even if you have your estate plan in place, you still need to remember to review it periodically. One such instance is if you get a divorce. After you go through a divorce, you need...
The focus of estate planning is often on what will happen after someone dies. Wills and trusts can help ensure that property goes to the right people after someone's death. However, estate planning in Minnesota is not just about death. It can also address incapacity...
Generally speaking, it is not necessary to include a life insurance policy in an estate plan. It can be left on its own, and other assets can be divided with the estate plan. There are some exceptions to this. For instance, some people will set their life insurance...
Naming an executor is an essential part of estate planning. The party you choose ensures your estate plan protects your loved ones as you intended. Therefore, you should be extra careful when choosing one. The following are four factors to consider when choosing an...
While you don't need to explain every detail of your estate plan to your family, it helps to have an open discussion, especially if you have a complex estate or the assets are not divided equally. Talking to them can eliminate the chances of inheritance disputes....
Some people come into this world with congenital conditions that will make them forever dependent on the care of others. There are many other people who acquire disabling medical conditions because of an injury or an illness that occurs later in life. In either event,...
Putting together an estate plan can feel like a hugely overwhelming process, especially if you’ve never thought about it before and don’t know where to start. While estate planning can be very paperwork-heavy, it doesn’t need to be. When you’re just getting started...
