Category: Estate Planning
Navigating Digital Assets When Settling an Estate
April 9, 2024 | Tyler W. Eubank
Navigating the estate settlement process after the death of a loved one is an emotional and confusing matter for many people. The existence of password-protected online accounts can further complicate this process. So, what can you do about these “digital assets”? Keep reading to learn more on the specifics of navigating digital assets when settling an estate. Revised Uniform Fiduciary Access to Digital Assets Act The Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA) is a uniform law that has been adopted by nearly all U.S. states, including Minnesota. RUFADAA dictates which digital assets fiduciaries may or may not gain access to when settling an estate. A digital asset is any electronic record in which a person has an interest. This encompasses basically any online account you may have, such as online banking service accounts, accounts from which you pay bills, email, social media, cloud-based storage, and more. Plan Ahead When it comes to digital assets, the best thing that you can do is plan ahead. Make sure your estate plan explicitly authorizes or prohibits access to your digital assets. Keep account usernames and passwords somewhere safe where they can be accessed by a trusted individual in the event of your passing. Many accounts also allow you to designate someone to take…
Read MoreWhy You Shouldn’t Wait to Write Your Will
July 20, 2023 | William F. Huefner
Writing a will is a task that many people put off. It’s often due to the uncomfortable nature of discussing what would happen after their death. However, creating a will is an essential step in ensuring your final wishes are respected, your loved ones are taken care of, and your legacy is protected. Continue reading, as we discuss the reasons why you shouldn’t wait to write your will and the benefits it brings. Protecting Your Loved Ones Writing a will allows you to designate how you want your assets to be distributed after you have passed away. Without a will in place, your estate may be subject to intestate laws. This can lead to lengthy legal battles, unnecessary stress, and potential disputes among your family members. By having a will, you are providing clear instructions on who should receive what, ensuring your loved ones are taken care of according to your wishes. Guardianship of Minor Children If you have children who are minors, a will provides an opportunity to name a guardian who is going to take care of them in the event of your untimely passing. Without a designated guardian, the decision of who will take care of your children may be left to the courts. This can cause an additional emotional…
Read MoreProposed Rule Amendments Governing Minnesota Veterans Homes Disapproved
July 20, 2022 | Cathryn ReherOn April 15, 2022, Administrative Law Judge Jessica A. Palmer issued her order rescinding the Minnesota Department of Veteran Affairs Additional Notice Plans and disapproving in toto the proposed changes to the Minnesota Veterans Homes Rules (Minn. R. Ch. 9050). The proposed amendments related to admissions, discharges, and billing procedures. Members of the Elder Law Section along with many stakeholder groups over a three-month period committed significant time to research, raised substantive written objections, and testified at the public rule-making hearing on January 31, 2022. The resulting order found the “Department did not establish that it complied with all procedural requirements of law and rule, or that the proposed rules are needed and reasonable. The Department failed to adequately address all of the regulatory factors required for consideration in the Statement of Need and Reasonableness (SONAR) under Minn. Stat. § 14.131. This is a prejudicial defect and not a harmless error.” Further, the ALJ determined “the MDVA misrepresented its engagement with the public in the development of the proposed rules. The Administrative Law Judge would not have approved the MDVA’s Additional Notice Plan as proposed had she known that the SONAR’s description of the level of prior stakeholder involvement was not true.” The MDVA committed five years to the rule-making process and all…
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