Category: Estate Planning
Should You Use Estate Planning Software?
April 15, 2013 | William F. HuefnerEstate planning software, like a do-it-yourself will template, can create a very problematic situation for your loved ones after you die. There are 5 primary reasons why you should steer clear of this option. Poor Asset Protection Tax laws are complicated, far more complicated than most software accounts for. If you want to make sure most of your estate stays in the hands of your family and not in the hands of Uncle Sam or Minnesota Revenue then you should steer clear of estate planning software. A good estate attorney can help you take advantage of tax laws to maximize the inheritance that you leave. Software Can’t Handle Common Issues Most people’s estates just aren’t as simple as they imagine. Situations that look straightforward on the surface aren’t straightforward in the eyes of the law. Do you need to set up provisions for a disabled adult child? Do you want your grandchildren to inherit – but not your living children? Are you trying to leave money to your stepchildren? Do you want to leave the entire estate to charity, cutting your family out of the process entirely? These are just examples of situations that are very common but which are too complicated for estate planning software to handle. Each of them needs the…
Read MoreIs a Do-It-Yourself Last Will and Testament a Good Idea?
April 8, 2013 | William F. HuefnerIf you’re thinking about writing up a do-it-yourself last will and testament instead of consulting qualified estate attorneys you’re not alone. The Internet has certainly made this a popular option. However, writing your own last will and testament can be extremely problematic, especially if your situation is very complicated. An improperly executed will can turn a probate process of a few months into a long, drawn out battle of years. The presence of your badly written will may keep your personal representative from using the simplified probate process. In fact, even the omission of very simple language that you might never think of on your own can call the validity of the will into question. Online will templates may also lead you to make more basic mistakes. For example, let’s say the template has a space for just one witness signature. But Minnesota law requires two signatures, which means the work that you’ve done is not a valid will. This is a simple mistake, but it might not be discovered before you die. Problems can also arise if the provisions that you put into your will don’t make sense to the courts. For example, some people like to try to leave their property to their pets, who can’t inherit. A good attorney would…
Read MoreDying Without a Will (Intestate) in Minnesota
April 8, 2013 | William F. HuefnerDying without a will (Intestate) means losing control of what happens to your assets after death. Here’s what your family can expect if you haven’t taken care of this important detail before your death. In Minnesota the state maintains a sort of will for you in the form of specific formulas that are used to divide up your property in the absence of a will. The assets pass first to your spouse and then to your children. If you don’t have either the state will move on to grandchildren, brothers and sisters, and then other relatives as necessary. The state makes every effort to find heirs. If they can’t, your property reverts to the state. This may not sound so bad, but what if you have property that you want to leave to someone other than your relatives? What if you’d like to give a measure of your estate to charity, or to a dear family friend? This is when a will becomes vital. It’s also very important to have a will in the event that you have minor children. You will want to be the person who makes the ultimate decision about who becomes their guardian. If you haven’t appointed a guardian in your will then the courts will appoint a legal…
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