Category: Estate Planning
How Does Probate Work in Minnesota?
April 22, 2013 | William F. HuefnerProbate in Minnesota may seem a little mysterious, but it’s actually relatively straightforward. Here’s what you need to know. First, probate is just the process of settling the estate when you die. Popular fiction and television have often characterized it as a court’s attempt to make sure the state keeps as much of your property as possible, but that’s not actually what happens. In fact, probate can be as simple or as complicated as your documentation and your heirs make it. The first step is to determine what does and does not need to go through probate. Property that you already own with another person doesn’t go through probate, for example. If you and your spouse have a joint bank account and both of your names are on that bank account then the account probably won’t go through probate. Ownership of it and everything in it will simply pass to your spouse. Homes and businesses may transfer in the same way. However, an attorney may still need to oversee a title transfer that does need to be handled correctly. Property with living named beneficiaries also doesn’t go through probate. Retirement plans, annuities, and life insurance policies usually all have named beneficiaries who would simply receive the property. Estates worth $50,000 or less also…
Read MoreShould 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…
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