Category: Estate Planning
Dying 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…
Read MoreEstate Planning Review: Choosing a Will or a Trust
July 29, 2010 | William F. Huefnerby Doug Dehn Winter 2007 In Brief Newsletter Should I have a Will or a Trust? This is a common client interview starting point. The answer is not always simple. Discussion ensues as to what the pros and cons are as to Wills and Revocable Living Trusts (RLTs). Wills may simply name your beneficiaries, personal representative and alternates and contain other basic terms. A will may also contain a Contingent Trust for the benefit of children or grandchildren, a Disclaimer Trust for estate tax planning purposes, or both. An RLT, designed to avoid probate and insure privacy, also designates beneficiaries, successor trustees and alternates. An RLT may also contain a Contingent Trust, A Disclaimer Trust or both. Because there are relatively simple steps with a Will, most people decide to use Wills and not RLT’s. However, RLTs do have very legitimate purposes. First , if a client owns property in more than one state, the use of an RLT will avoid an ancillary (extra) probate in that second or third state. Most states have probate systems that are more complicated, time consuming and expensive than Minnesota. The avoidance of an ancillary probate is one of the primary reasons for using RLTs. Secondly, using an RLT ensure privacy. Some clients prefer RLTs to avoid…
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