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 MoreSad Tragedy Reminds Us to Buckle Up and Be Safe
April 10, 2013 | Jon P. EricksonThere was a tragic motor vehicle accident this past weekend just north of Minneapolis where eight members of a family were in a van that was struck by another car. The accident caused four members of the van to be ejected from the vehicle. Those four were not wearing seat-belts, and three of them were killed. The fourth is still in critical condition. A lieutenant of the Minnesota Highway Patrol is quoted as saying: “The fact can’t be ignored that if they had worn seat belts, it could have ended in a different result.” It was further noted that in the last three years 352 of 864 traffic deaths in Minnesota had victims that were not wearing seat belts. This is 41{a0c01d20c42349884e67ff80c137866b0a9fe47aaae8f8a86a605a369ae487c3} of the deaths in these accidents. These deaths were all likely preventable! There was a second accident over the weekend in the metro area where a woman crashed her car into a tree, and was killed. She also was not wearing a seat belt. BUCKLE UP…seat belts save lives!
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