When creating an estate plan, much attention is traditionally given to financial assets, real estate and investments. However, addressing the distribution of sentimental personal property—a category of assets that often includes family heirlooms, photographs, jewelry, books, knick knacks, memorable items once owned by children in a family and personal letters—can be equally important.  Such items may not have significant monetary value but may hold immense sentimental value to family members. It is, therefore, important that these treasured belongings are passed on thoughtfully and in way ..read more

Divorce is one of the reasons to update a will. But do you need to remove your ex-spouse from your will? Is there a risk to keeping them? Here is what to know: Revocation by dissolution of marriage In Minnesota, the dissolution or annulment of marriage automatically revokes any provision in a will/trust that leaves property to the former spouse or appoints them to any position relevant to the estate plan, such as a trustee, executor, guardian or health care agent. However, this law may not apply if the testator (the person who writes a will) uses terms that expressly state otherwise and the te ..read more

Estate planning is often thought of as something that only elderly individuals need to do, but this is far from the truth. Estate planning can help adults of all ages to better safeguard their interests. Drafting a will may be the last thing on the mind of a young adult, but there are several functions that a will can serve for this age group. Here are a few key factors to consider. Providing for your unmarried partner While marriage does signal commitment, this doesn’t mean that unmarried partners are any less committed. Marriage is a choice, and some long-term partners prefer not to get marr ..read more

When someone gets disinherited, it means two things. First, it means they had a reason to expect to inherit. They are either a family member of the person who is making the estate plan or they are a beneficiary who was previously included, even if they aren’t a direct relation. Second, it means that this person is being removed from the estate plan and won’t receive anything. Often, this is done for relatively negative reasons. One common example is estrangement, which is when parents and children simply haven’t had contact for a long time. Another example is drug addiction. A child may make l ..read more

Charitable trusts are an estate planning option that can provide valuable support for charities while still enabling a trust’s creator to support their loved ones. As part of a comprehensive estate plan, these trusts are established to manage assets for charity, offering a structured way to give back. There are two types of charitable trusts, charitable lead trusts (CLT) and charitable remainder trusts (CRT). Charitable lead trusts (CLTs) CLTs can provide a charity with income for a set period before what’s left goes to the creator’s beneficiaries. This setup is particularly attractive for tho ..read more

Nothing can slow the probate process down quite like a missing heir or beneficiary that you need to notify. Whether they’re likely to receive anything or not, their “status unknown” can create a lot of headaches for the executor of an estate. Since you cannot proceed with probate and close the estate until the beneficiary or heir is found or the court is satisfied that they cannot be located, here are some steps to take: 1. Start with their last known address Sometimes you can find someone simply by sending a piece of mail to their last known address and making it “return service requested.” I ..read more

Unfortunately, many people spend more time planning a holiday getaway, selecting a restaurant for dinner or purchasing a new vehicle than they devote to planning their estate. Making decisions about the people who will take over your estate when you are gone may not be as fun as checking out restaurant reviews or booking a vacation trip. However, it is crucial to acknowledge that without a comprehensive estate plan, your loved ones may not have actionable instructions on how to allocate your assets or otherwise manage your affairs if you become incapacitated or pass away. Protecting your loved ..read more

A will is often created alongside a revocable living trust. A trust allows you to appoint a trustee who will take ownership of your assets. However, you will retain control over your assets during your lifetime. You can modify or change the trust terms whenever you want, and you can use or sell the assets if needed. Though often beneficial, there are some limitations to keep in mind. That’s why it’s important to consider both the benefits and disadvantages before deciding whether or not to create a revocable living trust. Benefits and disadvantages of a revocable living trust The following ben ..read more

Digital estate planning is a relatively new feature of broader estate management that deals with the handling of digital assets after a person’s death or incapacitation.  Due to the ways in which the world has evolved over the past few decades, a significant portion of most adults’ lives and assets exists online or in digital form. These include social media accounts, digital photographs, online banking, email accounts and even cryptocurrency holdings. Digital estate planning involves organizing these digital assets and making arrangements for their future management or disposition. The i ..read more

When an individual becomes incapacitated, unable to communicate or make decisions due to medical reasons, the question of who will make medical decisions on their behalf becomes a primary concern. Two critical legal tools are crucial in this scenario: advance directives and powers of attorney. Both of these provide a way for individuals to express their wishes and appoint decision-makers in advance to ensure that their medical care aligns with their preferences even when they can’t voice them themselves due to an accident, illness or other serious medical concern. Once the creator of these doc ..read more