In my mind, as a practicing Minnesota probate lawyer, perhaps the most common reason that probates are required in a deceased person’s estate is their ownership of a parcel of real property – otherwise known as their home. In many instances, the home or other property may have existing loans or mortgage on it. This means that…
Category: Minnesota Probate
Minnesota Probate Law | Is Probate Such a Bad Thing?
Probate is the process in which a court (or possibly a referee in Minnesota) makes a decision about a deceased person’s assets and debts – which are in that deceased person’s name only. A Minnesota Probate is not necessarily a bad thing, but it can be avoided and it is expensive. Often, probates are not necessary if,…
Minnesota Probate Law | Payment of bills of the estate
We decided to make a short post on a new article we wrote which specifically answers a common question received from clients. Many new personal representatives (executors) of their parent’s estate, simply do not know where to start. Paying estate bills can be very confusing and if you have questions you should speak with a…
Minnesota Wills and Trusts | Women and Estate-Planning
Though Minnesota estate planning seems like something that would affect everyone equally, and that’s certainly true, there are unique concerns faced by some women that warrant a quick discussion. A recent article by CBS MarketWatch explored some of these issues and we’ll go through some of the advice targeted specifically at women now. First things…
MN Probate and Estate Planning: What Lessons Can Be Learned From Philip Seymour Hoffman’s Estate Plan?
Philip Seymour Hoffman’s unexpected death at the age of 46 shocked the country and garnered headlines for weeks. Now that the dust has begun to settle, details of Hoffman’s estate plan have started to emerge. Though Hoffman thankfully had the foresight to create a basic estate plan to ensure that his loved ones were cared…
Lady Bird Deeds (Transfer on Death) And Minnesota Estate Planning Law
What in the world is a Lady Bird Deed (Transfer on Death Deed)? Lady Bird deeds are named after the one and only Lady Bird Johnson (President Lyndon Johnson’s wife). Some say that the name came from the fact that President Johnson used such an estate-planning tool to transfer property to Lady Bird after his…
Minnesota Estate Planning Law: What Happens Without A Will?
Some people may not have a will or may be reluctant to draft one because they assume that if they don’t, the state will take care of things. The state’s default inheritance scheme is known as intestate Minnesota probate law. While it’s true that your assets will be identified and distributed even if you lack…
Minnesota Probate: What Happens With Jointly Owned Property?
We’ve previously discussed the issue of Minnesota probate and how some assets fall outside the probate process. One example of such an asset is jointly owned property. Keep reading to find out more about how jointly owned property operates following the death of one owner. What is jointly owned property? Jointly owned property is any…
Minnesota Estate Planning: What’s The Difference Between A Will And A Trust?
If you’re reading this article chances are you have heard the terms “will” and “trust.” Though the words are frequently bandied about, they are often used without much explanation. While most everyone is passingly familiar with the terms, it’s likely that few truly understand the differences between the two important Minnesota estate planning tools. The…
Minnesota Estate Planning: What A Will Won’t Do
Minnesota Wills are wonderful things. We’ve discussed before how important it is to create and update a Minnesota will and how a proper estate plan can help to ensure that your wishes are carried out after you’re gone. While the benefits of a will are undeniable, the fact is wills do not do everything. Though a…