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St. Paul Probate & Estate Administration Law Blog

Three important goals for estate planning

Many people dread estate planning and think of it only as writing a will or setting up a trust. Of course, there may different aspects to the process, but estate planning is far more than that. As the name suggests, it is the more significant process of planning for the future and caring for your loved ones. Planning of any kind requires that you have goals, and the following are just a few of the goals that you should consider. 

Whether you are recently married, had children or acquired new assets, it is always a good idea to continually update your estate plan. If you do not yet have one, you should reach out to a legal representative to get started as soon as possible. Keep the following three goals in mind as you do so: 

3 steps to take before moving a parent into assisted living

It is never an easy decision to move parents into an assisted living facility. They may be resistant toward the idea and you might fear they will lose their independence. These reservations are understandable, but the truth remains that a nursing home is sometimes the best option. If you have come to this conclusion, there are a few things you should know before you make the next move.

Consider the following three steps before you progress with assisted living for your loved one. Preparation is an important part of the process, and it is vital that you partner with your parent along every step of the way. The following tips can make this transition go smoothly and minimize stress.

Understanding probate litigation

Probate litigation typically arises when a family member or another interested party challenges any part of the decedent's estate plan. In such a situation, a normally straightforward probate process can turn into months and even years of expensive wrangling.

Considering your estate planning with an eye to likely sources of conflict can help you take steps to decrease the chances of future litigation. A qualified attorney can provide advice and strategic options to help avoid problems.

Choosing a personal representative for a Minnesota estate

When the time comes for your estate to go to probate, someone will need to act on behalf of the estate. This personal representative is commonly also referred to as the executor.

You can designate your personal representative in your will. If you do not, the court will appoint one, usually from among your close family circle. However, just because someone is a close relation does not mean he or she is the best person to oversee the probate process according to your wishes. Understanding what the personal representative will need to do can help you assess whom you can trust to fulfill these duties effectively.

Leaving property to Fido and other mistakes with wills

Wills can be important legal documents that ensure your loved ones carry out your wishes after you die. However, some people make mistakes that lead to confusion or bumps in the probate process. These errors also mean that their wishes do not get carried out sometimes.

So what are these mistakes?

3 steps of probate court

Everybody wants to be sure that their family receives the care they need when they pass away. Though it can be stressful to consider the future and plan for such events, drafting a will or trust is imperative to ensuring the fair distribution and division of your property and sparing your loved ones the task of dividing it. Without a will or trust, this task often results in disputes within the family that go through probate.

Probate is the court system dedicated to handling a person’s belongings and property after he or she dies. If you have a will or trust in place, the court will simply verify the document. If not, the court will typically take the following steps in order to manage your estate.

Prioritize creating an estate plan this year

As you made a list of goals or resolutions for the year, one item you may have forgotten was to complete an estate plan. It is not enough for you to tell you loved ones what you want them to have when you pass on. Without documents in place detailing your wishes, your family members may not receive what you want them to. 

Creating an estate plan may not feel like a positive goal, but in actuality it can be a huge benefit to your family. If you do not want to end up compromising your legacy, you must be willing to do what it takes to secure it. Here are some factors for you to consider as you work on your estate plans

Plan for future estate, not just for retirement needs

Many Minnesota residents approaching retirement have taken great strides in developing a retirement plan. Often, however, they have not taken care to plan their estate to avoid many estate mistakes. According to USA Today, their failure to establish an estate plan could hurt them and their families in the end.

In other words, planning for the flow of money in their golden years and making sure life’s expenses are manageable in those years is on their minds, but not what happens to those remaining financial assets once they die.

Married couples need estate plans too

It is a common misconception amongst many married people in the Saint Paul area that they do not believe they need estate plans. Many of them do not realize the importance of having estate planning documents in place. 

If you are thinking about getting marries or are already married, you should consider taking steps to get your estate in order before you die. If you do not, your spouse and kids may not get their inheritances. Take some time to review the following reasons why estate planning is beneficial for married couples. 

2 major mistakes to avoid with the estate planning process

When it comes to estate planning in St. Paul, what you do not know or do can have a negative impact on you and your loved ones for many years to come. The purpose of making an estate plan is to provide for your family future. If you do not structure those plans carefully, you could end up with some complications that can diminish your estate's value and make to harder for your relatives to receive their inheritances without complications. 

If you do not want the court to determine how to allocate everything you have worked so hard for, you should start making plans to protect your assets. Here are some mistakes to avoid during the estate planning process

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Jeffrey P. Scott & Associates

Jeffrey P. Scott & Associates LLC
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