It wasn't that long ago that couples who experienced infertility struggles had very few options. Now, reproductive technology has evolved to a place where people have a wide variety of options for planning and growing their families.
Estate planning is a crucial component of a wealth protection plan in Minnesota. State laws will dictate the distribution of property in probate court if a will does not exist. Probate administration can be very expensive, and it offers no guarantees that the deceased's wishes will be honored. When creating an estate plan, it is important to avoid a few common mistakes that could prevent the plan from being carried out as intended.
Individuals who are making a will and reside in or own property in Minnesota may wish to understand more about the probate process. After an individual's death, it may be necessary to settle the estate in court, and this process known as probate. Some wills must be filed in probate court, and once the assets are distributed and debts are settled, probate ends.
Estate planning is one of the most difficult things a Minnesota resident can do, but taking care of the details covered by such a plan can make a person's passing easier on those who remain. Wills are important for people of all ages, and can have an effect on how a person's property is divided after death.
Many people in Minnesota struggle over how to best handle their estates in a way that makes things easier for their heirs. Certain types of assets, such as life insurance benefits and retirement accounts, go to named beneficiaries. Homes that have a title with joint survivorship usually pass to the surviving owner. However, arrangements must be made for the distribution of other assets using either a will or revocable trust.
Minnesota's Transfer on Death Deed
Minnesota readers might be interested to know about a part of estate planning that many people do not consider frequently. Social media and a person's internet presence has become very important, and certain difficulties might arise if a person does not consider provisions regarding those accounts during estate planning. There have been many cases where people have died unexpectedly and their families have been denied access to their email, Facebook and Twitter accounts.
Representatives of actor Philip Seymour Hoffman filed his will in probate court. Hoffman died in February having a will that leaves his entire estate to a woman named in the will as his "friend and companion." The woman, Mimi O'Donnell, the mother of his three children, was treated essentially as a spouse, according to additional papers filed with the court.
Anyone who is looking to avoid the probate process may wish to put their assets into a revocable trust. Like a will, a revocable trust can be amended to suit the needs of the person administering the trust. The advantages of a revocable trust in addition to avoiding probate include the ease of is administration as well as the lower cost of a revocable trust compared to an irrevocable trust.
As older individuals are becoming increasingly more active, there are also differing strategies to shelter a certain amount of assets from being placed into probate. Many individuals may also face a number of challenges that may force them to move from the home and be forced to live on more limited means. What often results are couples owning property in more than one state that will have to be dealt with in some manner should an individual pass away.