Few people think of estate planning as a fun activity. In fact, most people put it off as long as possible. It's a bit like scheduling a dentist appointment: you know you should do it, and that it's good for you, but you end up coming up with one excuse after another not to make the call. You will do it tomorrow, you tell yourself, or maybe after the kids go on summer vacation. You will get to it eventually... just not today. There are a few common reasons why people delay estate planning.
After you make your last will and testament, all the hard work is done, right? Not exactly. Although making your will is an important step, it is just as important to make sure you store this critical legal document safely. You should also make sure certain key people, such as your executor, know where to find your will. With this in mind, here are some of the worst places to keep your will.
It might sound crazy to think anyone would or should ever turn down an inheritance. In some cases, however, there are good reasons to say "no" to a bequest. Here are just a handful of reasons why a beneficiary might choose to decline an inheritance.
Leaving an adult child out of a will is a personal decision that is often fraught with emotion and difficulty. It is perfectly legal to disinherit a child, however, it is a big decision. As with any decision of this magnitude, it's important you're doing it for the right reasons. Here are a few things to consider.
When it comes to making a will or creating an estate plan, many people delay until it is too late. Other times, they wait until a serious illness or hospitalization to make a will. When they wait too long, they usually prepare their will in a rush, with some people even resorting to writing out their final wishes by hand.
Losing a beloved parent or family member is an emotional time. After such a loss, surviving family members need time to grieve, remember, and heal. They must also deal with practical matters, such as taking care of their loved one's estate. In most cases, this is accomplished without any problems. Although relatively rare, there are occasions when someone contests the validity of the will. If someone has contested your loved one's last will and testament, it's important to speak to an experienced Minnesota probate attorney immediately.
Although same-sex marriage has been legal in Minnesota since 2013, the rights of such couples remained unsettled in many states, where gay marriage was not recognized. For years, gay couples struggled with uncertain laws that required them to jump through legal hoops to ensure their rights and property were protected regardless of where they lived or owned property.
Your estate plan is one of the most important legal documents you will sign. Unfortunately, many people attempt to cut corners or save money by preparing their own estate documents or using an online service.