Inheritances can bring about life-changing opportunities and financial security, but they also come with often unexpected challenges. When children receive a substantial inheritance, they might encounter various emotional, psychological, and practical hurdles. Below...
Estate Planning
Should a Child’s Guardian and Trustee Be the Same Person?
When you are a parent, a huge part of estate planning tends to focus on the needs of your minor children. Most parents find it very difficult to contemplate the idea that their children might grow up without them, so the decision about who to name as their children’s...
5 Times You Need to Update Your Estate Plans
Estate planning is a lifelong process, but many people don’t realize that. Many testators don’t regularly update their estate plans, which causes issues for heirs who can't interpret the testator's intent particular when, for example, the people appointed for certain...
Have You Made Plans for Your Residuary Estate?
When you think about what you want to protect with an estate plan, you might not realize just how much you have. Valuable or significant assets, like homes, jewelry, and cash, certainly come to mind, but even after all the property is distributed and your debts are...
Tips for Modernizing Your Estate Plan
Modern is typically not a word you would use to describe an estate plan. However, it could be one worth considering if you want to ensure others can carry out your wishes in the future. What is a modern estate plan? In many ways, a modern estate plan is the same as...
Is Your Estate Plan Accessible?
If you have put forth the time, thought, and effort to create an estate plan, you want to know that others will carry out that plan when the time comes. However, that may not happen if administrators or loved ones run into problems accessing your plan and supporting...
Should You Discuss Your Estate Plan With Your Children?
Thinking about what will happen to your estate and end-of-life plans isn’t necessarily the most pleasant topic for discussion with your adult children, but it can be a critical one. Before having this discussion, prepare by considering the participants’ personal...
How Can You Help a Loved One Who Is Showing Signs of Dementia?
Dementia is an illness that usually strikes in old age. It robs a person of their memory and can lead to the afflicted person becoming a danger to themselves. In advanced stages, dementia can lead to the body’s “forgetting” even involuntary actions, such as how to...
Updating Your Beneficiaries: When and Where to Do It
Naming your beneficiaries is a crucial step in ensuring your property passes to your intended parties after you pass away. You can name beneficiaries in your will, trust, insurance policies, and retirement accounts. However, naming your beneficiaries is just one part...
Is it Possible to Avoid Probate in Minnesota?
The short answer to the question above is, Yes. The slightly longer answer is that it is possible to avoid probate, but only under certain circumstances and only if parties take specific steps. How to avoid probate The necessity of the probate process is determined...