News & Resources

When they think of their end-of-life wishes, many Minnesota residents may think of whom they want to leave assets to. However, some of them may also think about who they do not want to receive anything. Family relationships are not always loving or healthy, and as a result, some individuals may be interested in ways to disinherit family members as they go through the estate planning process. Some people may reach a point where they are no longer happy in their marriages but do not feel that divorce is the right step, or they may worry that they will pass away before a divorce is finalized. As a result, they may want to use their estate planning documents to disinherit a spouse. Because most state laws [...]

Making decisions that can have a significant impact on loved ones is not always easy. When Minnesota residents are estate planning, they may worry that they will choose the wrong person to act as the executor. In some cases, the potential for family conflict over who was named could be a deciding factor. Fortunately, individuals do not have to appoint a family member to act as their executor if they do not feel it would be best. Banks and other financial institutions often offer executor services. The institutions would charge a fee to complete the probate process on behalf of an estate, so if the estate can cover those fees, the person planning may feel that appointing a professional executor could be in everyone’s best interests. [...]

Estate plans are a crucial part of protecting the assets that one has worked so hard to acquire over the course of their lives, and those who have decided to create one should not ignore any aspect of the process. The amount of effort that one puts into reviewing all of their options and approaching the estate planning process could have a significant impact on their loved ones in the years ahead, and there are many facets of preparing properly. In this post, we will examine the importance of taking inventory. In order to protect your estate, you must have a solid understanding of everything you own and how to protect it with an estate plan. Taking inventory is a crucial part of the process, [...]

Preparing for the death of a spouse is not just something that people should be thinking about if their husband or wife is dying, but it is a consideration that everyone should take. Couples who openly discuss what each other should do if they end up as the surviving spouse may be able to instill confidence and hope in each other before anything happens to one of them. As such, these prepared couples in Minnesota may be able to reduce some of the stress and financial strain of losing a spouse. While death is certainly not a comfortable topic to discuss, people that help prepare their family members for what to do if a family death did occur, are often able to put the people [...]

Determining what will happen to your property and assets if you should pass away is not a task many people rush to complete. It is difficult to think of our mortality and what will happen to the beloved possessions we have accumulated throughout our lives when we leave this place. Yet, for many people, creating a last will and testament can help give peace of mind when it comes to knowing what will happen to an estate if you are no longer able to voice your wishes. When you sit down to draft a will, there are several things you may want to consider. First, who will be in charge of overseeing your estate and ensuring everything is carried out properly. This role is known as the [...]

If you have been divorced or widowed before and now met a new person that you would like to get married to, that is certainly something to celebrate. However, Minnesota residents in this situation should be sure to use their heads as much as their hearts when making this decision. If either you or your new partner have children from a prior marriage, it is extremely important that you engage in frank, open and honest discussions about your assets, debts and wishes for the future. As explained by CNBC, if you remarry without an estate plan that has been well reviewed and communicated to your spouse, children and other pertinent parties, your wishes may never be executed. In many states, the surviving spouse is the default beneficiary [...]

Minnesota could offer you a range of options when it comes to estate planning. An irrevocable trust is one of these tools. When you create one of these trusts, you basically set up a separate legal entity over which you have no control and supply it with assets. In this role, you would be the grantor, trustor or settlor. This naturally begs the question of why you would want to create an irrevocable trust. Although it would largely depend on your circumstances, there are some indications that this type of estate planning tool could be useful to you. Please read on for a brief description of some of these conditions. Irrevocable trusts are often most useful to those who have earning investments to protect. As [...]

Guardians and conservators are both, generally speaking, types of custodians under Minnesota law. However, the general idea of caring for someone is more or less where the similarity ends. As detailed by the Minnesota Conference of Chief Judges, the basic difference between guardianship and conservatorship is that guardians perform personal or healthcare decisions while conservators handle finances. Please read on for a brief discussion of both of these in more detail. You may want to establish a guardianship if you need to make medical decisions for another party. As a legal parent, you are probably already the guardian of your children in this sense. However, the reverse is not necessarily true. To make decisions about your parents’ healthcare, a guardianship may be necessary, for example. A conservatorship [...]

It is never easy when a close friend or family member passes away. Often there are strong emotions involved, and it can be difficult to make the final arrangements. One of the most overwhelming items to deal with may be that of finalizing the estate and distributing the deceased’s property. The difficulty of doing so depends on how the final terms were set up and whether the estate will be required to go through the probate process. The probate process is designed to finalize matters involving paying off creditors, collecting life insurance policies and other assets, finding property and ensuring items get to the proper beneficiaries. During the probate process, an administrator is appointed to see the estate through the proper procedures. The administrator is either chosen [...]

Considering the constantly changing nature of Minnesota and federal tax laws, it could be time to revisit your estate plan. In fact, even in the absence of major overhauls, such as the new tax bill that is going into effect, it may be a good idea to adopt a regular schedule for the review and revision of your plans for the future. At Dunlap & Seeger, P.A., we always attempt to keep our clients abreast of the changes that could affect their wills, trusts and other estate planning tools. However, there are some times when it could benefit you to reach out first. After all, tax laws are not the only things that could affect your estate. Here are a few examples. One of the most common life [...]

When it comes time to organize your estate and get your affairs in order, there are several items that you may want to consider. One critical element of the estate planning process involves appointing an estate administrator. This person will oversee the affairs of your estate after you pass. Not only is it important that you choose a person that is honest and trustworthy, but you want to select someone who has the time to handle your estate in a thorough manner. By understanding the estate administrator’s role, you can be sure to choose the right person for the job. Also referred to as the executor of the estate, the estate administrator is responsible for handling your property and assets through the probate process. If your [...]

When it comes to estate planning, there is a myriad of factors to take into consideration. On the one hand, creating an estate plan (or making certain changes to an estate plan when necessary) can provide a great deal of security and allow people to rest easier at night knowing that the future of their estate is protected. On the other hand, people may experience financial uncertainty for any number of reasons, whether their job is lost, they face major expenses due to an unforeseen health crisis or they break up with their spouse. This uncertainty can carry over into one’s estate plan and it is important to address these challenges appropriately. If you are having a hard time due to financial uncertainty, you should [...]

People decide to revise their estate plan for an array of reasons, whether their financial circumstances have changed due to a personal injury settlement, a new job or the loss of their job, among many other issues. Moreover, divorce, the birth of a child or grandchild and changes with respect to the health and well-being of family members can also necessitate estate plan revision. However, some people may be unsure of which revisions are necessary and how these changes could affect those they love, which is why communication with family members can be very beneficial. For example, you may have designated a child to be in charge of your estate after you pass away, but they may no longer want these responsibilities. When this occurs, [...]

Many people in Minnesota might have heard others talk about creating a trust instead of a will when making an estate plan but they might not really understand what a trust is or how it works. The fact of the matter is that a trust may be even used in conjunction with a will but the trust has some very specific uses and benefits. As explained by The Motley Fool, one benefit to a trust is that it is almost always private whereas the contents of a will and the probate process are publicly accessible. With a trust, a person who creates the trust is called the grantor or the settlor. This person transfers assets into the trust that is then managed by a trustee. Assets are [...]

When it comes to both estate planning and divorce, there are a plethora of legal issues to consider and many ways in which you may be impacted. In this post, we will examine some of the different factors that you may need to take into consideration if you are in the middle of ending your marriage and you have a revocable trust. Although the divorce process can be very overwhelming at times, you should not neglect other important responsibilities that may arise as a result of this major life event, such as taking a look at your estate plan. First of all, it is essential to recognize that property division laws vary from state to state, so you should examine how the laws in your [...]

Estate planning can be tough for a number of reasons, from uncertainty over which type of trust or will is ideal to making decisions regarding beneficiaries. For some people, such as business owners, CEOs, those with children, and workers with demanding jobs, setting up an estate plan can be challenging because they do not have a lot of free time. If you have a busy schedule, it is imperative to set aside enough time to create an estate plan for a number of reasons. With an estate plan in place, you can know that your assets will be protected in the future and this plan could be very helpful if something unexpected takes place. Many people have become incapacitated due to an unexpected crisis, such [...]

Many people in Minnesota are able to find a new love after previously getting divorced. If you are one of these people, you should be able to feel positive about your future but you should also know that it is important to take clear steps to outline your wishes for your estate after you die. Estate planning with a blended family can be more complex than estate planning in a first marriage. You will likely want to provide for both your new spouse and your biological children and how you set up your estate plan will make a big difference in your ability to do this. As explained by Fidelity Investments, you should consider all of the types of assets you have and how you may assign [...]