Sometimes, life changes in significant and unexpected ways, whether a loved one passes away or a child moves out of the home and starts a family. These changes can have a major impact on people from an emotional standpoint, but may also have financial effects, such as prompting a person to review their estate plan and possibly make changes. For example, someone who splits up with their spouse may need to go over their estate plan and make a number of modifications.
From real estate to items with sentimental value and financial accounts, there are all sorts of things people have to consider when creating an estate plan and deciding how their assets will be split up between beneficiaries. In the digital age, a number of new opportunities have arisen and some may require taking a second look at an estate plan. For example, those who have invested in cryptocurrency may want to include these assets in their estate plan. if you have significant cryptocurrency assets, it is essential for you to protect these assets as with all others.
When people begin to plan their estate in Minnesota, they may be under the impression that transferring financial assets is rather seamless if they plan far enough in advance. However, what they should remember is that tax laws may affect this transfer in terms of what their heirs are required to pay in order to own something for which they were named in the estate. When people take thoughtful consideration while allotting assets, they may be better able to prevent outrageous tax requirements from hindering their heirs' ability to acquire what is rightfully theirs.
Since your remarriage in Minnesota, your first estate plan has become obsolete. It may be that the challenges of modifying it or creating a new one have you procrastinating about the task, though. We at the law firm of Dunlap & Seeger often provide advice to those who want to ensure that they have made the right estate planning decisions for their blended families.
Setting up an estate plan can be tricky for a multitude of reasons. Aside from stress and uncertainty, some people have a hard time figuring out who should be named the executor or how assets should be divided among loved ones. In some instances, estate plans need to be given a second look. For example, there are a number of circumstances in which the person who has been named the executor will need to be removed from the estate plan and a new executor will need to be identified. For people in Rochester, and across all cities in Minnesota, these issues can be difficult to work through, but it is essential to make the right decisions with regard to your estate.
People in Minnesota may assume that one day, perhaps at some point after an eightieth birthday, for example, they will need long-term care. They may be counting on retirement funds to pay for the care they need. However, even those with an impressive investment portfolio may not be able to afford the kind of care that they imagine they will have.
If you are waiting until you have an asset such as a home or retirement account, or until you and your spouse have had children, you may be overlooking an important estate planning matter: a health care living will. According to the Minnesota Statutes, this legal document is not drawn up to benefit your heirs, but for your own well-being.
When it comes to estates, disputes with beneficiaries can arise at any point, from the early planning stages to the time at which assets are disbursed. Unfortunately, beneficiary disputes can be very challenging for entire families and it is important to approach these disagreements with caution. If you are setting up an estate plan, looking over your various choices and making sure you do what is best for your loved ones is important. However, perhaps you are having disagreements with an executor, as a beneficiary yourself. Or, you might be an executor caught in the middle of such a dispute. Sadly, these disputes can become unavoidable or heightened during the holidays.
If you are noticing the first signs of dementia in an elderly relative in Minnesota, you may be concerned that he or she has not yet drafted a will. Maybe certain wishes have been expressed in the past, and without a will, the assets intended for one will go to another during the probate process. If nothing else, dying without one may result in higher taxes.
Being the executor or personal representative of a Minnesota estate after a person dies is an important fiduciary responsibility. Even though adult children may not want to fill this role, they should still be aware of how the probate process is progressing, and whether there are any red flags.