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.
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.
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.
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.
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.
A common question we receive here at Dunlap & Seeger PA is exactly how long does it take to probate an estate. If you share the same question, you might not like hearing the answer we give that every estate case is different, and thus placing a standard expectation on how long probate might take is difficult. Yet before you begin worrying about the length of time it might take to complete the probate process, a better question might be whether the estate you are party to needs to be probated at all.
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.
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 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.
Many residents of Minnesota erroneously assume that they have no need for a will or estate plan because they do not have large sums of money or excessive assets. If you are one of those people, you may want to consider the many benefits and protections that are offered to you with a will. These are not just for the individual with the property, but also for their heirs and those who inherit their wealth after they die.