Trusts may seem like the inevitable choice for people in Minnesota who are considering their estate planning alternatives. In fact, a trust is a tool that has many advantages and disadvantages, and the key to making this option beneficial is finding the type that best suits the circumstances.
Avoiding probate and other benefits of trusts
If you are approaching the process of estate planning, all sorts of questions may be on your mind. Whether you are trying to decide if a will is ideal or are leaning towards a trust, it is vital to closely examine all of your choices. At Dunlap & Seeger, we know that trusts work out very well for some people in Rochester, and other parts of Minnesota. For example, a trust may allow your estate to avoid probate and offer other benefits as well.
Taking the complication out of your estate planning
If you have started to think about planning your estate, you have probably already begun to feel overwhelmed. You are certainly not alone because a lot of Minnesota residents share the same feelings of angst. At Dunlap & Seeger, we have helped many people to navigate the complexities of planning their estate to create a valid and clear proposal for surviving family members.
What is the role of capacity in estate planning?
When you are planning your estate and developing all the legal documents that go along with this process, you will be assessed in Minnesota. This assessment is to ensure you have the mental capacity or ability to enter into legally binding agreements, such as a will or a power of attorney. The law has set varying standards for capacity in different situations relating to estate planning according to the American Psychological Association.
How to pay for nursing home care
Even if you have great health, the odds are high that at some point in the future, you or a close loved one will require care in a nursing home. With greater advances in technology and medicine, the residents of Minnesota and other states are living to older ages and increasing the likelihood that they will require long-term care. We at Dunlap and Seeger are here to help you prepare for the costs that may be incurred if you need to pay for nursing home care in the future.
Avoiding conflict during estate and asset division
Despite the precautions and careful planning that many people undergo when creating their will, familial conflict is still a possibility. The risk of family disputes is heightened when vague statements are used instead of detailed guidelines. With active measures put into place ahead of time, individuals planning their wills in Minnesota can create an agreement that is fair, concise and understandable.
Expecting parents and new parents should consider estate planning
Preparing for the birth of a new child includes many exciting opportunities for planning. Choosing a name, prepping the nursery and deciding how to tell the grandparents the good news are common sources of both excitement and concern for many people. At the same time, there are important decisions to make to help protect the child from infancy to adulthood.
How can I prevent disputes over my estate?
When it comes to estate planning in Minnesota, you have to anticipate there may be disputes between family members over your assets when you pass away. If you have any inkling that your family has issues with each other or you have large assets at stake, you should always think ahead to how you can prevent issues from arising, so your estate can be settled quickly and with minimal hassle.
Tips for choosing an executor
When people begin to think about what they may want to do in their estate plan they often focus on how to divide their assets. Common concerns may involve how to protect assets in creating a trust. But along the way, it is easy to overlook thinking about how the estate should be managed. Choosing an executor or trustee is an important function that should not be taken lightly.
Reasons everyone needs a will
It is a common misconception among Minnesota residents that only older people need wills. This simply is not true. A person can help their family to avoid many hassles by drawing up a will no matter what his or her current age. The New York Times notes that the state will step in and disperse a person’s assets after he or she dies if there is no will. This leaves the person with no say in what happens to anything he or she owns or any children he or she has.
