We have written about the benefits of utilizing revocable trusts for incapacity planning, probate avoidance and out-of-state real estate. However, we often get the question from couples, “Why do we need two trusts? Why can’t we just have one joint trust?” To be honest, in some instances, a joint revocable trust might be the appropriate option […]
Some clients know how important the Power of Attorney document is. They may have acted as attorney-in-fact for a spouse or an elderly relative. Or they may have experienced first hand the challenges created when someone hasn’t executed a valid Power of Attorney. The Power of Attorney (aka POA) names an attorney-in-fact to make financial […]
Personal representatives and trustees are commonly responsible for distributing real property from an estate or trust to its designated beneficiaries. Such distributions present unique challenges for personal representatives, trustees, and beneficiaries alike. To this end, there are several considerations that should be made prior to distributing real property from an estate or trust.
Part II: Why? Framing the Issue. “Art is a nation’s most precious heritage. For it is in our works of art that we reveal to ourselves and to others the inner vision which guides us as a nation. And where there is no vision, the people perish.” ~Lyndon Johnson, on signing the Arts & Humanities […]
When working with clients on their estate plans, one of the most important items to consider and understand is how real estate is titled. First, let’s discuss what “title” means. Title is a legal term that describes a bundle of rights in a piece of property. The rights in the bundle may be separated and […]
When I ask a probate client if the decedent (or decedent’s predeceased spouse, if any) received medical assistance, I often receive a confused look. I make this inquiry because if the decedent (or decedent’s predeceased spouse) received medical assistance there may be a medical assistance lien filed against real property owned by the decedent. Before […]
In past articles we have covered the pros and cons of avoiding probate. As a brief refresher, probate is not always a terrible process but in some cases, it can be long, complicated, and expensive. If you want to avoid probate, you need to title your property in a way that it will be transferred […]
Probate is very often misunderstood. This post seeks to provide a basic overview of Probate in Minnesota. What is Probate? Probate is the legal process whereby the decedent’s Will is presented to the court for validation and the Personal Representative is appointed and granted permission to act. If decedent dies intestate, or without a Will, […]