A limited liability company can be used as an effective wealth management tool for certain estates. A limited liability company (“LLC”) is a corporate entity and under Minnesota law, it can be formed for “any lawful purpose or purposes…”[1] An LLC can be useful to reduce an estate’s exposure to taxes at death, help ensure […]
There are many misconceptions about who needs a Will and what happens if you die without one. If you die without a Will, the legal term is that you die “intestate,” meaning that you didn’t have a will drafted before you died or your will does not meet the requirements of your state’s laws. For example, […]
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, among other things, is intended “to promote a speedy and efficient system for liquidating the Estate of the Decedent and making distributions to his successors.” A traditional probate administration is neither “speedy” or “efficient” for a small estate; therefore, Minnesota law provides an alternative if the net value of the Decedent’s probate assets do […]
Probate avoidance is one reason why people seek advice from an estate planning attorney. The attorney can recommend, and put into place, various plans to ensure that assets pass outside of the probate process. An even stronger reason to make non-probate transfers is to avoid a probate in another state.
In a recent post What Happens to Debt at Death?, Jayne Sykora explained that it is typically the decedent’s estate that is responsible for paying the decedent’s debt. Most of us are conditioned to pay a bill immediately upon receipt but when a decedent passes away, bills often go unpaid for a bit of time. […]
Okay, I admit. I spend my free weekday evenings parsing through my Google Reader with the TV on in the background. This week, two shows that I have never seen before caught my attention; not because of the witty and meaningful dialogue, but because words like “Probate,” “Lawyer,” and “Will” came up in a prime […]
Since I am an estate planning attorney, clients, family, friends, and even strangers, often ask about what happens to any debt they may have at their deaths. Most often, people are concerned about whether loved ones will “inherit” debt. The short answer is that your estate is responsible for paying off the balance of any […]
Most people that are nominated as a Personal Representative of a decedent’s estate do not know the duties – or the amount of time – that come along with the nomination. In short, the main responsibility of the Personal Representative is to take possession of and manage, protect and preserve the assets of the decedent. […]
Informal Probate In Minnesota, an informal probate proceeding is relatively straightforward and simple, as compared to Formal Probate. Informal Probate can be used for both testate and intestate estates. Informal commencement of a decedent’s estate is made by Application to a probate registrar, not a judge. Since there is no formal hearing, it is important that […]
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, […]