Estate Planning Archives

The importance of having a power of attorney in place

People in Minnesota should consider signing powers of attorney so that their needs may be taken care of if they are incapacitated and unable to take care of themselves. A power of attorney is an estate planning tool that can be used to grant power to another trusted individual to take care of the grantor's financial and medical needs if he is no longer able to do so himself.

Estate planning for art

Minnesota residents who collect valuable art can make provisions in their estate plan regarding their collections. However, many of them fail to properly plan for what should happen with the art after they die. With the proper planning, conflict and litigation between family members and high estate taxes can be avoided.

Managing money made easy

Minnesota residents may be taken aback to hear the phrase "death cleaning". However, in fiscal terms, it simply means taking steps to simplify and organize a person's financial life. This may make it easier for an individual to manage money while alive and easier for surviving family members to handle an estate after that person dies.

Estate planning continues after the death of a spouse

For people in Minnesota concerned about the future of their homes, a detailed estate plan can be an essential part of planning for homeownership. Many couples own their homes as joint tenants with rights of survivorship, meaning that each person will take on the full ownership of the property if the other passes away. This is a particularly common form of shared property for married couples as it allows many families' primary asset to transfer without engaging the home in probate, protecting both parties' interest in the home.

Two main things that people want to bequeath

Minnesota residents who are thinking about what they would like to leave for future generations might be able to learn lessons from a morality play from the 15th century called "Everyman". While the story is meant to discuss the importance of salvation, it also illustrates the two primary things that people want to leave behind for their loved ones.

Going paperless may cause difficult in estate planning

In Minnesota and across the country, society has begun moving away from paper and has started doing a majority of interaction and personal business online. While it may make day-to-day business easier, it can make things difficult when it comes to handling an estate after a person passes away.

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