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Helping You Navigate Complex Legal Issues

December 2014 Archives

Gregory A. Lang

Reasons to update a will

Some Minnesota residents who have drafted a will in the past may have filed it away without considering that certain life circumstances not only lend themselves to amending the legal document but in actuality warrant it. Major events in life, including marriages, births, deaths and divorces, should prompt a review of the will and, in some cases, elicit an entire rewrite.

The use of trusts in Minnesota estate planning

A trust is a type of document that can be used to manage the distribution of a person's property before or after their death. Depending on the wishes of the grantor, a trust could be designed to transfer ownership of property all at once or in regular payments. Some people use trusts in place of a will and others supplement their will with one or more trusts.

Examining the different types of trusts for estate planning

For Minnesota residents, trusts can be a very important part of their estate planning. Those who are looking into setting up an estate plan may be interested in more information about the types of trusts available and how they can benefit both the owner of the trust assets and their beneficiaries.

What is a living will and do I need one?

Many Minnesota residents may find it worthwhile to have a living will, which is a document that states whether an individual wants treatment that may extend his or her life in the event of incapacity. Regardless of what is included in such a document, it will not impact routine care that a patient receives, nor does it necessarily mean that a patient would not be given palliative care if terminally ill.

Common beneficiary errors in estate planning

Individuals in Minnesota who are concerned about the disposition of their estate after they die should keep in mind that there are a number of errors they must beware of regarding beneficiaries. One of the most common is failing to update the beneficiary designation after major life events like births, deaths, remarriages and divorces, but there are many others. Individuals should also remember that writing a will does not fix all of these problems, as beneficiary designations in certain types of financial instruemnts will override what is written in a will.

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