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Helping You Navigate Complex
Legal Issues

Helping You Navigate Complex Legal Issues

October 2015 Archives

Gregory A. Lang

Explaining express and non-express trusts

Hennepin residents may often hear the world “trust” used in association with estate planning. While most likely have a general idea of what a trust is, they may lack an in-depth understanding of its purposes. This lack of knowledge is no doubt compounded by the many different types of trusts out there. Yet before one attempts to discern the differences between these trust subtypes, it is first important to comprehend that fact that all trusts can be broken down into two general categories: express and non-express.

Woman backs up trust instructions with psychological evaluation

One of the main reasons that Hennepin residents are encouraged to get involved in estate planning is to help avoid the potential of discord over their asset after their deaths. Yet, in some cases, disputes may be inevitable, particularly amongst families that have strained relationships. Thus, if one wants to ensure that his or her wishes are carried out after he or she is gone, then it may require extra effort on his or her part to anticipate any potential challenges that may be made to the estate. Once those have been anticipated, then one can take added measures to combat them.

How are power of attorney and conservatorship different?

Many in Hennepin realize that they may reach a point in their lives where they are unable to make decisions and care for themselves. When you reach this point, the question then becomes will you stipulate who has the right to act in your behalf, or will that decision be made by someone else? This is at the heart of the difference between the concepts of power of attorney and conservatorships.

Detailing the descent of ownership of your home

For a good deal of the clients with whom we work here at The Lang Law Office, the most valuable assets they have are their homes. If you fall into this category, then you no doubt have concerns about how your home will be handled when you are gone. You may need your family to be able to retain ownership of it, or be able to manage its sale in order to guarantee their financial security. Either way, the State of Minnesota has laws on the books specifically related to this issue.

How should you change your will following your divorce?

Few in Hennepin would likely associate estate planning with divorce. However, your divorce is bound to change your ex-spouse’s position in your estate. Given that data shared by the Centers for Disease Control and Prevention shows that there were 851,000 divorces in the U.S. in 2012 alone, the likelihood of your needing to revise your will due to divorce may be higher than you realize.

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