October 3, 2019

We’ve previously discussed how a Transfer-on-Death Deed ("TODD") can be a good tool for avoiding probate and simplifying the estate administration process in certain circumstances. We know that in order to be valid, a TODD must expressly state that the deed is only effective upon the death(s) of one or more grantor owners, transfer the real property interest to one or more grantee beneficiaries, and must comply with all provis...

August 26, 2019

When beginning to prepare your estate plan, it's important to consider how much control you want to have over your beneficiaries. While an estate plan can be a great way to leave your legacy, you can also use it to influence the decisions of those you leave behind. 

For example, an inheritance may be held in trust until the beneficiary graduates from college or starts a business. Another common provision might be to require a p...

June 17, 2019

A Minnesota transfer-on-death deed (a “TODD”) is type of deed that transfers ownership of real estate effective only upon the grantor’s death. Think of a transfer-on-death deed as analogous to adding a beneficiary designation to your real estate, just as you would a life insurance policy or a bank account. We’ve covered more of the basics of using a transfer on death deed here.

In order to be effective, a transfer-on-death deed...

May 16, 2019

We’ve discussed how assets pass after death in previous posts on our blog, but how do we know when a probate is actually required?

The assets owned by a deceased person can be split into two separate categories: probate assets and non-probate assets.

Non-probate assets are those assets that have a beneficiary or pay-on-death designation, have a joint owner who has a right of survivorship, or those assets administered by a trust....

April 1, 2019

When we talk about estate planning, we often talk about who should inherit your assets after you’ve passed away. But what happens if you die with debt? Will your loved ones be responsible for paying back your debt?

The laws pertaining to the repayment of debt after death are defined by each individual state, but the basic rule in Minnesota states that the debt of person dies with him or her. In short, your estate is responsible...

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