February 14, 2020

There are many ways to express love for your special Valentine. While roses and chocolate are always a good standby, estate planning can also be from the heart. An "I Love You" will is a common type of will that is used by estate planning attorneys for married couples.

What is an "I Love You" will? 

"I Love You" wills are basically a set of wills in which each spouse leaves everything they own at their death to the surviving spo...

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...

August 23, 2018

It has recently been reported that the legendary singer, Aretha Franklin, died without a will or a trust. How do we know? Frankin's niece filed a petition with the probate court in Michigan seeking to be appointed as personal representative and indicating that there is no will. In Michigan and every other state (including Minnesota), probate is public record. Soon, the type, size, and value of Franklin's assets and debts will...

May 25, 2018

Unfortunately, just because someone has a will does not mean that their estate will not go through probate.

What is probate?

Probate is the legal process of settling an estate after a person has died. A petition must be filed with the court and a personal representative must be appointed. The personal representative is responsible for: collection, inventory, and appraisal of assets of the person who died, protection of the estat...

April 4, 2018

The best time to share your family history with loved ones is right now, before the memories are forgotten. Holidays are family get-togethers are great opportunities to share the history of your family with children and grandchildren. While you can always pull aside loved ones for a chat about family history, did you know you can also use a personal property memorandum in your estate plan to pass along special memories and sto...