Sunday, December 27, 2015
As I discussed in Part I of this series, your parents may feel reluctant to discuss details of their estate plan. For many personal matters such as finances and health care wishes are to remain private. But, it’s important to have this discussion so long as you are operating with the proper intentions.
Read more . . .
Sunday, December 20, 2015
It is a common occurrence to have clients come to me after a parent died and say “I didn’t know XXX (fill in the blank) about my Mom or Dad.” Many parents feel reluctant to discuss financial and estate matters with their children. However, any good estate planning attorney would encourage (even urge) you to have this discussion.
Read more . . .
Wednesday, December 16, 2015
It’s difficult to believe that it’s “that time of year again.” How often do you hear that every November/December? For many, this is the time of year to spend time with family and friends. For this estate planning lawyer, the busiest time of the year is generally November through January. Why?
I believe there are two reasons: family get togethers and resolutions. Read more . . .
Sunday, July 26, 2015
A Minneapolis Estate Planning Attorney Discusses How Moving to Minnesota Affects Your Estate Plan
Minnesota’s economy is booming with one of the lowest unemployment rates in the country and this means that people are moving here to take advantage of our great standard of living. As a result, I often receive calls from people asking if they need to update their estate plans due to the move.
In general, wills or living trusts that are valid in one state should be valid in all states. However, if you’ve recently moved to Minnesota, it’s highly recommended that you consult a Minnesota estate planning attorney. This is because states can have very different laws regarding all aspects of estate planning.
Read more . . .
Wednesday, April 15, 2015
An executor's fee is the amount charged by the person who has been appointed as the executor of the probate estate for handling all of the necessary steps in the probate administration. Therefore, if you have been appointed an executor of someone’s estate, you might be entitled to a fee for your services. This fee could be based upon a variety of factors and some of those factors may be dependent upon state, or even local, law.
General Duties of an Executor
- Securing the decedent's home (changing locks, etc.)
- Identifying and collecting all bank accounts, investment accounts, stocks, bonds and mutual funds
- Having all real estate appraised; having all tangible personal property appraised
- Paying all of the decedent’s debts and final expenses
- Making sure all income and estate tax returns are prepared, filed and any taxes paid
- Collecting all life insurance proceeds and retirement account assets
- Accounting for all actions; and making distributions of the estate to the beneficiaries or heirs.
This list is not all-inclusive and depending upon the particular estate more, or less, steps may be needed.
As you can see, there is a lot of work (and legal liability) involved in being the executor of an estate. Typically the executor would keep track of his or her time and a reasonable hourly rate would be used. Other times, an executor could charge based upon some percent of the value of the estate assets. What an executor may charge, and how an executor can charge, may be governed by state law or even a local court's rules. You also asked whether the deceased can make you agree not to take a fee. The decedent can put in his or her will that the executor should serve without compensation but the named executor is not obligated to take the job. He or she could simply decline to serve. If no one will serve without taking a fee, and if the decedents will states the executor must serve without a fee, a petition could be filed with the court asking them to approve a fee even if the will says otherwise. Notice should be given to all interested parties such as all beneficiaries.
If you have been appointed an executor or have any other probate or estate planning issues, contact us for a consultation today.
Monday, February 23, 2015
“I just need a simple will.” It’s a phrase I hear at least once a week. What could be wrong with that? This post explains the many common situations in which a "simple will" may not be a good fit for your family tells the cautionary tale of one family who relied on a will purchased at a stationary store.Read more . . .
Monday, February 16, 2015
Beneficiaries may not want the asset left to them? Why? And what happens if they reject it? I explain the reasons why someone may reject an inheritance and what happens to it if they do.Read more . . .
Monday, February 9, 2015
Should you bring your kids to meet with your estate planning attorney? I discuss the issues related to having them present and what an estate planning attorney should do if you want the children involved.Read more . . .
Monday, January 26, 2015
You have a timeshare in a warm sunny place and want to leave it to a loved one to inherit. How can you do this? What are the issues unique to owning a timeshare?Read more . . .
Monday, January 12, 2015
A Minneapolis Probate Lawyer Discusses the Issue of Using a Will Copy in a Probate
Many people keep their important documents at home where they are easily accessible. It’s not at all uncommon to find people with a filing cabinet or even a shoe box containing passports, account statements, deeds, tax returns, birth certificates and social security cards. Wills are often added to these files once the estate planning process is completed. In choosing to store your important estate planning documents at home, however, you risk having the originals lost or destroyed in the case of fire, flooding or theft. So what happens if the original version of your will is lost or ruined?
When a person dies, Minnesota law determines what must happen in the state probate proceeding. In most cases, the "original" of the will must be submitted to the probate court in the county where the person resided. If the original of the will cannot be located and provided to the court, Minnesota's probate code does permit the submission of a photocopy of that signed will though it may cause a delay.
Should you lose the original copy of your will, the best practice would be for you to execute a new will which would make things easier for your family and loved ones upon your death. In that case there would be better assurances that your wishes were followed and carried out. Preparing a new will should not take much time for your attorney. If you work with Unique Estate Law, we can easily finalize a new original for you. In addition, if you have our Foundational Estate Plan, then you received a free account with Legal Vault and copies of your documents should all be online for your, or your loved ones, to access in case of emergency. If for some reason this is not done, you may wish to execute a document stating the original was destroyed in a flood or fire but that you did not intend to revoke it.
Another option to consider to keep the originals of your estate planning documents safe, even in the face of disaster, is purchasing a fireproof/waterproof safe for your home or rent a safe deposit box with a local bank where you can still easily access your documents but keep them secure off-site. Many of my clients have gun safes and have decided to put their plan in the safe. Also, each county in Minnesota will, for a small fee, store your original will.
If you have any questions on storage of your documents, please contact an estate planning attorney at Unique Estate Law.
Monday, January 5, 2015
A Minneapolis Estate Planning Lawyer Discusses Why You Need a Will
Believe it or not, my busiest time of year is around the holidays and New Year's. I can only guess that it has to do with family getting together and realizing that they may need to take care of business matters for family members. So, I decided to start 2015 with a primer on wills. This is the first in my series on planning for the unexpected using a will.
“Do I really need a will?”
This is the most common questions clients ask but it’s really just a rhetorical question. You already have a will. But how is that possible you ask? You’ve never met with a lawyer or put anything in writing? It doesn’t matter because the state has generously provided one for you free of cost. So, the decision on whether to spend the time and expense in drafting a will comes down to two questions. The first question is:
Do you care who does or doesn’t get your stuff?
Whether it’s a Wii game system or a house, we all care about who gets our stuff. Perhaps you really want your best friend, NOT your brother, to get the Wii system. You must specify that in writing. The second question is:
Do you trust the State?
Before you answer keep in mind that while Minnesota’s divides your stuff between your immediate family members, this does not include your partner, stepchild, best friend or unadopted children. So, in the above example, the State will give your Wii system to your brother before your best friend.
I recognize that the above illustration is somewhat silly but the State’s decisions on property inheritance can be devastating to nontraditional families. My next post will further discuss what will happen to your property if you rely on the State’s will instead of drafting your own.
But you don’t need to read that far. If you want control over who will get your stuff, get a will now!
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From within Hennepin County Unique Estate Law represents clients throughout Minnesota, including Minneapolis, Edina, Bloomington, St. Louis Park, Minnetonka, Plymouth, Wayzata, Maple Grove, St. Paul, and Brooklyn Park.