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Who Should (and Should Not) Serve as a Trustee?

Choosing the right trustee is crucial for effective trust management. They should be responsible, impartial, and financially savvy. While you can name a family member or individual who is named as a beneficiary of a trust, it can create impartiality and administrative challenges.
Minnetonka trust lawyers help with choosing a trustee
Older couple on beach happy they have a revocable living trust in Woodbury, MN

The Advantages and Disadvantages of a Revocable Living Trust in Woodbury

Revocable living trusts avoid the costs and time associated with the probate process. They’re also private documents, unlike wills filed with courts. They can be more easily amended as circumstances change. However, with a revocable living trust, beneficiaries may not have the needed cash flow at death and the trust will only protect the assets that have been transferred to it.
estate planning for new child

Estate Planning for a New Child or Grandchild

Estate planning ensures that your children will have the future you want for them no matter what happens to you.
A married couple looking over their Revocable Living Trust in Minneapolis

Should Married Couples Have a Joint or Separate Revocable Living Trust in Minneapolis?

Married couples often ask how to choose between a joint trust or separate trusts when planning their estate. While a joint trust offers simplicity, separate trusts provide greater control, especially in second marriages, creditor protection, or estate tax planning. The right choice depends on your unique financial and family circumstances.
High Net Worth Planning

High Net Worth Planning: Estate Strategies for Affluent Individuals

Navigating the complexities of estate planning is particularly crucial for those with substantial assets. High-net-worth individuals and families often face unique challenges in securing their legacy, managing estate taxes and ensuring that their wishes are honored. Understanding high-net-worth estate planning strategies can make a significant difference in preserving wealth for future generations.
Woodbury estate administration helps ensure your property is distributed according to your wishes

What Happens If a Beneficiary Dies Before Receiving Their Inheritance in Minnesota?

The death of a beneficiary scenario can arise in settling either a probate estate or a trust administration. The beneficiary’s death affects both the administration of the first decedent’s probate estate or trust and the administration of the beneficiary’s own estate.
A Minneapolis estate planning lawyer can help you secure your wishes in a second marriage

Estate Planning for Second Marriages: Protect Your Loved Ones and Secure Your Legacy

As divorce and second marriages become increasingly common, more people find themselves raising children who are not biologically their own. Estate planning for blended families should address this unique situation.
Risks of DIY Wills with Woodbury estate planning

Hidden Dangers of DIY Wills

DIY wills may seem affordable. However, mistakes in witnessing or unclear instructions can lead to costly probate and disputes, leaving your loved ones burdened.
Talk to your family about your estate plan with a Woodbury estate planning lawyer

It’s Essential to Talk To Your Family About Your Estate Plan

Having open conversations about money and your estate plan can help your children develop a healthy understanding of financial responsibility and family values. Open discussions also help prevent misunderstandings and disputes over your wishes as well as aligns expectations for inheritances.
Naming your estate as your IRA beneficiary is a mistake in Minnetonka estate planning

The Costly Mistake of Naming Your Estate as Your IRA Beneficiary

Naming your estate as the beneficiary of your IRA can lead to higher taxes, increased probate costs, and reduced protections for heirs. Discover why this common mistake can complicate your estate and how proper planning ensures your legacy is secure for your loved ones.
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Do I Really Need a Trust and Estate Planning Lawyer?

Some people don’t think you need an attorney if you want to set up a revocable trust, but the truth is, your trust is one of the most important documents you’ll ever create. Having your revocable trust set up with the assistance of an experienced attorney ensures that it will protect your assets and that your wishes will be honored. Book a call today to get started!

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