You have worked hard to care for your family. Yet the uncertainties of life could put all that in danger, leaving your family without the support you wanted them to have in your death or long-term illness. Therefore, it is vital to protect your assets and your family’s financial well-being with a customized estate plan.
By working on your estate plan today, you save yourself and your family time, money, and a whole lot of heartache and hassle down the road. While wills and trusts lay a solid foundation for your estate plan, other components will ensure your estate’s goals are carried out according to your wishes. These include:
It’s essential to grant someone you trust power of attorney. Then, if you are ever unable to make important financial, medical, or legal decisions due to incapacitation, your authorized designee can sign in your stead. There are several types of powers of attorney. Our estate planning specialists can help you decide which would best serve you. We can answer all your questions, write up the appropriate paperwork, and have it signed and notarized.
Healthcare directives ensure your wishes for your medical care are followed, even if you cannot express what those desires are due to being medically incapacitated. But a healthcare directive is so much more. It also starts a conversation about the things you value most and what you want your loved ones to know as the end of your life draws near.
In Minnesota, two or more people may share real estate ownership as joint tenants. Joint tenants share equal parts of the whole undivided property. So if one joint tenant dies, their rights are distributed evenly between the surviving joint tenants. Therefore, this property does not become part of the decedent’s estate or go through probate.
The surviving joint tenant(s) should execute an affidavit of identity and survivorship to complete the transfer of ownership rights. This requires a certified copy of the decedent’s death certificate. In addition, the affidavit and its supporting documents must be recorded with the county where the land is located.
A transfer on death deed is one method of transferring real estate in Minnesota to someone else and avoiding probate. It must be recorded with the County Recorder before your death. You can revoke the transfer on death deed any time before your death if you change your mind. It is a great way to transfer property and avoid probate without adding someone’s name to the deed during your lifetime (since that can cause problems).
Don’t let the courts make decisions for you and your family. Instead, plan now to handle your estate the way you want. Our Elk River law firm offers a free initial consultation that allows you to get to know us and decide what estate planning services are right for you. So call us today at 763-241-0477 or contact our lawyers specializing in estate planning services. We’re here to help.