Minnesota parents may want to consider expanding their estate planning instructions if their children are minors. Wills offer parents the opportunity to appoint guardians for their kids. However, this still leaves a gap between what happens after the parents' deaths and when the legal guardian takes over.
What is the difference between a will and a trust?
A will, or “last will and testament” is a legal document that is used to transfer your belongings, money or other “assets’ to the people you name in it. A will can serve more than just that purpose, however.
Important issues when dividing retirement accounts during divorce
Divorce among people over 50 has been trending upward since the 1990s. Older individuals in Minnesota likely have multiple retirement plans to split when they end their marriages. They could have one or more 401(k) plans and pensions from jobs over the years as well as Individual Retirement Accounts.
