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estate planning Archives

How to avoid common estate plan mistakes

The increase in the estate tax exemption to $11.18 million can be a good thing for Minnesota residents and others. However, there are ways for an individual to jeopardize his or her plan for what happens to assets after passing away. For instance, passing away intestate could mean that heirs have to spend time and money proving that they are owed a portion of an inheritance.

Parts of estate plan to review

Minnesota residents should take time to review their estate plans as there are many things that can render all or parts of them ineffective. If the documents have not been reviewed since they were created or it has been some years since they were assessed by an attorney, it is highly likely that they have to be updated.

Four steps to estate planning

Anyone who has had a loved one pass away can attest to the fact that experiencing a loss is a tough situation to endure. Not only can the grief be difficult, but there is also the matter of dealing with the deceased's possessions, which can get messy without a will to clarify their last wishes. Consequently, it is imperative to tackle estate planning in a methodical and diligent way.

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