Category: Estate Planning

Wills and Estates: Are you prepared for that next step in life?

May 26, 2022  |  admin

Writing a will and planning for that next step in your life can be an emotional and overwhelming process. Many people tend to avoid it until it’s too late. There are several things you’ll need to have in order when setting up your will. It is not as easy as simply writing it up yourself and keeping it in a place for someone to find. A will is something that needs thorough planning, oftentimes with the help of a legal professional. Continue reading to find out how you should properly handle creating your will and what documents you will need. What are the documents needed for a will? First things first, what exactly is a will? A will is a legal document that details your wishes regarding the distribution of your finances and property, the care of your minor children, as well as other material possessions you may own in the event of your death. It allows you to direct how your belongings which can include bank accounts, investments, real estate, and jewelry, are distributed and to whom. If you decide to prepare your will yourself, begin by compiling a list of your assets and debts. Be sure to include all contents like safe deposit boxes, family heirlooms, and other assets that you wish…

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Where there’s a Will, there’s a Way

October 24, 2019  |  William F. Huefner

Many people in Minnesota are married. Many of those same people own a home, cabin, farm, hunting land or other real estate and many of our clients think that because both the husband and wife have their names on the deed, that the survivor simply become the sole owner of the real property upon the death of their spouse. This is incorrect. In order for title to real estate to pass to the surviving spouse, they must own the property as Joint Tenants. If the title does not list husband and wife as Joint Tenants, then the default is Tenants in Common. This means that when one owner dies, their interest in the property is subject to a probate court proceeding. If the Decedent has a Will, it will pass according to the Will. If there is no Will, it will pass according to Minnesota Statute. Depending on the circumstances, it may or may not pass outright to the surviving spouse. There are solutions to this problem once it is identified, such as: (1) Recording a document so that the property is titled as joint tenancy. This way, when one person dies, title to the property passes to the surviving tenant; (2) Putting a proper Will into place which will make your and…

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Things to Update After Divorce

March 25, 2016  |  William F. Huefner

The divorce has been finalized. You’ve paid your divorce attorney. Now what? Aside from moving on with your life, there are several things that you’ll need to update after the divorce. [maxbutton id=”1″ ] While each case is unique, there are some common steps that nearly every couple will take after they’re officially divorced. These include: Dividing up all the property as per the divorce decree. Change your motor vehicle titles to reflect appropriate ownership as per your divorce decree. Change your name with Social Security and on your passport. Change the name on your driver’s license. The requirements for this will vary from state to state, but in most cases, you will need to change your Social Security card before you can change your driver’s license. Contact your auto insurer to notify them of changes in vehicle ownership, drivers on the policy and address changes. Ensure that your name has been removed from loans or debts that you are no longer responsible for. If you change your name after the divorce, make sure that you notify all of your creditors of this change. Remove your name from the joint bank account and the mortgage, if applicable. Open a new credit card in your own name, and use it to make purchases. Don’t…

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