Estate Planning

5 Specific Use Trusts for Estate Planning 1024 682 Patrick J. Thomas Agency

5 Specific Use Trusts for Estate Planning

Trusts manage the distribution of your assets after death. They are generally controlled by a trustee—a person selected by you to hold the property and manage it for your beneficiaries.  There are many types of trusts you can set up, some of the most notable and commonly used being revocable…

read more
Common Mistakes Conservators Make. What to Avoid. 1024 682 Patrick J. Thomas Agency

Common Mistakes Conservators Make. What to Avoid.

Being a conservator for a friend or loved one is an important job. While it’s not the most complex thing in the world, there are still a lot of mistakes a person can make that will make their job as a conservator harder, not to mention put a strain on…

read more
How to Handle Digital Assets in Estate Planning 1024 682 Patrick J. Thomas Agency

How to Handle Digital Assets in Estate Planning

As technology has advanced over the years, and generations who have been steeped in it become older, the issue of how to handle digital assets in an estate impacts more people than ever. Estate planning is important, and how to handle everything from property and other tangible, real-world assets is…

read more
The Difference Between Irrevocable and Revocable Trusts 1024 682 Patrick J. Thomas Agency

The Difference Between Irrevocable and Revocable Trusts

People create trusts for many reasons. Sometimes they want to protect their assets later in life. Sometimes they want to ensure they are properly distributed to their beneficiaries after they pass away. At other times, trusts are used to gradually distribute assets to them over time, providing a type of…

read more
minnesota state flag
Tips for Minnesota Conservators Using the MMC Accounting CSV Method 1024 621 Patrick J. Thomas Agency

Tips for Minnesota Conservators Using the MMC Accounting CSV Method

All Minnesota conservatorships are required to file an accounting every year. These are meant to allow the courts to keep track of the assets and spending of a conservatorship and to ensure that the assets are being properly managed by the conservators in charge of managing them. While the way…

read more
What is a Special Administrator of an Estate? How They Differ from Personal Representatives 1024 682 Patrick J. Thomas Agency

What is a Special Administrator of an Estate? How They Differ from Personal Representatives

Special administrators are used in times of need when an estate needs to be preserved and protected before a personal representative can be found and appointed. If no personal representative has been appointed, it can take time to get the right individual into the position, including getting approval by the…

read more
Updates on Representative Payee Bonds and Social Security 1024 682 Patrick J. Thomas Agency

Updates on Representative Payee Bonds and Social Security

No matter what state you live in, the Department of Veterans Affairs and the Social Security Administration require all Representative Payees—those appointed to receive benefits for someone who is unable to manage their money—to obtain a surety bond in order to fulfill their duties. Representative payee bonds generally need to…

read more
child with blocks
Leaving an Estate to a Special Needs Child? What You Need to Know 1024 682 Patrick J. Thomas Agency

Leaving an Estate to a Special Needs Child? What You Need to Know

Estate planning can be a complicated process, which is why it’s always best to consult with an attorney at every step. Planning an estate when one or more of the beneficiaries is a special needs child adds yet another variable. There are a few more steps you will need to…

read more
old people on bench
How to Choose the Right Executor for Your Estate 1024 682 Patrick J. Thomas Agency

How to Choose the Right Executor for Your Estate

Choosing an executor is an important part of creating an estate and/or a will. An executor is the person who has been put in charge of administering the terms and assets of a will or estate. It’s an important position and choosing the right person for the job is crucial…

read more