Trusts and conservatorships are both versatile tools in estate planning. Both have their uses, depending on your circumstances, and both can be used in conjunction with one another, or as alternatives to each other. Which is right for your situation (or that of someone you know)? It helps to understand…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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