Estate Planning is the process of directing how your assets will be transferred when you pass away. Some belongings are transferred by directions in a Last Will and Testament. This is the probate process (to learn more, read our previous article, “Probate is Not a Four Letter Word”).

Trusts can benefit your children and grandchild by protecting your assets from creditors,  divorce proceedings, and even from the financial decisions that your children or grandchildren may make.

One of the most important questions any business owner has to consider is about the succession of their business: Who will take over for you? A trusted employee? Your children? What if only one child is currently working in the business? What is fair?

That is why every business owner, whether they are running a shop, farm, tech start-up, or food truck, should have a Business Succession Plan.

It’s not uncommon for one or more family members of a recently deceased person to express dissatisfaction with their share of the estate. They may not be happy with the inheritance provided in a will. However, simply saying the decedent’s Last Will and Testament gave them an unfair amount is not a legally sufficient reason to challenge the will. Minnesota law establishes specific grounds upon which an interested party may challenge the validity of a will or other estate planning document.

A power of attorney is a document where another person is authorized to act on your behalf for legal, financial or other matters. Powers of attorney are effectively a permission slip to act for someone else and handle their financial and legal affairs.

At Grabitske Law, we always want to emphasize to our clients the importance of having a current estate plan in place. We are sometimes asked, “What would happen if I died without a Will?” In today’s blog post, we will answer that question.