Your estate plan should not be something you create once and then forget about. Your life is filled with meaningful changes, and your estate plan should change with it.
Many people make a routine of reviewing their estate plan every few years. However, some life events may warrant a professional review of your plan outside of your normal routine.
Divorce is no longer something that just happens to the young, or even those who are middle-aged. In fact, numbers for those groups have gone down, while divorce for those above 50 years old has increased twofold - threefold for those over 65, reports the Pew Research Center.
While remarriages and fewer years together are high risk factors, even those who have been married for decades are not immune to splitting up. If you find yourself in this situation, here are some tips to help you with the unique circumstances that come with "gray divorce."
You have devoted significant care and thought to your estate plans. To ensure the desired and intended implementation of your will's provisions, you also need to select an appropriate executor, also called a personal representative.
Understanding the executor's role can help you assess whether a particular person you have in mind is willing and able to handle the role in its entirety. Because life can take unpredictable turns, it is also prudent to include an alternative appointment in case your first choice can no longer take on this task. If you do not select an executor, the court can appoint an administrator.
Research has shown millennials are far more likely than past generations to utilize prenuptial agreements. Some common beliefs for this include the fact that many millennials decide to marry later in life, and as a result, they have more assets to protect before going into a marriage.
There are many protections to include in a prenup. Spouses can protect themselves from the other partner's debts and establish who will receive what in the event of a divorce. However, there are provisions you cannot include by law, and adding such rules can invalidate other aspects of the agreement.
Couples facing divorce in Minnesota have many issues to consider as they decide the best way to move forward. Alimony numbers among top concerns for spouses who worry about having to pay amounts they cannot afford as well as for those who wonder how they will make it financially after the split.
Minnesota law formally refers to alimony as spousal maintenance. Courts have a fairly wide range of discretion as they apply statutory factors to decide whether to award maintenance and to set amounts. Couples may also settle the issue of maintenance through a prenup or a divorce agreement.
Estate planning is a process to consider for anyone who has valuable assets or specific desires for who their belongings go to. With an effective estate plan in place, estate holders can have peace of mind knowing how their precious assets will be cared for after they are gone.
There are a few different elements to an estate plan for you to consider. When it comes to selecting a will or a trust, make sure that you keep these facts in mind.
With the start of a new year comes the opportunity for you to make resolutions to change your life in Oakdale for the better. As you contemplate ways to put an end to old habits and develop new ones, the one aspect you do not want to overlook is your end-of-life needs. Though you are in the prime of your life, you might not want to think about when you are old, sick, dying and unable to care for yourself. Because people are living longer, the chances of you living longer than expected are higher.
Your estate plans are more than a list of instructions for your loved ones to distribute your assets. They are documents that give certain legal permissions to individuals you choose to represent you. Here is a brief overview of essential documents you should include in your estate plans.
It may seem as if leaving your spouse is one of the hardest you will ever have to make. But there are many decisions in the days ahead regarding your separation. One of them involves choosing to settle your divorce with mediation or litigation.
Many people are so quick to rush down the path to mediation that they fail to realize it is not meant for every divorce situation. Sometimes, it is more beneficial for separating couples to go through the litigation process to ensure a fair outcome. Before you make any further decisions about your divorce circumstances, review the circumstances to help you decide if mediation is right for you.
Human beings are social creatures, and that social impulse often motivates us to be influenced by the behaviors of the people around us. You might have heard of the spread of so-called baby fever, which increases as friends coincidentally become pregnant, but you might not be familiar with divorce fever. According to CNN, a recently published study indicates such a thing might exist.
If you have friends who have recently divorced, it certainly is not a death sentence for your own marriage. It may, however, influence your view of separation and allow you to consider it as an option. The following are a few other reasons divorce may seem contagious among friends and family:
Divorce these days is very different than it was just a generation or two ago. Couples divorcing in the 21st century find themselves facing issues that their parents or grandparents might never have even considered. For example, the majority of today's dissolution cases involve some form of evidence derived from social media, networking sites, email or text messages.
Another area in which the modern-day divorce is quite different from those of the past is the issue of digital and electronic assets. While intangible assets - particularly things like stock portfolios or the goodwill/reputation value of a closely held business - have always been part of divorce property settlement, today there are whole categories of digital, online and wholly electronic properties that must be carefully valued and divided.
Representing Clients In Woodbury and the St. Paul area.
Bold labels are required.
600 Inwood Avenue No. Suite 200
Saint Paul,
MN
55128
Phone:
651-315-8002
Fax:
651-731-2307
Saint Paul Law Office Map
