Seats are still available for the Business Leases free legal seminar tomorrow from 11:00 a.m. t0 12 Noon at the Anderson Legal Services, PLLC conference room, 226 Myrtle Street East, Stillwater. To RSVP, call Attorney Jeanne M. Anderson at 651-439-1389 or send her an email to firstname.lastname@example.org.
At today’s Wills & Revocable Trusts free seminar we discussed many different topics. One topic we delved into was using a Statutory Short Form Power of Attorney compared with a Common Law Power of Attorney. In a Common Law Power of Attorney, you may make it a “springing” power, such that it will not be in force unless you are declared by a physician to be mentally incompetent.
We also discussed Health Care Directives in detail and what additional instructions you may add to them, such as funeral information, placement of ashes, and very specific medical procedures you identify as what you want, do not want, are undecided about, or want a trial and if no clear progress is made that treatment is stopped.
Also today we discussed why owning real estate in more than one state is an indicator that a Revocable Trust is a good tool for you – if you transfer all the real estate into your Revocable Trust, you can avoid multiple probates. This scenario comes up a lot with Minnesota folks owning cabins in Wisconsin and condos in Florida. You can do planning that makes everything so much easier for your family when you’re gone, that many people are not aware of.
Prince was also a topic of conversation with the news that he died without at least a Will. Most celebrities have a Revocable Trust in order to maintain their privacy as to their assets and the disposition of them. This was a missed opportunity for him. And, his property will now be given to his heirs-at-law under the Minnesota Intestacy laws, instead of to the people and charities he likely would have chosen. The lack of an Estate Plan at his death also means potential for claims and litigation among the various heirs. We can all learn a lesson from this: do not put off your planning. Get something in place and you can make changes to your Plan via a Codicil to your Will or an Amendment to your Revocable Trust as they are needed.
For clients unable to make weekday appointments, Saturday is now an option.
- To request an appointment, contact Attorney Jeanne M. Anderson at 651-439-1389, email@example.com, or complete the form on the Contact page with the date and time requested.
Unlike most celebrities, who use Revocable Trusts to maintain their privacy and to avoid Probate, Price died without a Trust and without even a Will – he died “Intestate.” Today Prince’s sister, Tyka Nelson, filed a Petition for Formal Appointment of Special Administrator in Carver County, Minnesota, for the Estate of Prince Rogers Nelson. His Estate will be administered under a Formal Probate Proceeding, supervised by a Judge. We the public will be able to see an Inventory of His Assets and learn who will inherit his assets, which are said to be in excess of $300 million. Tyka has requested to be appointed as the Special Administrator. All of the assets values are listed as “unknown.” This proceeding will give us an unusual inside view of a celebrity estate, as all Probate Court documents are public. I think given what a private person he was, this is not the way he would have preferred his estate pass to his heirs, and I really wonder why one of his advisors did not press him to get a Revocable Trust established. I also think he missed an opportunity to donate to his charitable causes. If you would like to see a copy of the Petition, please contact me and send me your email address and I’ll send it to you. Perhaps we can all learn something from this.
Minnesota CLE has wonderful Webinars, which are informative, but also provide me with the 45 hours of Continuing Legal Education (“CLE”) which I am required to attend every 3 years to maintain my Minnesota Law License. For my Wisconsin License, I am required to attend 30 CLE hours every 2 years. They keep me busy!
Come and see me at the Anderson Legal Services PLLC Both at the 2016 Greater Stillwater Chamber Community Showcase at the Stillwater Area High School Gym on Sunday, April 10th from 11:00 a.m. to 4:00 p.m. This is a free, family-friendly event with many local businesses exhibiting, entertainment, a kids’ area and local resources to check out!
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