Some key terms and concepts:
People
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Attorney in fact
The person named to act for you with respect to your financial matters.
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Health care agent
The person who speaks for you about your health when you aren’t able to communicate.
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Trustee
The person responsible for managing the trust assets. Often when it’s your trust, you are the trustee and the beneficiary.
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Successor Trustee
The next person responsible for managing the assets in a trust.
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Personal Representative
The person or people named to administer your estate after you die.
Aka executor, executrix
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Beneficiaries
The people you name to receive your property after you die.
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Heirs
The people who would inherit your property if you don’t leave instructions.
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Fiduciary
A general term for someone responsible for the assets of another, and includes the requirement to act in good faith.
Documents
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Power of Attorney
Names someone to act for you with respect to your financial matters.
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Health Care Directive
Names someone to speak for you when you aren’t able to express your wishes about your health care.
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Digital Asset Authorization
Gives someone else authority to manage your (social media, email, music, shopping, etc. accounts) digital assets.
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Trust
Describes how to manage the property it controls and nominates the people to do so.
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Will
Describes what you want to happen to your property, and nominates people to carry out your wishes after you die. Nominates guardians for your minor children.
Process
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Probate
The legal process of settling an estate in court after someone has died.
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$75,001 or Real Estate
If an estate is worth more than $75,000 or includes real estate, then a probate might be necessary in MN.
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Estate Planning
Making the decisions and completing the documents to make sure your assets are distributed according to your wishes.
Assets
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Real estate
homes, cabins, camps, condos, farmland, acreage, etc.
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Money, +
Bank, investment, savings, retirement, and other kinds of financial accounts, stocks, bonds, annuities, ownership interests in businesses, life insurance, etc.
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Tangible personal property
your possessions: furniture, artwork, jewelry, clothing, guns, collections, cars, boats, etc.
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Digital assets
email, shopping, social media accounts, access to bank accounts, photos, music, websites, etc.