Some key terms and concepts:

People

  • Attorney in fact

    The person named to act for you with respect to your financial matters.

  • Health care agent

    The person who speaks for you about your health when you aren’t able to communicate.

  • Trustee

    The person responsible for managing the trust assets. Often when it’s your trust, you are the trustee and the beneficiary.

  • Successor Trustee

    The next person responsible for managing the assets in a trust.

  • Personal Representative

    The person or people named to administer your estate after you die.

    Aka executor, executrix

  • Beneficiaries

    The people you name to receive your property after you die.

  • Heirs

    The people who would inherit your property if you don’t leave instructions.

  • Fiduciary

    A general term for someone responsible for the assets of another, and includes the requirement to act in good faith.

Documents

  • Power of Attorney

    Names someone to act for you with respect to your financial matters.

  • Health Care Directive

    Names someone to speak for you when you aren’t able to express your wishes about your health care.

  • Digital Asset Authorization

    Gives someone else authority to manage your (social media, email, music, shopping, etc. accounts) digital assets.

  • Trust

    Describes how to manage the property it controls and nominates the people to do so.

  • 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

  • Probate

    The legal process of settling an estate in court after someone has died.

  • $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.

  • Estate Planning

    Making the decisions and completing the documents to make sure your assets are distributed according to your wishes.

Assets

  • Real estate

    homes, cabins, camps, condos, farmland, acreage, etc.

  • Money, +

    Bank, investment, savings, retirement, and other kinds of financial accounts, stocks, bonds, annuities, ownership interests in businesses, life insurance, etc.

  • Tangible personal property

    your possessions: furniture, artwork, jewelry, clothing, guns, collections, cars, boats, etc.

  • Digital assets

    email, shopping, social media accounts, access to bank accounts, photos, music, websites, etc.