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Thinking about serving as an executor or trustee? Here are the basics:
• Know your role: Executors handle the estate after someone passes. Trustees manage assets held in a trust. Both must act in the best interests of beneficiaries. • Review the will or trust: Understand who’s receiving what and what the documents require you to do. • Take control of assets: Identify, gather, and value the property you’ll be responsible for. • Settle debts: Make sure all valid bills, taxes, and obligations are paid. • Distribute assets: Follow the instructions in the will or trust to deliver assets to beneficiaries. https://www.americanbar.org/groups/real_property_trust_estate/resources/estate-planning/guidelines-individual-executors-trustees
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With deadlines fast approaching in 2025 and full implementation beginning in 2026, two major changes, including the Minnesota Paid Family and Medical Leave and the MN Secure Choice Retirement Programs are set to impact how businesses support employees and stay compliant with state and federal law.
Here's what you need to know, and how you can get ahead. https://www.minnwestbank.com/insights/2026-compliance-deadlines-are-coming-what-small-business-owners-need-to-know-about-new-hr-and-retirement-mandates - On July 4, 2025, President Trump signed into law legislation commonly referred to as the “One Big Beautiful Bill Act” (OBBBA), which includes provisions that specifically affect private primary, secondary, and post-secondary educational institutions, as well as tax-exempt organizations generally. These provisions caused considerable debate, resulting in significant differences between the House and Senate proposals.
Read more here: https://www.lexology.com/library/detail.aspx?g=d9e05b38-0494-4016-aefd-c7f21d956be9&utm_source=Lexology+Daily+Newsfeed&utm_medium=HTML+email+-+Body+-+General+section&utm_campaign=State+Bar+of+South+Dakota+subscriber+daily+feed&utm_content=Lexology+Daily+Newsfeed+2025-07-22&utm_term= The ABA provides a comprehensive overview for individuals assuming fiduciary roles after someone's death. Here's a summary of key points:
1. Understanding Your Role Executor (Personal Representative): Manages the decedent's estate, ensuring debts are paid and assets are distributed as per the will or state law if intestate. Trustee: Administers a trust, managing and distributing assets according to the trust's terms. Fiduciary Duty: Both roles require acting in the best interest of beneficiaries, adhering to legal and ethical standards. 2. Reviewing the Will and or Trust Understand beneficiaries, distribution guidelines and fiduciary appointment. 3. Taking Control of Assets Identifying and valuing assets. 4. Settling Debts Paying outstanding debts. 5. Distributing Assets Distribute assets as specified in the Will or Trust. https://www.americanbar.org/groups/real_property_trust_estate/resources/estate-planning/guidelines-individual-executors-trustees/ "Probate is the formal legal process that gives recognition to a will and appoints the executor or personal representative who will administer the estate and distribute assets to the intended beneficiaries." Learn more about the process here:
https://www.americanbar.org/.../estate.../probate-process/ #TennesseeEstatePlanning #TennesseeProbate #TennesseeAttorney Do you have a health care directive? Do you know what is is used for and why it is important? It is a legal written document regarding your preferences for medical care if you are unable to make decisions for yourself. Learn more about health care directives here.
https://www.mayoclinic.org/healthy-lifestyle/consumer-health/in-depth/living-wills/art-20046303 I also have a link to MN, SD, and TN health care directives on my site. It’s already April! Have you taken care of your estate planning? Check out this article to learn about some things to consider when getting your estate planning documents executed or updated this year.
- Major changes in your finances, health, marital status - Up to date Power of Attorney and Health Care Directive - Financial gifts - Taxes - Retirement - Business succession #EstatePlanningAttorney #TennesseeEstatePlanning #TennesseeProbate #MinnesotaEstatePlanning #TexasEstatePlanning #SouthDakotaEstatePlanning https://www.forbes.com/sites/martinshenkman/2023/12/26/estate-plan-in-the-new-year/?sh=7e1d957c5840 Many clients think estate planning is a "daunting undertaking," is only for the rich and costs a lot of money. However, none of these are necessarily true! Roughly 26% of adult children would rather deal with their parents' estate after they pass than talk about finances when they are still living. Do your loved ones a favor and spend the money now to make their life easier after you pass.
https://www.cnbc.com/2023/03/10/3-things-most-people-get-wrong-about-estate-planning-advisor-says.html What is a Power of Attorney and how can you benefit from having one?
https://beyondthewill.blog/2022/11/16/how-appointing-an-attorney-in-fact-can-benefit-your-life/#page=1 |
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