BURVILLE LAW OFFICE
Legal Glossary Terms
This glossary explains common common Estate Planning, Probate, Real Estate, and Business Law Terms legal terms you may encounter when working with Burville Law Office, P.A. Definitions are provided for general informational purposes only and reflect Minnesota law where applicable. The information presented here does not constitute legal advice and does not create an attorney-client relationship.
Estate Planning Terms
What is an estate plan in Minnesota?
An estate plan is a coordinated set of legal documents that outlines how your assets, health care decisions, and financial matters will be handled during your lifetime and after your death under Minnesota law.
What does a will do in Minnesota?
A will is a legal document that directs how your assets are distributed after death, names guardians for minor children, and appoints a personal representative to manage your estate through the Minnesota probate process.
What is a living will in Minnesota?
A living will is part of a Minnesota Health Care Directive and states your preferences for medical treatment if you become unable to communicate your wishes.
What is a trust under Minnesota law?
A trust is a legal arrangement where a trustee manages assets for the benefit of one or more beneficiaries according to written instructions and Minnesota trust statutes.
Why do people use revocable living trusts in Minnesota?
A revocable living trust allows you to control your assets during your lifetime and helps avoid Minnesota probate after death. It can be changed or revoked while you are alive and competent.
What is an irrevocable trust in Minnesota?
An irrevocable trust generally cannot be changed once created and may be used for asset protection, Medicaid planning, or tax planning under Minnesota and federal law.
What is a Minnesota Health Care Directive?
A Health Care Directive allows you to name a health care agent and state your medical wishes if you are unable to make decisions for yourself.
What does a power of attorney do in Minnesota?
A power of attorney authorizes someone to handle your financial and legal matters if you become incapacitated or unavailable.
Who is a beneficiary?
A beneficiary is a person or organization entitled to receive assets from a will, trust, life insurance policy, or retirement account.
Probate & Trust Administration Terms
What is probate in Minnesota?
Probate is the court-supervised process used to collect assets, pay debts, and distribute property after someone dies. In Minnesota, probate occurs in district court and can often be avoided with proper planning.
What is a personal representative in Minnesota probate?
A personal representative is the individual appointed by the court to manage a deceased person’s estate during the Minnesota probate process.
What is trust administration?
Trust administration is the process of managing and distributing trust assets according to the trust’s terms and Minnesota law.
What does intestate mean in Minnesota?
If someone dies intestate, they die without a valid will, and Minnesota law determines how assets are distributed.
Who is considered an heir in Minnesota?
An heir is a person legally entitled to inherit property under Minnesota’s intestacy laws.
Business Law Terms
What is an Limited Liability Company (LLC) in Minnesota?
An LLC is a business entity formed under Minnesota law that provides liability protection and flexible management.
What is an Limited Liability Company (LLC) operating agreement?
An operating agreement outlines ownership, management duties, and financial arrangements among LLC members.
What is a corporation in Minnesota?
A corporation is a legal entity separate from its owners, offering liability protection and structured governance.
What is a shareholder agreement?
A shareholder agreement defines the rights and obligations of shareholders in a corporation.
What is business succession planning?
Business succession planning prepares for ownership transfer due to retirement, disability, or death.
Real Estate Law Terms
What is real property in Minnesota law?
Real property refers to land and anything permanently attached to it, including homes and buildings.
What is a deed in Minnesota?
A deed is a legal document that transfers ownership of real estate from one party to another.
What is a quit claim deed used for in Minnesota?
A quit claim deed transfers any ownership interest the grantor may have, without warranties.
What is a warranty deed in Minnesota?
A warranty deed guarantees that the seller holds clear title and has the legal right to transfer ownership.
What does title mean in real estate?
Title refers to legal ownership of real property.