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Probate and Estate Litigation Blog

February 2012 Archives

Millionaire's estate planning offers lessons to Minnesotans

Minnesotans considering trust litigation may want to consider the case of a wealthy polo club owner. The entrepreneur established an irrevocable trust naming his two biological children as beneficiaries. He also appointed a wealth management firm to oversee the administration of the trust. Because the trust is irrevocable, the polo club owner has no authority to remove the wealth management company as trustee. Claiming to have lost confidence in the company's management, the entrepreneur elected to adopt his adult girlfriend in order to make her a beneficiary of the trust. Through this adoption, the entrepreneur gave his 42-year-old girlfriend the legal authority to challenge the administration of the trust and potentially replace the wealth management firm with a new trustee.

Beneficiaries beware: estate litigation becomes common occurrence

Minnesota beneficiaries may be able to learn lessons from the famous estate disputes of celebrities. Public lawsuits over celebrities' estates have brought light to such issues as self-dealing, proper execution of trusts and misuse of funds.

Questions of residency in estate administration

For some Minnesotans, the question of where to open an estate may be a bit complicated if the estate owners pass away with assets located in more than one state. For example, some residents in the Twin Cities area may split their time each year between two homes, one in Minnesota and one somewhere else. So where should the legal distribution of assets take place if it isn't clear exactly where the estate owners held permanent residency?

New Alzheimer's discoveries could reduce financial exploitation

As Minnesotans know, older adults can be especially vulnerable to financial exploitation, and sometimes, if coercion or undue influence is suspected to have affected a person's end-of-life wishes, disputes can arise that lead to will contests and other kinds of litigation.

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