As this blog has mentioned in previous posts, many Minnesotans may want to pursue probate litigation and have good grounds for doing so but may, on the other hand, simply be unable to afford the often hefty cost of a protracted court battle.
As the readers of this blog know, we have posted many times on the perils of probate litigation but have also discussed how sometimes a dispute is simply unavoidable. Not surprisingly, though, many people over the years, including those in Minnesota, have tried ways to make absolutely certain that the administration of their estate would not lead to family turmoil.
As many residents of the Saint Paul area may already be aware, the heirs to the fortune and legacy of Martin Luther King Jr., whom many Minnesotans will commemorate in the upcoming days, have been engaged on ongoing litigation over many aspects of the late civil rights leader's estate. This litigation recently received national attention.
If they elect to follow the trend of other wealthier Americans, those in Minnesota who are of great financial means may contemplate investing in a so-called "legacy home" both for themselves and their families. The idea of a legacy home involves purchasing a large and luxurious manor in a location that is amenable for vacationing or just enjoying the outdoors.
When Minnesota residents find themselves managing the estates of their deceased relatives and relations they can run into many obstacles. One issue that estate administrators often encounter is how to value the assets and liabilities that the estates possess. An improperly valued estate can result in financial costs to the estate and ultimately to the beneficiaries who should receive disbursements.