Sometimes, limits should be placed on property going to heirs and beneficiaries. Providing an heir with unlimited access to an inherited individual retirement account may be unwise if the heir has debt or money management problems. Naming an IRA trust as a beneficiary may eliminate some inheritance problems, particularly with larger IRAs.
Unfortunately, it is common for families to fight over estates. They might argue over who gets specific pieces of property or whether the will is even valid. Once you pass away, you want your loved ones to be happy – not having contentious arguments. If you want to reduce the chances of your heirs fighting, you can follow some simple steps.
Married couples in Minnesota with children from earlier marriages or relationships face questions on deciding fair inheritances. More blended families and remarriages later in life make estate planning even more important for parents.
Administering an estate through probate in Minnesota may add complications, expense and lead to probate litigation. There are avenues to simplify this process and avoid legal battles over probate issues.
Poor estate planning can cause financial consequences and potential litigation for heirs and beneficiaries in Minnesota. Some typical mistakes have complicated inheritance.
One-third of all Americans expect to receive an inheritance, according to recent polls. However, many beneficiaries in Minnesota and nationwide do not use these assets wisely to meet long-term financial goals.