When a Minnesota resident has taken the time to create an estate plan, they believe it will be followed after their death. A person's will is an important document that helps a family understand how their loved one wants their assets distributed after their death. When a family squabbles over a will, they may want to work to invalidate it.
No one expects they will be involved in an inheritance dispute among other heirs. But, this becomes the reality for many families in Minnesota. There are many approaches a family can take to minimize inheritance conflict.
When a loved one passes away, they often leave an estate behind for their loved ones to figure out. These estates can cause a family stress and disagreements. Those who are put in charge of an estate may not be doing their duty as far as trust administration and there can be fiduciary issues.
Nowadays, individuals in Minnesota and elsewhere understand the importance of establishing an estate plan. Taking this step not only protects the individual and their wishes when it comes to property and asset distribution, but it also protects the loved ones of the individual. It can be difficult to put our future wishes and intentions in writing; however, this can prove to be a very beneficial and vital step to take. Thus, it is important to understand how to draft an estate plan, set up a trust and what steps are necessary to make these documents valid.
When a parent dies, they hope that their children will settle their estate fairly. But, even the best intentioned plans often end in a family dispute. The founder of 1980s clothing brand, Esprit, has family involved in an estate dispute.