Many people in Minnesota are growing older. The baby boomer generation has amassed wealth that has never been seen before in the United States. Those born in the 20s and 30s will pass $12 trillion to the next generation, while baby boomers are estimated to leave more than $30 trillion behind. It is estimated that over the next few decades over $60 trillion dollars will be passed to the next generations. With this amount of wealth, there are bound to be issues regarding trust administration.
There are many families in Minnesota that own their own business. These businesses have been in their family for generations or, maybe, they are a first-generation creation. Regardless, they are special for families and most want the business to remain in the family for many years to come. Most of the time, a business succession plan can accomplish these goals, but, occasionally, there are complications that arise.
Choosing the executor of a will is a big decision to make. The person writing the will needs to select someone who is financially responsible and trustworthy. It can be difficult to find someone willing to take on such a responsibility, which is why the American Bar Association makes the case for hiring a paid executor.
When a loved one dies, they usually leave some assets for their heirs. Many times, these assets are addressed in a will or trust and the estate is settled. But, occasionally there is an estate dispute among the heirs and beneficiaries that needs to be addressed. In these emotional situations, mediation may be a good option.
When a person sets up their estate plan, they usually name beneficiaries. Beneficiaries can be anyone but are usually close family members. However, when a person doesn't have a family to leave their assets to, they can name organizations and friends as beneficiaries. In the case of 'Frasier' dad, John Mahoney, there were dozens of beneficiaries named.