Disagreements between members of blended families can go on subtly for years. Often there is one family member who glues the others together as a family, and when that person dies, the smoldering disagreements can escalate into probate litigation. Stepmothers and their stepchildren may be especially prone to disagreements when it comes to the estate of the family's patriarch.
Paul Allen, co-founder of Microsoft, passed away recently. Allen leaves no spouse or children to inherit his vast $26 billion fortune and considerable assets. This leaves the question of which individuals and what companies may inherit the Allen estate.
In Minnesota, there can be estate situations in which a person wants to leave their spouse out of their will or other uncommon events. When this occurs, it is important that estate documents are drawn up correctly or there can be many complications among heirs.
When a person has been named a beneficiary of a loved one's estate in Minnesota, it is often viewed as a special gift. Most of the time, disbursements of assets to beneficiaries occur without incidence, but sometimes beneficiaries may wonder if they have any rights. Executors of an estate do have certain obligations to its beneficiaries.
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.
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.
Most of the time when a Minnesotan receives an inheritance they are happy and grateful for it. But, occasionally a person does not want to accept an inheritance. Is it possible, then, to disclaim an inheritance?
When a family sets up a trust for their children or grandchildren, they include terms for distribution of assets. A trustee is a person who in charge of the trust and the distribution of assets. But, there are times when a trustee does not make a distribution according to the terms of the trust.