A personal representative, sometimes called an executor, is someone that the decedent chose, or who the court appointed, to settle his or her estate based on the directions in his or her will. This person is one of several fiduciaries that could be associated with the estate.
Even when a Minnesota resident puts in a lot of thought, time and careful planning into their estate plan, something can still go wrong. Family members sometimes do not agree on certain aspects of a trust. There can be sibling rivalries, second marriages, and problems with in-laws that are unexpected and cause a trust dispute.
No matter how well planned a Minnesota resident's estate plan is, there can still be disputes among family members. There are many Minnesota residents who have created a trust. But, there are times when these trusts result in a dispute.
When a person in Minnesota sets up a trust, they will name a certain individual as the trustee. This is an important role that comes with significant responsibilities. Most trustees want to properly fulfill their role as trustee, including the fiduciary duty they have to the trust beneficiaries.
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.
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.