Many Minnesota residents have taken the time to create a will that passes their assets to their family members. Most of the time, the assets are distributed evenly among siblings, but occasionally a person distributes their assets in a different way. If siblings do not receive an equal portion of the assets, an estate may face a legal challenge.
Many Minnesota residents have taken the time to designate a power of attorney. But sometimes a person has the need to revoke a power of attorney. There are a few different ways a person can change or remove a designated power of attorney.
Even when a Minnesota resident plans his estate, problems may arise after their death. There are many reasons why an estate can run into a probate dispute and these often can lead to family distress.
Stan Lee, the legendary Marvel comics creator, died recently, leaving behind a large estate. Minnesota residents who have lost a loved one, know how difficult settling an estate can be. Many times, families wind up in disagreements over how to distribute the estate, pay creditors, etc. Stan Lee's estate looks like it may be headed for a heated battle among his heirs.
Despite how hard families may try, no Minnesota family is perfect. This can make for difficult estate planning for families who have issues in their family. Most parents want to give their children equal share of their estate, but when substance abuse is present it can lead to complications and probate litigation.
When a person dies it can be an emotional time for a family. Many people have taken the time to create an estate plan to help establish where their assets will go after they pass. But sometimes things don't go as planned and a will or trust is contested. Or a person dies without an estate plan and a family has disagreements as to what should happen to the assets. Legal disputes are still occurring for the estate of musician James Brown over 12 years after his death.
The population of aging Minnesotans is growing, and along with an aging population comes the worry of abuse. There are many unsavory people out there who prey on older Minnesotans. Elder financial abuse continues to be a major problem but there are ways for families to avoid abuse.
There are many times when Minnesota siblings disagree over a parent's estate. Working out estate matters can be complicated, especially if siblings disagree. When there are inheritance disagreements, it can be stressful, emotional and ultimately, no one wins.
Specifying a Minnesota power of attorney is one of the most important estate planning activities a person should do. A power of attorney has the job because it allows someone the ability to act on behalf of an incapacitated or deceased person. There is either a medical power of attorney who is charge of a person's medical treatments or a financial power of attorney who has financial power, including opening and closing bank accounts, paying bills, cashing checks, etc. Both of these tasks require the power of attorney to act on the best interest of their principal.
Many Minnesota residents understand the importance of estate planning. Without having the proper legal documents in place, like a will or trust, a person's estate will go through probate, opening up a can of worms among their family members. Failing to plan for what happens to a person's assets upon their death can lead to many arguments among family members and a person's assets not going where the owner had intended.