Last week's post discussed how a Minnesotan who has been wrongfully cut out of a will can challenge the document even if the will seems on the face to be legally and properly signed. While the post mentioned legal ways by which a person can challenge a will, the post also correctly implied that will contests of this nature can be very difficult to prove.
For our regular Minnesota readers, last week's post may have raised a question in their minds as to whether they may have elderly loved ones who have been subject to some form of financial scam. In addition to scams involving unnecessary living trusts, elderly Minnesotans can be subject to all kinds of ruses that can leave them in a bad financial state at the end of their lives. This bad financial state in turn means that they have very little to pass on to their loved ones, even if doing so was always their intent.
Under Minnesota law, a person is not required to have a will. However, a will can be a useful item that maps out how a deceased person's estate will be divided up, and can help insure each person receives the correct inheritance. Whether a person is in their 20s or 80s, it's never too early or too late to create a will. After a will is made, there can be many reasons a person might choose to update it.
Many Minnesota are saddened by the recent death of longtime Hollywood celebrity Mickey Rooney. However, they may be interested to know that, even though he reportedly has an estate of only $18,000, his children have indicated that they plan to challenge his most recent will.
Many residents of Minnesota, especially those who read this blog, are probably familiar enough with estate planning to know that typically a person uses a will to pass on property to those whom he or she chooses. However, there are other mechanisms of estate planning available. Joint property, payable on death accounts, IRA's, insurance policies and trusts are all means by which a Minnesota resident can pass his or her bounty on to others.
When actor James Gandolfini died from a heart attack last month at the age of 51, many of his fans in Minnesota were stunned. As it turns out, the star of "The Sopranos" had planned for the possibility that something like this could happen.