Last week's post discussed how a person who wishes to write a will in Minnesota must have the "competency" to do so. The post also explained that showing "competency" to write a will is fairly easy. All a Minnesota resident need be able to do is show that he or she has the ability to know that general value of his or her property and to whom or he or she might wish to give it.
As many residents of the Saint Paul area may already be aware, the heirs to the fortune and legacy of Martin Luther King Jr., whom many Minnesotans will commemorate in the upcoming days, have been engaged on ongoing litigation over many aspects of the late civil rights leader's estate. This litigation recently received national attention.
According to a recent report, more and more couples in a committed relationship are buying a house for themselves even before they get married. According to this report, 25 percent of those couples between ages 18 and 34 purchase a house before they say their wedding vows.
During most people's lifetimes, they can accumulate a lot of assets. These assets may be in the form of money, investments, personal property or real estate. However, no matter what form the assets take, people cannot take them with them when they pass. Therefore, people need to come up with an estate plan to handle how their assets should be dealt with in the event of their death.
Some Minnesota residents may have had the misfortune to be involved in an extended probate dispute. Probate administration can oftentimes involve prolonged and painful litigation. However, most resident experiences may well pale in comparison to a probate battle that has waged since at least the early 1980s.
Minnesota residents can attest that a family trust can be a good way to ensure a legacy for generations to come. However, a trust can be very difficult to break and trustees can be difficult to remove. When beneficiaries accuse a trustee of self-dealing, failure to pay disbursements or other wrongdoing, the disputes can be intense and very difficult for families.
When an elderly Minnesotan starts to face the typical physical problems associated with aging, they will probably first turn to close relatives for assistance. However, when there are no close relatives to help, sometimes people instead have to rely on banks, other lawyers and private individuals to serve as their guardian and protect their assets.
Our readers in Minnesota who follow this blog probably know that if a family member or other rightful heir to an estate believes that a loved one's will is invalid or otherwise has concerns about the probate process can initiate a will contest, seek to have a personal representative removed or ask a court for other appropriate relief.
Minnesota residents may have heard of famous people like the artist Pablo Picasso and rock stars Sonny Bono, Jimi Hendrix and Bob Marley. While these people may seem like they have nothing in common with Abraham Lincoln and eccentric businessman Howard Hughes, in fact they all have one common bond: they all died without leaving a will.
The children of Martin Luther King, Jr., the famed civil rights leader celebrated by residents of Minnesota and by other Americans around the country, are in the heat of a probate dispute that revolves around the late pastor's personal effects.