It is an all-too-common scenario for many Minnesotans-the personal representative of an estate not performing his duties. Is it possible to have the personal representative removed from the estate?
Married couples in Minnesota with children from earlier marriages or relationships face questions on deciding fair inheritances. More blended families and remarriages later in life make estate planning even more important for parents.
One-third of all Americans expect to receive an inheritance, according to recent polls. However, many beneficiaries in Minnesota and nationwide do not use these assets wisely to meet long-term financial goals.
Estate planning has long dealt with transferring property such as real estate, funds and jewelry as inheritances. Technology, however, has created new issues with the advent of digital assets such as the information stored social media, Twitter, blogs, personal or professional websites and online bank accounts. Minnesota residents may be surprised to hear, however, that many existing wills, estate plans and trusts have not properly addressed digital property, which can end up in contentious court fights.
Parents in Minnesota may not wish to leave equal inheritances to their children, because of their unequal income and resources and their different need for the inheritance. They may also have different expenses such as an upcoming college education for their children or have expenses associated with a child with a disability. A parent may want to completely or partially disinherit one of his or her family members.
Many accounts allow the transfer of some property or inheritances to family members and others in Minnesota without undergoing probate, such as jointly-owned accounts and real estate, retirement accounts and life insurance policies and transfer on death or in trust for accounts. These are usually transferred outright to beneficiaries upon the presentation of a death certificate. A living trust may also be created that becomes effective immediately upon execution
Minnesota residents may have heard of Phyllis Schlafly, who rose to prominence over 50 years by fighting on behalf of very conservative causes. Her family members are now embroiled in a legal fight that began with politics and spilled into their inheritances.
The death of a beloved family member may bring a sense of loss and sadness for family members. Unfortunately, without serious planning and consideration during the drafting of the will, this may evolve into rancor and proceedings in Minnesota courts in disputes over inheritances.
When a loved one dies, such as a parent or grandparent, it can be a stressful situation for many Minnesota families. Dealing with the grief of losing someone and the details that surround the death, including a funeral, life insurance benefits, death certificates, and other important paperwork. But sometimes families can disagree when it comes to the inheritances that are being passed down. This is where our firm can be helpful in resolving complex disputes.