When it comes to estates, disputes with beneficiaries can arise at any point, from the early planning stages to the time at which assets are disbursed. Unfortunately, beneficiary disputes can be very challenging for entire families and it is important to approach these disagreements with caution. If you are setting up an estate plan, looking over your various choices and making sure you do what is best for your loved ones is important. However, perhaps you are having disagreements with an executor, as a beneficiary yourself. Or, you might be an executor caught in the middle of such a dispute. Sadly, these disputes can become unavoidable or heightened during the holidays.
If you are noticing the first signs of dementia in an elderly relative in Minnesota, you may be concerned that he or she has not yet drafted a will. Maybe certain wishes have been expressed in the past, and without a will, the assets intended for one will go to another during the probate process. If nothing else, dying without one may result in higher taxes.
Being the executor or personal representative of a Minnesota estate after a person dies is an important fiduciary responsibility. Even though adult children may not want to fill this role, they should still be aware of how the probate process is progressing, and whether there are any red flags.
It is only natural that you want as much as possible of your estate to go to your heirs after your death. However, Minnesota estate taxes on top of federal taxes can drain the assets considerably if steps are not taken to avoid these consequences. We at Dunlap & Seeger, P.A., often provide advice and assistance to individuals, entrepreneurs and farmers who want an estate plan that maximizes the benefits to their family members.
There are all sorts of estate-related hurdles that can arise, which sometimes make life incredibly hard for those setting up an estate plan or dealing with the disbursement of assets after the decedent has passed away. Moreover, family drama can play a role in some of these matters, such as allegations that a particular relative is responsible for undue influence. Moreover, allegations of undue influence may involve someone outside of the family. Whether you are an executor who has been accused of undue influence or are trying to set up an estate plan as you wish but your family members have stated that you are not capable of making the right decisions, this can be very tough.
As with many parents in Minnesota, chances are you have considered who would care for your children if something tragic were to happen to you. However, thinking about awarding guardianship to someone and actually taking the steps to guarantee that your children have a legal guardian lined up, are two completely different things.
Rochester residents are encouraged to exercise extreme caution when choosing whom to involve in their estate planning. While most may want to assume that their friends and family will always act in their best interests, handing over authority such as power of attorney to the wrong person could have disastrous consequences to both a settlor and his or her estate. Even associating with the wrong types could open the door for cases of abuse and/or fraud. The hope is that those involved in them recognize a perpetrator's actions and are able to hold him or her solely responsible.
It seems like everyone is so busy in Minnesota that they do not have the time to prepare for the future. No matter how much you have going on, you should not overlook the importance of getting your estate planning out of the way. It may seem convenient for you to use online will and trust creation services to make plans to settle your final affairs. However, these services are geared towards individuals who have little to no assets and simple situations.
If you are creating an estate plan, you probably hope that your plan will make things easier for your loved ones in the future. Whether you move forward with a trust or a will, you probably expect your assets to be protected and distributed fairly, in a way that minimizes conflict within your family. Unfortunately, our law firm knows that family disputes can arise over estate matters for a variety of reasons. If you have found yourself in the middle of a dispute, whether you are an executor, beneficiary, or are affected in some other way, it is pivotal to go over your rights and the relevant laws in Minnesota.
When people in Minnesota will not be in a position to take certain actions regarding their money or property matters, they can name someone else to take care of these tasks for them. According to the Minnesota Legal Services Coalition, a person can complete a power of attorney form designating an attorney-in-fact to fulfill certain legal duties. The attorney-in-fact does not have to be an actual lawyer, although he or she could be. A spouse, adult child or other family member is often a logical choice, as whoever is designated must be completely trustworthy.