It is normal for families to squabble and fight, but rivalries and grudges may come to an all-time high when inheritance enters the picture. No matter how kind and respectful your family members are, you should prepare your estate properly to avoid arguments during the probate process.
Estate administration can be fraught with disputes. Are you afraid your beneficiaries will feud over your property and money? Here are some red flags that your heirs may quarrel over your estate:
Probate is the process by which the courts establish the validity of a will in order to administer and distribute the assets of a deceased person. It is also the process by which the court handles asset distribution and settling the estate if the deceased person did not leave a will.
This process can be even more complex in a stepfamily, given the additional family members and their claims to a deceased family member's assets. In fact, probate fights may be more frequent in stepfamilies due to a variety of factors.
If you have not updated your Minnesota estate plan since the new Tax Cuts and Jobs Act went into effect on January 1 of this year, you may wish to do so. One of the TCJA’s major provisions is the doubling of the federal estate tax exemption which increased from $5.9 million to $11.2 million for an individual. For married couples, the federal estate tax exemption is now $22.4 million.
What this means is that unless you and your spouse are super rich, you likely can now pass your entire mutual estates to your heirs and beneficiaries without paying federal estate taxes thanks to the Act’s portability provisions. The catch, however, and the reason why your current estate plan may be obsolete, is that all your estate planning documents and those of your spouse must contain the required wording to qualify for portability.
It is never too early to create an estate plan. These documents need to include durable powers of attorney along with healthcare directives. You also need to make sure you update your will regularly as your life changes.
Once you have an estate plan ready to go, you need to make sure you keep it in the right place so it is readily accessible. These documents will not do much if no one can find them, and the best course of action is to have multiple copies kept at several locations.
As the adult child of elderly parents, you had likely been aware for some time that one or both of your parents are nearing the end of their lives. However, the impact of a parent's death is never something that one can fully be ready for or expect, regardless of how much pre-planning takes place.
When a parent dies, the process of distributing his or her assets begins. Even if your parent had a will indicating wishes regarding assets, the process is not as simple as it may seem. You may be wondering whether you need an attorney to assist you, especially if there is family conflict.
When most people think about estate planning, they spend a long time considering how they want to leave their assets. However, if you do not put the same amount of thought into choosing the personal representative who will administer the estate, you may be putting your envisioned dispositions at risk.
A personal representative, also commonly called an executor, fulfills several serious responsibilities in making sure probate goes smoothly and your assets are distributed according to your wishes. He or she can - and should - have the assistance of a qualified attorney; ultimately, however, he or she should possess the characteristics to do the job properly.
Under Minnesota Law, the family of the deceased Loved One has three years after the death to file a probate proceeding in district court.
There are a number of circumstances when you may have not gotten around to starting the probate.
You may already be aware that the death of a relative can bring out raw emotions in most people. Some may withdraw or prefer to remember their loved ones in solitude. Others might let negative emotions take hold, including anger or entitlement. You and other Minnesota residents may want to keep your loved ones from fighting over your estate after your death.
Probate court is part of the normal process of a will. However, probate also comes into play if family members disagree over the terms of a will. Someone may have been disinherited or feel like he or she was slighted. A relative who cared for you in your final years may feel like he or she deserves more than an equal share of the assets. Your children and grandchildren may be confused over which heirlooms they were meant to have or might disagree over who gets what.
Death is not always an easy topic to discuss. Though an estate plan can be beneficial to virtually anyone, some parties do not see the full value in it.
If you are considering an estate plan, it is important to understand the important aspects of it, such as the will. Without a proper will in place, intestate succession will generally apply to the estate, which has its own unique applications.
If you have a family Trust, it may be serving your family and your finances well.
On the other hand, the Trust may be needlessly costing your family a large amount of money now or in the future.
In that case, you should consider dissolving the Trust.
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