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Many business owners in Minnesota face challenges when it comes to accurately calculating the value of their businesses. However, business valuation is essential, especially if you plan to sell the company or need to secure some funds. You may also need to do a...
There are a number of reasons that parents in Minnesota might want to create a trust for their child's inheritance. One of those reasons is concern about what might happen if the child gets a divorce. Inheritances and divorce State laws vary, but in general,...
When a Minnesota resident passes away, the probate court will utilize the person's will to determine how their assets are to be distributed. In the event that the deceased person didn't have a valid will, their assets are distributed according to the intestacy laws of...
Minnesota law is very specific on who can and who cannot contest a will. In order for a person to challenge a will, they will need to have what is referred to as standing. In addition, they'll need to have grounds for contesting the will. Who has standing? In order...
As you plan your estate in Minnesota, you're likely going to designate beneficiaries. By doing this, you're setting up plans for who receives your assets when you pass away. Considering that, you'll be in charge of naming your beneficiaries. While this might sound...
When parents make their estate plan, they may wonder how to reduce sibling estate disputes. When siblings disagree about a parent's estate, it can create conflict during an emotional time. However, in Minnesota, there are things that a parent can do in order to...
Being the executor of a Minnesota will comes with a lot of responsibility and laws to follow as a fiduciary. Several problems besides disputes with heirs and beneficiaries can occur. Probate litigation If someone contests the will, you have probate litigation on your...
If a loved one in Minnesota names you as the executor of their estate, you'll have to manage and divide up their assets after they die. Ideally, this should be a straightforward process since you can follow the instructions in the will. Unfortunately, family members...
Disclaiming an inheritance, the legal phrase for declining an inheritance, is a possibility in Minnesota. However, several rules and restrictions apply. It's crucial that you understand these details before taking any action on the inheritance. Don't accept any part...
When you write your will, it might seem safe to assume that your beneficiaries will receive their inheritance exactly as you planned. Unfortunately, Minnesota creditors and even divorced spouses can get in the way. You might want to place your assets in different...
