There is a potential "time bomb" hidden in some estate plans in Minnesota. Specifically, a possible source of unexpected problems is the individual named to act on behalf of the person making the estate plan. Actions taken by one or more parties named to oversee an estate could trigger family conflicts or affect the financial security of future generations. Some issues might be avoided or minimized when more thought is given to selecting estate plan surrogates.
You just made a mistake. After drinking throughout the summer day, you get in your vehicle and attempt to drive home. An officer pulls you over and wishes to administer a breathalyzer, but you worry that you could blow over the legal limit.
When Minnesota women decide to divorce, the decision to end their marriage can come with unexpected financial changes. In one study of 1,785 adult women, including those planning for divorce, going through the process or with a finalized divorce, 46 percent said that they had encountered surprises during the process with an impact on their finances. Most of the women who participated in the study were already divorced, and over one-fifth were 55 or older.
Trusts are an important part of estate and financial planning for many people in Minnesota. The current interest rates can play a major role in determining which type of trust will be the most beneficial to heirs. After years of lower rates, interest rates are rising, and this trend is expected to continue into the future. As the rates change, the decisions that estate owners make about trusts can also change.