Hennepin County Estate Planning And Trust Litigation Services
Messick Law, PLLC, provides estate planning and trust litigation services to Hennepin County clients who need more than a general approach. Our team of experienced attorneys takes a systematic approach to each matter, beginning with a thorough investigation of the relevant facts and building a clear legal strategy. When the matter demands a courtroom, they are ready.
How Can A Business Owner In Hennepin County Prepare For A Smooth Succession?
You can prepare for a smooth succession by creating a business succession plan that can cover the following:
- Who takes over and how ownership legally transfers, through a trust, buy-sell agreement or other structures
- When the transfer happens and under what circumstances, including emergencies
- The tax consequences of the transfer and how to minimize them
- How the succession plan connects to your personal estate plan so both work together
Without that foundation, a business can get tied up in probate court, triggering heir disputes and eroding value. A Hennepin County estate planning attorney can align the succession plan with your personal estate documents and make sure the transfer holds up when it needs to.
What Is The Informal Probate Threshold In Hennepin County?
If a decedent’s estate holds $75,000 or less in personal property and includes no real estate, heirs can collect those assets through a simple affidavit. They do not have to open a probate proceeding.
If probate is necessary, the estate can proceed either informally through the Hennepin County Probate Registrar or formally before a district court judge. Informal probate has no dollar limit. Any estate can use the informal process as long as it remains uncontested and meets statutory requirements, meaning that there should be no:
- Legal disputes among heirs
- Unknown or missing heirs
- Missing devises in the will
- Distributions to minors
When any of those conditions exist, the estate goes through formal court proceedings. For those who want to avoid probate altogether, a properly funded trust keeps assets out of the probate process entirely.
How Do You Challenge A Breach Of Fiduciary Duty In A Minnesota Trust?
To claim that there was a breach of fiduciary duty, a beneficiary must file a petition with the Hennepin County District Court.
If a trustee sent an adequate accounting that discloses a potential claim, a beneficiary has three years to act. If the trustee never sends an adequate accounting, that deadline extends to six years from the trustee’s removal, resignation, death or the trust’s termination.
A trustee facing an allegation should seek legal counsel immediately. Our Minneapolis trust litigation attorneys represent both sides of fiduciary disputes. They can evaluate your position and represent you through every stage of the process.
Protect What You Built And What You Leave Behind
Complex estate plans and high-stakes trust disputes require attorneys who understand both the legal issues and what is at stake for your family and your business. Call us today at 651-505-2655 or fill out our form to schedule a consultation.