Important revisions to the Minnesota Trust Code effective on January 1, 2016, include several provisions relating to revocable trusts. One of the most significant changes sets time limits for challenging a revocable trust. The provisions affect the r…
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Several different reasons can support a challenge to a will, including undue influence, fraud, duress, and improper execution. Often, disappointed heirs or beneficiaries contest a will based on lack of capacity — but what does it mean when a petiti…
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When a debtor files for bankruptcy, many debts will be discharged when the bankruptcy is finalized. However, during the bankruptcy process, a creditor can file an objection to discharge of a specific debt. Filing an objection constitutes an advers…
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By definition, an irrevocable trust cannot be amended, modified, changed, revoked, or terminated. However, the Minnesota Trust Code grants probate courts authority to alter noncharitable irrevocable trusts in specific circumstances. Before the Trus…
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One of the primary responsibilities of the personal representative of an estate is settling all claims against the estate. Especially when insufficient funds are available to pay all creditors of the estate, creditor disputes can arise during estate…
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Under a decision of the United States Supreme Court, the legal principle of collateral estoppel applies to dischargeability actions brought under Section 523(a) of the United States Bankruptcy Code. Debtors and creditors both should to understand h…
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A trustee who manages and administers a trust fund has many responsibilities, including specific duties imposed under the Minnesota Trust Code. Among the statutory responsibilities is the duty of loyalty, which encompasses a prohibition against self-…
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When a person creates a will or trust, he or she is legally required to have the capacity to sign the document. The law also requires that the person be exercising his or her own free will in determining the contents of the document, including those…
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If a bankruptcy case is successfully completed, the bankruptcy court grants the debtor a discharge, which gives the debtor a fresh start by relieving him or her of personal liability for most types of debt. However, the U.S. Bankruptcy Code provides…
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The rules for nonjudicial settlement agreements relating to Minnesota trusts changed substantially on January 1, 2016, when the new Minnesota Trust Code became effective. The law, which generally reflects the Uniform Trust Code, modernized the stat…
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