Choosing A Guardian for Your Child | Minnesota Law

Posted on January 13, 2022 by jlawyer

Choosing a Guardian for Your Child

When you think of estate planning, the first thing that comes to your mind might be leaving assets to your children.

Minnesota Guardianship law does a bit more in that you can find someone who can take care of your children when you’re unavailable. Similar to how you can give durable power of attorney to another party, guardianships can be put in place to help you out while you’re still alive.

As a kind of introduction to guardianships for your family, you should think of them as wills for your kids.

Though, it means involving real people not just paper documents. That’s to say that if you don’t have a proper one set into place, a judge will probably have to figure out what’s to be done about the situation. Just as people might be asking where your assets will go, they’ll probably also be asking where your kids will go. Granting guardianship over your kids answers the latter question.

Do Not Let a Judge Choose for You

A judge might have to do it otherwise. That’s the short answer to why picking out a guardian is important for your kids. Say that you and the spouse passed away, leaving a judge to contemplate what’s to be done about your offspring’s welfare. Your choice for a guardian may not even come to the judge’s mind. In almost every estate planning matter, unless you do things the legal way, people might not be able to carry out your plans whatsoever.

If you’re willing to say that something should be done, act on it ahead of time. Your family and friends may not be perfect, but think about who can take care of the children. That’s a huge part. Who has the finances to take care of them, who will raise them to be qualitative individuals, and who will teach them the values that you want them to have are all questions you should contemplate. You may even want to sit down and plan things out.

Backup to a Guardian for Your Child

The person you name as your children’s guardian probably wants your input if they plan on raising your kids just as you intend. That kind of conversation isn’t one that you can summarize in a one-page document and leave them to figure out the rest. Values, expectations, parenting techniques, and college hopes could all be on the table. You’re really finding your children’s next parent here.

They might not become your life partner or adopt the kids, but that doesn’t mean that they won’t make any impact on their lives. Whoever you designate to be their guardian might end up making serious medical decisions for your kids. As far as you’re concerned, treat this like you would treat an adoption, save that you’re not the one adopting. You’re not losing your kids. You’re not forfeiting your rights as a parent. You’re setting up backup for when you can no longer be there for them.

Military Families

Military families face hardships just like any other families. Though, sometimes those hardships come in the form of a parent being stationed away while their child needs them the most. Having a primary and alternative guardian live near your family can make things safer, ensuring that someone can be there in case medical emergencies happen on either side. Life isn’t always ice cream and cake. And the fact is that you can’t always be there to be their hero.

You might want them help provide education for your children. You might want them to fill in the parental role when you’re on tour. Whatever you want your children’s guardian to be has got to be voiced while you still can. It’s time to deal with the reality that you may fall outside of or during combat. Leaving them a fortune is one thing, but leaving them a flesh and blood human being is a whole new level.

Single Parent Household

Being a single mom or dad takes a lot of work. Maybe you just became a single parent due to the loss of your partner. The situation matters little compared to how you handle it. What matters is having someone for them. The sad thing is that you might be the only one to be there for them. Selecting a guardian might be the best option for you and your kids. Unlike dating, there doesn’t need to be any roses or movie nights.

If you’ve been doing this for a while, you probably know how much time that you need to dedicate to your family and good on you for it. However, it’s possible you could become incapacitated, be called away for duty, have to visit a sick relative in another state, or want to see your favorite band in another country. Death is not the only time in which you may want a guardian to be there for your kids. Give them a more stable life by helping bring someone new into their reality.

Minnesota Guardianship Lawyers

Finding a guardian might not be your problem. Perhaps your kids’ uncles and aunts are leaping at the chance. Working out the legal details and jargon is another thing. That’s why you may want a guardianship lawyer from Flanders Law Firm LLC. You can grab a free quote at 612-424-0398 before you begin and go from there.

Don’t worry about getting your kids involved unless you feel they might want to have say in the mater. This isn’t putting them up for adoption. This is helping ensure that they can have a better tomorrow. If you really feel pressured to give your children a home with two parents, guarantee that at least one person will be there when you can’t be.

Buying a Home Through a Probate Sale | Minnesota Law

Posted on November 8, 2021 by jlawyer

Buying a Home Through a Probate Sale

At its basis, buying a home which is being sold from a Minnesota probated estate is the same as purchasing a home normally. There are a few details that you may need to work around, depending on the situation, such as a potential auction.

Perhaps you want to even stop the sale from happening in the first place and have good reason for wanting to put a halt to things. One factor you should keep in mind is that this sale might not be happening for purely selfish reasons. The circumstance could well be that the sale is the family’s last chance at staving off debt. It’s best to understand the following so that you know how probate law may change both the selling and buying process.

The Main Reason

Buying a home in a probate sale usually means that it’s going to be sold for a lower price. One contributing factor might be that the original owners aren’t around to take care of it. At least one of the owners is most likely deceased, but that might not be the only contributing factor. These sales often take place because no one wants to or has the ability inherit the property. The price of the home could even be lower than most of the other homes in the area because of how it has been maintained.

Note that these homes aren’t always in the best of conditions. If you like fixing up homes and making them feel like new again, one of these homes might be to your choosing. Don’t expect that there can be much to be done to improve the home before it becomes your property. These are often sold in the condition that they were left it. Assume that the domicile that you see is the lodging that you’ll get.

Stop the Probate Sale

An heir can stop the auction of a home if they aren’t comfortable with a presented offer. The house will probably be sold once the sale takes place, but that doesn’t mean a legal heir won’t want to prevent things before they happen.

Similarly, the court will still need to agree that everything is legal. Moreover, the whole reason why this sale came to be a hypothetical reality could be because the court or executor thought it necessary. This might not be the family’s first choice.

Any heir that hears an offer might want to challenge it. To be on the safe side, presume that the executor is working with at least one heir directly. Executors are duty bound to ensure that the estate is handled just how the deceased wanted, and they might be trying their hardest to keep the will’s beneficiaries happy. Home sales can be a bit more complex when all of the probate details are brought in.

Selling Options

Not all homes that go through probate are sold in a traditional sale. Some are put up for sale in probate auctions. If you’re looking to do a bit of bidding on the home, make sure you look for an ad concerning the home. Both information pertaining to the house and the date of auction have to be made known. You might not need to worry about the heirs as much, but that doesn’t mean the mansion of your dreams will be yours for sure.

Like most auctions, the property goes to the highest bidders. There’s always the chance that there might be other people to provide counter offers on the home. Moreover, these auctions often entail visiting a courthouse to provide any bids. A cashier’s check will be needed as well, as the person who won the auction will need to hand one to the executor. Ten percent of the home’s sale price needs to be provided up front.

MN Probate Home Sale | What to Look Out For

Besides everything that was mentioned previously, you still should be aware of a few things. Firstly, events might take more time than you realize. It may take a longer time to close the home compared to a typical sale. Then, you may also have to wait on the IRS to be satisfied. The estate could still have to settle up so that there are no unpaid estate taxes. When in doubt, consult the executor if you’re wondering what kind of debt the estate might be in and to understand what kind of things need to be accomplished.

On another note, like every home, there might be things that you didn’t know about or the estate didn’t know about. The homeowner may not have notified everyone about the defects such as bad pluming or indoor flooding. Probate sales can also involve working with a special probate real estate agent who’s been trained to handle these kind of matters. You may even have to be prepared for fees relating to legal matters, appraisals, and other relative factors.

Minnesota Probate Home Sale Lawyers

Should you ever find that you’re having difficulty on either side of the purchase, when buying or selling a home through a probate sale, consider talking with a probate lawyer. This doesn’t mean that you should neglect talking to a real estate agent who’s familiar with selling homes through a probate sale, but an attorney might be able to cover various other aspects.

Should the executor have any problems pertaining to the case, involving Flanders Law Firm LLC is a recommended option. Call them at 612-424-0398.

If you’re not sure everything is being handled correctly, a second opinion should always be available.

Minnesota Probate: How to find out if someone left you money in their Will

Posted on November 1, 2021 by jlawyer

How to find out if someone left you money in their Will?

Getting your inheritance from someone else may take effort on your part. Though, to help you, take these directions to start you on your journey.

Maybe you’re just beginning your journey with Minnesota probate law or perhaps you’re refreshing your mind on some things. Navigating the road ahead perhaps won’t be a long journey for you once you start, but you might want to consider trekking across these United States to find out which county a lost relative resided in.

Minnesota Probate cases are almost always carried out on the county level rather than the state level. If you can narrow things down to the county, your search may already be drawing to a close.

Start in The Minnesota County Court

Probate cases are often retaliative to an area in which someone lived. So, it’s important to know what area they resided in last. This boils down to the county level rather than at the state level. While someone may need to have a probate case in each state that they owned a home, the main estate will probably be filled on the county level.

Things will probably be carried out in the area nearest to where the deceased actually lived until the time of their death.

Newspapers are a great place to start as well as libraries. Their resources might even be online, making them easier to access. Similarly, it’s becoming more and more common for counties to be putting their records on the internet for the public to view.

So, you might be able to check things from the comfort of an internet cafe. Note that the two main areas that you should check may be refereed to as death notices and obituaries. Moreover, your library may even be able to give you free access to resources that you may otherwise have to pay so that can further your search.

Consult an Executor (Personal Representative)

If the executor of the estate doesn’t know about any money that you were owed, nobody may know. Any executor of the estate is supposed to know exactly what’s in the will. Their whole role could have been a result of that will specifically, as executors are usually named in the will.

They’re the kind of person that has to deal with almost all of the money-related matters which the deceased didn’t complete. Any outstanding debts and issues with the property may be their responsibility now, as long as the deceased’s estate can cover for such payments.

Though, you might just get notified as a beneficiary when you least expect it. Giving an executor your contact information won’t hurt. That said, if you wait to hear from them, that’s perfectly fine, too. The worst thing that you can do is hide under a rock and pretend that you don’t exist, especially when they contact you. Assume that everyone wants this done and over with, and they don’t want to hold onto your money for your sake.

Minnesota Probate: Prepare to Wait

Your inheritance may actually take several months to arrive. Just because the deceased wanted you to have money doesn’t mean that you’ll get it immediately after their passing.

Probate is more complex than getting a check because the will said to give somebody cash. There’s the whole process to go through, and the executor could be fighting to figure out which parties can get their share while figuring out what can be auctioned off.

You may well be able to get your information faster by talking with various parties, but that doesn’t mean that you’ll get your money sooner. The executor may still have their many duties, and they could be waiting on the court for everything to be finalized.

It could very well be that the executor is also trying to find a way so that you can even get a portion of the money that was promised to you. If you do anything during this time, be a helping hand. Work with the executor, the probate court, the probate attorney, and any real estate agent who helps to sell the family home.

Other Assets: Aside from the Will

In the circumstance that a will wasn’t left, the case might end up just being your word that you were promised money. The fact is that an estate without a will may not have been dedicated to anyone. A trust could have been left, but those don’t always have the same requirement of going through probate as wills do, and they might not cover the entire property. Leaving everything without some form of estate plan means abandoning everything to the state so that they can relocate the assets properly.

Contacting the probate court is a wise idea even if a valid will was left. They can probably help you understand more about how the intestacy statutes work out, meaning that they can explain how that state handles cases in which a will wasn’t found. It’s common for almost all of the estate to go to the family and for the laws to be set up so that the closer the family was to the deceased, the higher priority they’ll receive.

Ending the Search

How many miles and how many people you’ll speak to may be more than you think. Hopefully, most your travel may be able to be done via phone or internet. Setting out to find the evidence could be your first task or it could be to find out which county managed the probate case.

Minnesota Probate Lawyers

Should you ever run into any kind of questions concerning probate, always make time to visit with a probate lawyer. One can be found at Flanders Law Firm LLC: www.flanderslawfirm.com, Call today at 612-424-0398.

What Debts Do I Have to Pay When Someone Dies?

Posted on August 3, 2021 by jlawyer

What Debts Do I have to Pay When Someone Dies?

What Debts do I have to pay when someone dies?

What’s left to be paid might just be what you’re researching.

As an executor, it’s your role to see that all of the things which need to be closed out get dealt with. Debt could be one of those things or the only thing remaining.

So, here’s some insight on what might not need to be paid and why you may not have to handle it. Portions of the debt could be unavoidable, though. Any given outstanding payment has numbers on it, but that doesn’t mean you’re only dealing with mathematics. Debts in probate law can be a little more complex than ones and zeros. It can also involve locating the loop holes and taking advantage of what may not need to be paid. Wait to see what actually needs to be done.

Who Is Responsible?

Whenever someone has to pay off debt in a probate case, it’s almost always coming out of the deceased’s checkbook. It’s true that the estate’s executor will probably be the one to handle the money. That said, the executor isn’t the one who’s going to have to pay out-of-pocket. On another note, anything that is sold or given away doesn’t belong to any beneficiaries unless they pay cash for those items or they were given them. What was promised might not get to them because there were debts that had to be paid.

As for one loop hole, irrevocable trusts work differently because they allow the owner to forfeit their ownership very quickly. So, if one beneficiary is confused why another beneficiary got their share while other’s inheritance was never passed on, they might assume that it was because of unpaid debts or an irrevocable trust. Property can escape the probate process as long as everything is properly set up.

Co-Signers

Putting your name down may make you a responsible party. Your intentions could have been completely selfless and were there so that the deceased could get the loan, or it could be that the deceased had their name on the document to help you out. Though, those circumstances don’t change the situation you’re in. If you are a co-signer on anything that could bring about Minnesota probate debt, you may be the one responsible. Keep this in mind because this may impact you not only if you just lost a loved one who was helping pay for things but also if they owned something with somebody else.

It’s hypothetically possible that you could find yourself as the only co-signer remaining on one loan and settling the deceased’s loan because they were the last person to have their name on the debt. Credit cards are a similar kind of ordeal as they’re little more than loans which you can get by just putting some plastic into a machine. Should your name be on a credit card, it may not matter who decided to go on a shopping spree. The names on that card all share responsibility.

Minnesota Probate Law

Most marriages have their ups and downs. One part of being married to someone with debt is that, as their spouse, state laws may cause you to be responsible for your husband’s or wife’s debt. You might not end up paying for all of their outstanding payments, but there could be a portion of it that you’ll need to pay out-of-pocket.

For those couples out there, pay close attention to what kinds of debts those are and talk with your significant other about these things. It may be wise to pay down the debt with your own money earlier on than to wait for you’re the only left to pay.

Cases in which the debts exceed the worth of the estate can be resolved. It just means that you may have to err on the side of insolvent probate. In other words, it probably means you have to file the probate equivalent of bankruptcy, allowing the debts to be written off. Don’t think of this as your first choice. Try as best as you can to seek out other avenues and sell as much property as possible. Your spouse’s debt may have just passed onto you.

Don’t Rush In

Be careful about settling with anyone about the debt. If you’re not responsible for the cash, they could be trying to get you to pay for someone else’s debt. Throwing money at them may get them to stop, but that’s making the assumption that you have the assets to pay them off. Selling your house is a huge deal should you attempt such a feat. Working with the executor to find alternative ways to pay what needs to be paid might be your best choice.

Once the debt is paid, there might be more hoops to jump through to get back your money, and that’s acting like getting back your money is an option.

It will at least mean convincing someone to give you back your cash and that’s not even figuring out how the cash will get back to you. That said, how you go about convincing them is probably up to you. It may not matter to them that you paid them on accident. You may need to come up with a good reason as to why your cash became their money and why you need those numbers must go back to you.

Figuring Out Payment | Minnesota Probate Lawyers

Since each of the remaining debts might be a little bit different, having someone check each one for you might be the best course of action. Any Minnesota probate lawyer would want you to know that this process is more than simply meeting the needs of beneficiaries and hoping that you can figure out how to pay off the rest. Someone can help you at every part of probate if you get help from Flanders Law Firm LLC.

An assistant is just a phone call away at 612-424-0398. Working out all the details can take time, but this task can be accomplished. It’s time to figure out what payments on the debts need to be made.

Sources

https://www.consumerfinance.gov/ask-cfpb/if-someone-dies-owing-a-debt-does-the-debt-go-away-when-they-die-en-1463/

https://www.aarp.org/money/credit-loans-debt/info-2021/what-happens-to-your-debts-after-you-die.html

Becoming a Minnesota Probate Executor

Posted on May 19, 2021 by jlawyer

Becoming a Minnesota Probate Executor

So, say that there are people who want the will to go through probate. That’s fine. However, someone might have tasked you with the duty of becoming a Minnesota probate executor. Perhaps you’re feeling frightened as if you’re a bride or groom having second thoughts about getting married. To provide some clarity, here’s a bit more information on what this role might demand of you.

Understanding how probate law impacts this situation is key to helping you decide on what’s best for you. This is definitely something you should think about if you’re helping someone start their estate planning ventures or if someone close to you just passed on.

Decide How the Work Gets Done

Working with a probate lawyer can be expected depending on the circumstances. It’s how you work with them that is the part you may want to decide on early on. As the potential executor of the estate, maybe you want the case turned over to the lawyer or perhaps you want to deal with most of the issues yourself and only get outside help when you need it. Either way is perfectly fine, as long as you’re comfortable with the arrangement and the work gets done in some capacity.

For anyone who is planning on becoming an Minnesota executor in the future, it might be wise to discuss this with the person you’re representing well in advance. They might have a lawyer in mind for you, and finding out who that is can make things easier for you.

This is true even for situations where you will be working on most of the estate and ensuring that everything is properly accomplished. After all, one of the central parts to an executor’s role is to ensure that all of the deceased’s wishes were carried out as well as they could have been. And that may mean talking things through with the attorney who helped them set up their estate planning ventures.

Time Commitment

Don’t go into this situation before you’ve factored how long everything may take. Going through probate can take time. This ordeal may go for a half to a full year to get all the stuff finished. Probate may happen so that what wasn’t properly allocated to beneficiaries or was otherwise left untouched can get put in order.

The role of an executor isn’t one that you should rush into. It would be wise to seek guidance if family members or friends of the deceased are pressuring you to accept the role and/or to hurry up the process. Their intentions may be well and good, but that doesn’t mean that you should stress over the matter.

One conversation point that you may want to bring up is that this matter is, more or less, at the mercy of the court. Being appointed as executor lies in their hands. The deceased may have wanted you to be the executor for all intents and purposes. That said, the court will have to appoint you, and even after they do, you’re liable to being held accountable for your actions relating to the deceased’s estate.

Being the executor grants you the ability to help everything move forward, but you can’t decide that nothing more will be done until nothing more needs to be done. Should closing out the estate as soon as possible be your goal, you’re going to need to be on the very best of terms with everyone involved and perhaps guarantee that they’re working on the best of terms with each other.

Those Assets Under Your Protection

It doesn’t matter how many assets that you receive from the estate at the end of all this or how much needs to be sold off. What matters is that you internalize that as executor, you’re not only responsible for how the assets are handled but also how they’re protected. You may be signing yourself up to become a human safe deposit box for the deceased until further notice. This whole ordeal may have started due to some asset-related problem, and should you be the one to cause another bad thing to happen, be prepared to explain yourself.

Moreover, you’re responsible for providing beneficiaries with an estate inventory. They might only be anticipating you to take care of what’s supposed to go to them. Still, they also need a complete inventory of what property you oversaw. This isn’t something you can write off. You’re held accountable to giving them the real information. There’s no use in slacking off. So, it’s best that you’re honest with all involved parties.

Money and Numbers

It’s possible that you may feel like an accountant around this time, especially considering that you’re the one who might be in charge of doing taxes for the person you’re serving. Creditors may or may not be there, but there’s also handling income taxes and estate taxes, too. Sure, it’s all numbers and money when it comes down to it. It’s just that this stuff has to get done by somebody. The government probably wants to know that everything for the deceased is all finished.

Being an executor also may entail sending the deceased’s final medical payment along with paying off burial-related expenses. Accounting and legal bills can be two other factors that need to be handled by you as well. As far as any executor is concerned, their job isn’t done till each and every last bill has been put to rest. You may as well label yourself the family bill collector for the near future.

It probably won’t involve you gathering up bills from an estranged cousin, thankfully. What will most likely happen is calling companies and telling them that you’re paying off the deceased’s final bill and trying to bring about closure.

Minnesota Probate Lawyers and Attorneys

You can start the probate process and become an executor. Having more questions about either of those topics is to be expected. Answers to your questions can be found by calling 612-424-0398 and talking with a representative of Flanders Law Firm LLC.

Don’t feel that the situation is out of hand. Even if you’ve just begun to understand the basics of how probate law can impact a person like you, that’s all well and good. Some people don’t plan on becoming an executor, and then, a surprise shakes their whole world, causing them to question what’s next. The court will probably want their say in the matter, but there’s still hope.

Start with hope and then, look to what good you can do next.

MN Guardianship | Paying for Parents Nursing Home Costs

Posted on May 6, 2021 by jlawyer

Paying for Parents Nursing Home Costs

It’s not always easy to tell whether or not you’ll end up covering the debt that your parent incurred during their time at a nursing home.

To be concerned about this topic is understandable, and there are laws which can mean that individuals may be charged for their parents’ nursing home bills. To ease your fears, however, not every state has these laws. And even if you’ve been granted financial power of attorney by your parents, you may still not have to pay for those nursing home expenses. This isn’t the same as dealing with debt during probate. Just as a taste, there might be five factors which all need to become active before you’ll even need to consider paying.

One in Twenty-Nine

On top of Puerto Rico, there are at least twenty-nine states out there which may cause you to pay for your parent’s unpaid nursing home bills. That means that if your parent were to randomly chose to live in any given state in the US, they would have a greater than fifty percent chance to live in a state that may hold you accountable for mom and dad’s nursing home bills. The concern is where they live rather than where you live. Filial support laws are what may cause you to pay up, but thankfully, cases in which these laws are actually enforced are rather rare.

You want to be aware that these laws usually impact families in which the parents can’t pay their bill. If they’re refusing to pay their bill, that might be an entirely different matter. Filial support laws are, moreover, not without mercy. They’re intended to also to factor in the offspring’s ability to pay for their parents as well. If this does become a serious topic of discussion, both parties should discuss how their income and money may change the situation. This isn’t the time to be shy about money matters.

POA May Change Nothing

For people who have been granted financial power of attorney, your duty is, more or less, to deal with the principal’s assets.

You’re not dealing with your own assets. So, if you have financial POA and your parents don’t reside in a state with filial laws, you might not be held accountable for your parents’ unpaid nursing home bills. It might be nice of you to think of using some of your money to help them out or selling some property to pay for their care, but that might not be needed. That said, having or not having POA will probably not impact the matter overall.

At least, it may not impact the matter if you can’t do anything with the principal’s assets.

You’ve got to come to terms with what can be done and what can’t be done with what they’ve got. There’s almost always the possibility that what you do with the other party’s assets will cause you harm if not done properly. No matter what, you’ve got to make the right decisions. Nonetheless, you still need to be aware of the fact that if you agreed to be responsible for your principal’s expenses, you may still need to pay regardless of where they live. Then, you might have to pay up.

Five Main Factors | Paying for Parent’s Nursing Home Costs

Getting back to general situations involving filial support laws, there tends to be at least five factors which must come into place. That’s to say, you may not have to worry about paying a dime unless all five of these circumstances arise.

Please note that things might be different if you have agreed to pay for your parent’s expenses when you were granted financial POA. The first factor should be rather obvious in that your parent will need to be living in a state that actually has filial laws. You probably don’t need to worry about whether or not you live in one as much as you need to be aware of your parent’s place of residence.

The next three factors can be summed up into your parent not having the resources to pay while you do. The first factor is that your parent can’t be able to pay. Then, they have to not be able to receive Medicaid assistance. After that, if you so happen to have the money to pay the bill, which is the fourth factor, the fifth factor can come into place. The people who were taking care of your parent will have to sue you to try to get their money. It’s when that fifth factor becomes a reality that you should be concerned about how much you have to pay.

Medicaid Trouble

As a word of warning, you must also be careful about your parent relying on Medicaid. Some people truthfully need it, and that’s perfectly fine. It’s that you’ve got to be mindful that Medicaid might want part of your folk’s estate. You heard correctly. The Medicaid recovery process may take away your family’s assets in order to help recover from whatever costs your parents incurred. This may not just impact the family home, but it can also take away money from a trust and other things that your folks owned, too.

There are many different kinds of debt that can impact elder law. Once you go through the probate process you might just realize how many assets need to be sold in order to pay off unpaid debt. So, it’s no surprise that Medicaid wants to have your parent pay off the debt they created. You have to view every object as being a dollar sign to them. You may have some very deep sentiment towards family heirlooms, but the money might need to be paid someway.

Planning for the Future | Minnesota Guardianship and Conservatorship Lawyers

Elder law matters can range from will writing to getting ready for a loved one’s passing. Dealing with each of those matters takes patience and wisdom. Rather than relying on your own strength, you can always get help with these matters with Minnesota guardianship lawyers. Assistance is a phone call away at 612-424-0398.

You might be surprised how many different topics surround elder law as most of these subjects intertwine with one another. Making a trust to help pay for living expenses is only one of many options out there. Plan for the future by starting today. You can help a loved one by being there for the things that they need you the most.

MN Probate: What does the term fiduciary duty mean?

Posted on April 15, 2021 by jlawyer

What does the term fiduciary duty mean?

Though the term fiduciary duty isn’t used all that often, it still relates to several legal roles that can affect our everyday lives. Executioners and trustees can have fiduciary duty, making this term a big part of probate law.

Though, there are other roles that fit into this duty as well. A more expansive definition is listed later on, but to sum up this type of duty, it effectually involves one party selflessly helping another party and submitting to their wishes.

It’s a duty to someone else and carrying out the tasks they assign you for the other party’s purposes. That’s not even getting into what kind of trouble you can get into by carrying out this duty for your own gain.

Helping Another Party

This term, in its simplest sense, is a descriptor which labels the relationship between two parties with one party serving the other. Fiduciary duty is a kind of duty where one party submits to the other party, serving for the sole interest of the second party.

These two parties are referred to as the fiduciary, the party which serves, and the principle, the party which is served by the fiduciary. This relationship may be somewhat akin to employment or servanthood. It’s serious in that the fiduciary may go out of their way to avoid any conflict of interest between themselves and the principle.

There are both elements and precedents that exist for these kinds of relationships. Should something of concern arise, these are what help decide if something has gone wrong. Fiduciary breaches are a real problem and there might need to be protection in case someone is harmed. Unlawful actions can be the cause for a court case, complicating the circumstance further. Four examples of things that may impact the relationship are listed in the following paragraph.

Four Items

Though which elements each jurisdiction has may vary, causation, breach, duty, and damages are the four general elements to go off of. These may be the top factors to come into play when a fiduciary duty claim is made. Something may have gone wrong. Though, in order to better classify what went wrong, it may need to involve one of the four elements.

Causation, the first element, may sound like motive, but this element more so involves proving that the fiduciary party is actually connected and to blame for what went wrong. What does the term fiduciary duty mean.

Breach, the second element, is effectually showing where the other party did something wrong. This can range from neglecting to do something to unlawful action.What does the term fiduciary duty mean

Duty, the third element, is proving that there was a fiduciary duty in the first place. If there was no real agreement, there may not be a fiduciary claim whatsoever.

Damages, element number four, concerns the aftermath of what happened. It involves demonstrating what was the result and is the central part of the claim. No damages means no claim.

Selfless or Else

It cannot be overstated how much fiduciary duty revolves around serving the other party. It could even be suggested that is the sole reason for why the fiduciary party is involved. This duty legally binds them not to try and benefit from the subject manner or to act in ways that are against the principle party. Being anything more than a servant may cause the fiduciary party to find himself dealing with unanticipated problems.

If you’re familiar with the concept of a personal representative, a fiduciary party is effectively held to the same standards as them in terms of honesty and sincerity. Personal representatives are supposed to check everywhere for where the deceased may have remaining debts or bills.

The fiduciary party, similarly, must be an open book and willing to be completely honest with their client. It may be suggested that a fiduciary party is, more or less, a personal representative in one of multiple areas.

Types of Fiduciary

It’s very possible that you could have heard about people acting as fiduciaries and not even knowing about it. However, it’s probable that just about any relationship that follows the aforementioned guidelines and involves two or more people could count as a fiduciary duty. How many roles can become a fiduciary duty may be more than you think.

Previously, it was noted how the fiduciary party must not act out of personal benefit. One of the reasons why this may be necessary, besides saving the principle party money, is because a significant amount of fiduciary duties involve money. Some examples of roles which may involve a fiduciary duty include a trustee, broker, heir, executioner, and agent. There are other roles as well. So, if you ever come across a role where someone wants you to help them out without benefiting yourself, you may have just found yourself offered a fiduciary duty.

Minnesota Probate Lawyers

Just because you’re serving someone else doesn’t mean that you can’t have someone helping you. For example, if you’re acting as a personal representative, talk to a probate lawyer. The law firm of Flanders Law Firm LLC can provide you with one. All you have to do is contact them at 612-424-0398.

They’ll be able to teach you what you can do and can’t do during your duty to ensure that everything is done properly. Though you may intend to fulfill someone else’s desires, there might be legal regulations that dictate how you can see those intentions are carried out. You may be their servant, but that doesn’t mean anything can happen.