Losing a loved one can be tough, especially when you are faced with questions about what happens to their property and estate now that they are gone. When a loved one passes away with certain types of property in their name alone, their estate may need to enter a period known as probate.
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During this process, the property and estate will be assessed and distributed according to the specifications left in the will. If no will is in place, Minnesota law governs the distribution of the assets. Once the transfer of the estate has been completed, the probate period ends.
If you need help navigating the probate process, or if you have questions about what will happen to your estate after you pass on, reach out to the compassionate legal team at Waldron Law Offices, Ltd. for trusted and experienced legal guidance. As the probate attorney Minneapolis residents depend on, we’re here to help you understand what to expect from the probate process. We can also help you put together a clear estate plan that will avoid the probate process for your loved ones when the time comes.
Probate in Minnesota
The probate process begins by applying with the probate court. Probate ends when appropriate debts and taxes are paid and any assets are distributed to designated beneficiaries. If the will is contested, a Minnesota probate judge will step in to resolve the dispute.
Assets Subject to Probate
If you own certain types of property in the State of Minnesota in your name alone with no beneficiary designated — in other words, any property not held in joint tenancy with right of survivorship or without a beneficiary designation or transfer on death or payable on death designation — your estate must be probated following your death in order to pass that property on to your heirs, even if you have a will that designates to whom that property should be distributed. Any such property held outside of Minnesota will be subject to that state’s probate laws. Keep in mind that in Minnesota such assets will also be probated if the value of your probate estate exceeds $75,000. In contrast, other types of property or assets, such as jointly-owned property, jointly-held bank accounts, and life insurance funds that are designated for a specific beneficiary, are typically not subject to probate.
Informal vs. Formal Probate
Probate can be classified in two ways: Informal Probate and Formal Probate. During an informal probate proceeding, the personal representative specified in the will may pay any outstanding debts and inheritances without the court’s supervision. To start the informal probate process, you must prepare and file an application with the probate registrar, who will then either accept or deny your request. Informal probates could include a situation where there is a will or where there is no will.
In the State of Minnesota, formal probate generally involves estates where a judge is required to make certain determinations. Similar to informal probate proceedings, formal probate matters can either be supervised or unsupervised by a Minnesota court. Certain circumstances sometimes dictate that a formal probate must occur, such as where there are disagreements amongst the heirs, where there is a missing heir, or where the original of a will cannot be found.
Trusted and Compassionate Probate Guidance
Since most people have never gone through the probate process, it’s highly recommended that you consult an experienced probate attorney in Minneapolis before moving forward. At Waldron Law Offices, Ltd., we are here to support you during each stage of the probate process, and often for a flat fee. Whether you have recently lost a loved one and you need help navigating the probate process, or you want to put sound estate planning strategies in place so that you can avoid the probate process after you are gone, we will work carefully with you to help you achieve your goals.
FAQs
What is probate?
Probate refers to the legal process of administering an estate when someone passes away in Minnesota. During the probate process, the decedent’s assets will be cataloged, the beneficiaries will be notified, and creditors can bring legitimate claims against the estate to collect any outstanding debt. The process begins by filing paperwork with the probate court and ends when all debts and taxes have been paid, and the remaining assets have been transferred to the designated beneficiaries.
Are all assets subject to probate?
No, there are certain estate planning strategies that can be used to minimize the need for probate. For instance, setting up a trust allows the assets placed in the trust to circumvent this formal legal process, as the trust documents will govern the management and distribution of the assets when the time comes. Other assets, such as jointly-owned property and jointly-held bank accounts, are usually not subject to probate.
What if there is no will?
When someone passes away in Minnesota without leaving a valid will behind, this is referred to as dying “intestate.” The probate court will use the state’s intestate succession laws to govern the administration of the estate and the distribution of the decedent’s assets. While these laws attempt to accommodate most families, the only way to ensure that your vision for your legacy is known and carried out is to put an estate plan in place.
How is informal probate different from formal probate?
In Minnesota, probate cases may be classified as either informal or formal. Informal probate proceedings allow a trusted individual to serve as the personal representative for the estate to oversee the payment of debts and the distribution of assets among the designated beneficiaries without direct court oversight. In situations where there are disagreements among the beneficiaries or contested wills, formal probate may be necessary, as the court can take a direct role in addressing these issues and resolving any disputes.
What does the personal representative do during probate?
The personal representative is approved to serve in this capacity by the probate court. They serve as the fiduciary manager of the estate, making sure to carry out the decedent’s wishes as expressed in the will. They oversee key administrative tasks, such as cataloging the decedent’s assets, notifying creditors, paying legitimate claims and applicable taxes, and distributing the assets among the named beneficiaries.
