Delano Probate Lawyer
Experienced Probate Attorney Assisting Delano Families
When a person passes away, the estate and any assets enter a period of probate. During probate, any outstanding debts or taxes are paid, and the remaining assets are distributed among the beneficiaries. If you own property in Minnesota, it is likely it will fall into probate after you pass away. Any other properties that you own that are located outside Minnesota will be subject to that state’s probate laws.
The Probate Period
Probate begins as soon as a Minnesota probate court receives a filed application. Once any debts or taxes have been settled and all assets have been bestowed upon the beneficiaries, the period of probate ceases. If a will is contested, a Minnesota probate judge will intervene and resolve the issue.
Navigating Probate in Minnesota
Any property that is listed in your name only, with no named beneficiary, will enter into probate upon your death. Properties that are held in joint tenancy, meaning that at least one other individual also lays claim to the property, will not be subject to probate. Additionally, any other jointly-held assets, such as bank accounts, life insurance funds linked to a named beneficiary, or other benefits that are tied to a designated beneficiary will not be subject to probate.
Types of Probate
In Minnesota, probate can be handled informally or formally. Formal probate occurs when a probate judge plays an active role in determining the dispersal of the estate and the payment of debts and taxes. More complex estates typically call for more nuanced assistance, so formal probate offers clearer guidelines for complicated circumstances.
In many cases, informal probate is more appropriate. The personal representative for the estate oversees the allocation of assets and the payment of debts and taxes, usually without the direct intervention of a probate judge. An informal probate can only be initiated once a probate registrar approves an application, typically filed by a family member or the personal representative. If you are interested in learning more about informal or formal probate, reach out to Waldron Law Offices, Ltd. today.