Minnetonka Probate Attorney
Dedicated Probate Lawyer Serving Minnetonka
Many types of property within the state of Minnesota will fall into probate once the owner passes away. States have different probate laws, so any properties you own in a state other than Minnesota will be handled according to that state’s probate laws. Additionally, if your estate’s value is greater than $50,000, these assets will be subject to probate.
Understanding Probate in Minnesota
Once an application is filed with a Minnesota probate court, the probate process commences. As soon as any outstanding debts and taxes have been covered and all of the assets have been dispersed among the appropriate beneficiaries, the probate period concludes. Should anyone contest your will, a probate judge will step in to handle the matter and resolve it.
Which Assets are Subject to Probate?
Upon your death, any property that you own in Minnesota that lists only you as the owner and no named beneficiary falls into probate. This means that any property you own in Minnesota that is not held in joint tenancy with another person is subject to probate when you pass away. If you own property outside of Minnesota, it will be dealt with according to that state’s probate laws.
Other forms of property and assets will not need to be probated in Minnesota. Property and bank accounts that are jointly owned, life insurance payments assigned to a particular beneficiary, payable on death accounts, and many other forms of pension benefits that are designated to a specific individual will not be subject to probate.
Informal vs. Formal Probate
Many times, probate is handled informally. In such instances, the personal representative handles the payment of debts and taxes, as well as the distribution of the estate’s assets, independent of the court. To initiate an informal probate process, you will need to file an application that includes relevant information, such as the decedent’s name, birthdate, name of spouse, names of any heirs, and the name of the estate representative. You must also specify your interest and role in the proceeding. Once the application is received, the probate registrar will decide whether to grant your request.
Sometimes, the probate court needs to intervene and play a more active role in the process. Formal probate in Minnesota applies to more complicated estates that need judges to make important decisions on the behalf of the deceased.
Here to Help
For many people, the probate process can be unfamiliar and somewhat confusing. If you have questions about probate in Minnesota, Waldron Law Offices, Ltd. is prepared to answer them. Reach out today to learn more.