St. Bonifacius Probate Attorney
Dedicated Attorney Providing Probate Services to St. Bonifacius Families
Probate describes the process of distributing your assets and paying off any remaining debts when you die. If your estate exceeds $50,000 or you have assets that you own solely in your name with no beneficiary, joint tenancy designation, payable on death, or transfer on death, those assets will need to go into probate in the state of Minnesota. If you own assets in states outside of Minnesota, then they will fall under the probate laws in that state.
Probate in Minnesota
The probate process begins with an application to the court by your representative to administer your estate. The court will ensure that any remaining debts and tax obligations are taken care of before permitting your assets to be distributed to the inheritors. The judge will also be responsible for resolving any disputes over your estate. Once your debts have been paid and your assets have been distributed, the probate process is complete.
Avoiding Probate for Certain Assets
It is possible to avoid probate for some assets, including life insurance or pension benefits with designated beneficiaries, payable on death accounts, property held in joint tenancy, and jointly owned bank accounts. When applicable, avoiding the probate process can save beneficiaries time and legal fees. Waldron Law Offices can help you plan your estate to avoid probate where possible.
Informal Probate in St. Bonifacius
Minnesota also allows a representative of the decedent to initiate informal probate outside of court supervision. Informal probate is generally a less cumbersome process and is an excellent option for estates with limited complexity. To do so, a prospective representative must apply to the county probate registrar with information about his or her relationship to the decedent, as well as information about the decedent and his or her family, spouse, and heirs. Once the application is submitted, the probate registrar may approve or reject the application at his or her discretion.
Formal Probate in St. Bonifacius
Like informal probate, formal probate can occur with or without court supervision. However, formal probate is typically used for more complicated estates that will require judicial discretion in the distribution of their assets or payment of any outstanding debts or tax liabilities. The formal probate process is often complex, especially because most participants have never been involved in probate before. In these circumstances, an experienced probate attorney can help you navigate the probate process to ensure it proceeds as favorably as possible.
If you live in St. Bonifacius and are currently involved in probate, call Waldron Law Offices, Ltd. today at (952) 471-0940 to set up a free initial consultation.