In Minnesota, your estate must be overseen by the probate court if your personal property exceeds $75,000 or you own real estate in your name alone. However, your heirs may be able to collect your property upon your death without court intervention by using an Affidavit for Collection of Personal Property if your estate is worth $75,000 (or less).
If you have questions about how your estate will be handled or are an heir looking for assistance with the probate process, an experienced estate planning lawyer can help.
What Is Probate In Minnesota?
Probate is a process the court uses to ensure that the decedent’s assets are appropriately managed and their debts are paid upon their death. Sometimes, disputes among heirs arise during probate, so contacting a probate lawyer shortly after a loved one’s death is helpful so you have someone to guide you through the probate process.
What Circumstances Require Probate?
An estate typically goes through probate if the decedent owned real estate solely in their name (without joint ownership) or the decedent owned personal property valued over $75,000.
Aside from real estate owned solely by the decedent, the following assets typically go through probate:
- Any vehicle registered in the decedent’s name only
- Bank accounts that do not have payable-on-death (POD) designations
- Stocks, bonds, or other investment accounts without POD designations
When Is Probate Not Required?
Because the surviving owner (often a spouse) automatically inherits assets held in joint tenancy with the right of survivorship, those assets, such as bank accounts and real estate, avoid probate. Assets for which the decedent designated beneficiaries before their death, such as life insurance policies and retirement accounts, also generally do not require probate.
Those individuals who plan ahead and create their estate plans may successfully avoid probate for their beneficiaries. For example, while having a will does not mean the estate automatically avoids probate, assets held in trust may avoid probate. An estate planning attorney can offer advice concerning specific estate planning tools that may help avoid probate.
Are There Any Alternatives To Probate?
If the estate has a $75,000 value (or less), the estate’s heirs may collect the decedent’s property using a small estate affidavit. Informal probate procedures may also be available for smaller estates if the decedent had a will.
Informal probate, or unsupervised probate, is a simplified process in which a Probate Registrar handles the probate rather than the Probate Court. This process is reserved for estates in which court adjudication is not required. In other words, no legal disputes related to the estate or other complexities that require court supervision may exist.
To initiate informal probate proceedings in Minnesota, you must take the following preliminary steps:
- Determine whether the decedent has a will.
- Compile a list of the names, addresses, and ages of the decedent’s spouse and children, as well as any other heirs or interested persons.
- Prepare a list of all probate and non-probate assets and the decedent’s known liabilities.
- Review the matter with an attorney or the Probate Registrar to determine whether the decedent’s estate is appropriate for informal probate.
Contact Jaspers, Moriarty & Wetherille, P.A.
If you are ready to establish your estate plan or have questions about the probate process, contact a skilled and knowledgeable attorney from Jaspers, Moriarty & Wetherille, P.A. We can answer all your questions or help craft an estate plan that meets your goals. Our firm is well-equipped to handle all your estate planning and probate needs. Let an experienced attorney from our firm assist with your case. Contact us today for a confidential consultation.