Minnesota probate

What Debts Do I Have to Pay When Someone Dies?

Posted on by jlawyer

What Debts Do I have to Pay When Someone Dies?

What Debts do I have to pay when someone dies?

What’s left to be paid might just be what you’re researching.

As an executor, it’s your role to see that all of the things which need to be closed out get dealt with. Debt could be one of those things or the only thing remaining.

So, here’s some insight on what might not need to be paid and why you may not have to handle it. Portions of the debt could be unavoidable, though. Any given outstanding payment has numbers on it, but that doesn’t mean you’re only dealing with mathematics. Debts in probate law can be a little more complex than ones and zeros. It can also involve locating the loop holes and taking advantage of what may not need to be paid. Wait to see what actually needs to be done.

Who Is Responsible?

Whenever someone has to pay off debt in a probate case, it’s almost always coming out of the deceased’s checkbook. It’s true that the estate’s executor will probably be the one to handle the money. That said, the executor isn’t the one who’s going to have to pay out-of-pocket. On another note, anything that is sold or given away doesn’t belong to any beneficiaries unless they pay cash for those items or they were given them. What was promised might not get to them because there were debts that had to be paid.

As for one loop hole, irrevocable trusts work differently because they allow the owner to forfeit their ownership very quickly. So, if one beneficiary is confused why another beneficiary got their share while other’s inheritance was never passed on, they might assume that it was because of unpaid debts or an irrevocable trust. Property can escape the probate process as long as everything is properly set up.

Co-Signers

Putting your name down may make you a responsible party. Your intentions could have been completely selfless and were there so that the deceased could get the loan, or it could be that the deceased had their name on the document to help you out. Though, those circumstances don’t change the situation you’re in. If you are a co-signer on anything that could bring about Minnesota probate debt, you may be the one responsible. Keep this in mind because this may impact you not only if you just lost a loved one who was helping pay for things but also if they owned something with somebody else.

It’s hypothetically possible that you could find yourself as the only co-signer remaining on one loan and settling the deceased’s loan because they were the last person to have their name on the debt. Credit cards are a similar kind of ordeal as they’re little more than loans which you can get by just putting some plastic into a machine. Should your name be on a credit card, it may not matter who decided to go on a shopping spree. The names on that card all share responsibility.

Minnesota Probate Law

Most marriages have their ups and downs. One part of being married to someone with debt is that, as their spouse, state laws may cause you to be responsible for your husband’s or wife’s debt. You might not end up paying for all of their outstanding payments, but there could be a portion of it that you’ll need to pay out-of-pocket.

For those couples out there, pay close attention to what kinds of debts those are and talk with your significant other about these things. It may be wise to pay down the debt with your own money earlier on than to wait for you’re the only left to pay.

Cases in which the debts exceed the worth of the estate can be resolved. It just means that you may have to err on the side of insolvent probate. In other words, it probably means you have to file the probate equivalent of bankruptcy, allowing the debts to be written off. Don’t think of this as your first choice. Try as best as you can to seek out other avenues and sell as much property as possible. Your spouse’s debt may have just passed onto you.

Don’t Rush In

Be careful about settling with anyone about the debt. If you’re not responsible for the cash, they could be trying to get you to pay for someone else’s debt. Throwing money at them may get them to stop, but that’s making the assumption that you have the assets to pay them off. Selling your house is a huge deal should you attempt such a feat. Working with the executor to find alternative ways to pay what needs to be paid might be your best choice.

Once the debt is paid, there might be more hoops to jump through to get back your money, and that’s acting like getting back your money is an option.

It will at least mean convincing someone to give you back your cash and that’s not even figuring out how the cash will get back to you. That said, how you go about convincing them is probably up to you. It may not matter to them that you paid them on accident. You may need to come up with a good reason as to why your cash became their money and why you need those numbers must go back to you.

Figuring Out Payment | Minnesota Probate Lawyers

Since each of the remaining debts might be a little bit different, having someone check each one for you might be the best course of action. Any Minnesota probate lawyer would want you to know that this process is more than simply meeting the needs of beneficiaries and hoping that you can figure out how to pay off the rest. Someone can help you at every part of probate if you get help from Flanders Law Firm LLC.

An assistant is just a phone call away at 612-424-0398. Working out all the details can take time, but this task can be accomplished. It’s time to figure out what payments on the debts need to be made.

 

Sources

https://www.consumerfinance.gov/ask-cfpb/if-someone-dies-owing-a-debt-does-the-debt-go-away-when-they-die-en-1463/

https://www.aarp.org/money/credit-loans-debt/info-2021/what-happens-to-your-debts-after-you-die.html

 

Becoming a Minnesota Probate Executor

Posted on by jlawyer

Becoming a Minnesota Probate ExecutorBecoming a Minnesota Probate Executor

So, say that there are people who want the will to go through probate. That’s fine. However, someone might have tasked you with the duty of becoming a Minnesota probate executor. Perhaps you’re feeling frightened as if you’re a bride or groom having second thoughts about getting married. To provide some clarity, here’s a bit more information on what this role might demand of you.

Understanding how probate law impacts this situation is key to helping you decide on what’s best for you. This is definitely something you should think about if you’re helping someone start their estate planning ventures or if someone close to you just passed on.

Decide How the Work Gets Done

Working with a probate lawyer can be expected depending on the circumstances. It’s how you work with them that is the part you may want to decide on early on. As the potential executor of the estate, maybe you want the case turned over to the lawyer or perhaps you want to deal with most of the issues yourself and only get outside help when you need it. Either way is perfectly fine, as long as you’re comfortable with the arrangement and the work gets done in some capacity.

For anyone who is planning on becoming an Minnesota executor in the future, it might be wise to discuss this with the person you’re representing well in advance. They might have a lawyer in mind for you, and finding out who that is can make things easier for you.

This is true even for situations where you will be working on most of the estate and ensuring that everything is properly accomplished. After all, one of the central parts to an executor’s role is to ensure that all of the deceased’s wishes were carried out as well as they could have been. And that may mean talking things through with the attorney who helped them set up their estate planning ventures.

Time Commitment

Don’t go into this situation before you’ve factored how long everything may take. Going through probate can take time. This ordeal may go for a half to a full year to get all the stuff finished. Probate may happen so that what wasn’t properly allocated to beneficiaries or was otherwise left untouched can get put in order.

The role of an executor isn’t one that you should rush into. It would be wise to seek guidance if family members or friends of the deceased are pressuring you to accept the role and/or to hurry up the process. Their intentions may be well and good, but that doesn’t mean that you should stress over the matter.

One conversation point that you may want to bring up is that this matter is, more or less, at the mercy of the court. Being appointed as executor lies in their hands. The deceased may have wanted you to be the executor for all intents and purposes. That said, the court will have to appoint you, and even after they do, you’re liable to being held accountable for your actions relating to the deceased’s estate.

Being the executor grants you the ability to help everything move forward, but you can’t decide that nothing more will be done until nothing more needs to be done. Should closing out the estate as soon as possible be your goal, you’re going to need to be on the very best of terms with everyone involved and perhaps guarantee that they’re working on the best of terms with each other.

Those Assets Under Your Protection

It doesn’t matter how many assets that you receive from the estate at the end of all this or how much needs to be sold off. What matters is that you internalize that as executor, you’re not only responsible for how the assets are handled but also how they’re protected. You may be signing yourself up to become a human safe deposit box for the deceased until further notice. This whole ordeal may have started due to some asset-related problem, and should you be the one to cause another bad thing to happen, be prepared to explain yourself.

Moreover, you’re responsible for providing beneficiaries with an estate inventory. They might only be anticipating you to take care of what’s supposed to go to them. Still, they also need a complete inventory of what property you oversaw. This isn’t something you can write off. You’re held accountable to giving them the real information. There’s no use in slacking off. So, it’s best that you’re honest with all involved parties.

Money and Numbers

It’s possible that you may feel like an accountant around this time, especially considering that you’re the one who might be in charge of doing taxes for the person you’re serving. Creditors may or may not be there, but there’s also handling income taxes and estate taxes, too. Sure, it’s all numbers and money when it comes down to it. It’s just that this stuff has to get done by somebody. The government probably wants to know that everything for the deceased is all finished.

Being an executor also may entail sending the deceased’s final medical payment along with paying off burial-related expenses. Accounting and legal bills can be two other factors that need to be handled by you as well. As far as any executor is concerned, their job isn’t done till each and every last bill has been put to rest. You may as well label yourself the family bill collector for the near future.

It probably won’t involve you gathering up bills from an estranged cousin, thankfully. What will most likely happen is calling companies and telling them that you’re paying off the deceased’s final bill and trying to bring about closure.

Minnesota Probate Lawyers and Attorneys

You can start the probate process and become an executor. Having more questions about either of those topics is to be expected. Answers to your questions can be found by calling 612-424-0398 and talking with a representative of Flanders Law Firm LLC.

Don’t feel that the situation is out of hand. Even if you’ve just begun to understand the basics of how probate law can impact a person like you, that’s all well and good. Some people don’t plan on becoming an executor, and then, a surprise shakes their whole world, causing them to question what’s next. The court will probably want their say in the matter, but there’s still hope.

Start with hope and then, look to what good you can do next.

MN Probate: What does the term fiduciary duty mean?

Posted on by jlawyer

What does the term fiduciary duty meanWhat does the term fiduciary duty mean?

Though the term fiduciary duty isn’t used all that often, it still relates to several legal roles that can affect our everyday lives. Executioners and trustees can have fiduciary duty, making this term a big part of probate law.

Though, there are other roles that fit into this duty as well. A more expansive definition is listed later on, but to sum up this type of duty, it effectually involves one party selflessly helping another party and submitting to their wishes.

It’s a duty to someone else and carrying out the tasks they assign you for the other party’s purposes. That’s not even getting into what kind of trouble you can get into by carrying out this duty for your own gain.

Helping Another Party

This term, in its simplest sense, is a descriptor which labels the relationship between two parties with one party serving the other. Fiduciary duty is a kind of duty where one party submits to the other party, serving for the sole interest of the second party.

These two parties are referred to as the fiduciary, the party which serves, and the principle, the party which is served by the fiduciary. This relationship may be somewhat akin to employment or servanthood.  It’s serious in that the fiduciary may go out of their way to avoid any conflict of interest between themselves and the principle.

There are both elements and precedents that exist for these kinds of relationships. Should something of concern arise, these are what help decide if something has gone wrong. Fiduciary breaches are a real problem and there might need to be protection in case someone is harmed. Unlawful actions can be the cause for a court case, complicating the circumstance further. Four examples of things that may impact the relationship are listed in the following paragraph.

Four Items

Though which elements each jurisdiction has may vary, causation, breach, duty, and damages are the four general elements to go off of. These may be the top factors to come into play when a fiduciary duty claim is made. Something may have gone wrong. Though, in order to better classify what went wrong, it may need to involve one of the four elements.

Causation, the first element, may sound like motive, but this element more so involves proving that the fiduciary party is actually connected and to blame for what went wrong. What does the term fiduciary duty mean.

Breach, the second element, is effectually showing where the other party did something wrong. This can range from neglecting to do something to unlawful action.What does the term fiduciary duty mean

Duty, the third element, is proving that there was a fiduciary duty in the first place. If there was no real agreement, there may not be a fiduciary claim whatsoever.

Damages, element number four, concerns the aftermath of what happened. It involves demonstrating what was the result and is the central part of the claim. No damages means no claim.

Selfless or Else

It cannot be overstated how much fiduciary duty revolves around serving the other party. It could even be suggested that is the sole reason for why the fiduciary party is involved. This duty legally binds them not to try and benefit from the subject manner or to act in ways that are against the principle party. Being anything more than a servant may cause the fiduciary party to find himself dealing with unanticipated problems.

If you’re familiar with the concept of a personal representative, a fiduciary party is effectively held to the same standards as them in terms of honesty and sincerity. Personal representatives are supposed to check everywhere for where the deceased may have remaining debts or bills.

The fiduciary party, similarly, must be an open book and willing to be completely honest with their client. It may be suggested that a fiduciary party is, more or less, a personal representative in one of multiple areas.

Types of Fiduciary

It’s very possible that you could have heard about people acting as fiduciaries and not even knowing about it. However, it’s probable that just about any relationship that follows the aforementioned guidelines and involves two or more people could count as a fiduciary duty. How many roles can become a fiduciary duty may be more than you think.

Previously, it was noted how the fiduciary party must not act out of personal benefit. One of the reasons why this may be necessary, besides saving the principle party money, is because a significant amount of fiduciary duties involve money. Some examples of roles which may involve a fiduciary duty include a trustee, broker, heir, executioner, and agent. There are other roles as well. So, if you ever come across a role where someone wants you to help them out without benefiting yourself, you may have just found yourself offered a fiduciary duty.

Minnesota Probate Lawyers

Just because you’re serving someone else doesn’t mean that you can’t have someone helping you. For example, if you’re acting as a personal representative, talk to a probate lawyer. The law firm of Flanders Law Firm LLC can provide you with one. All you have to do is contact them at 612-424-0398.

They’ll be able to teach you what you can do and can’t do during your duty to ensure that everything is done properly. Though you may intend to fulfill someone else’s desires, there might be legal regulations that dictate how you can see those intentions are carried out. You may be their servant, but that doesn’t mean anything can happen.

Guardianship Duties in Minnesota

Posted on by jlawyer

Guardianship Duties in Min

Taking care of another human being is one thing while dealing with all the legal aspects of becoming their Minnesota guardian is another thing entirely.

Guardianship law is relatively straightforward in concept when discussing the duties of a guardian. So, to help you get a better grasp on what kind of responsibilities you might be taking on soon enough, this article will show you just what you might be getting into. To make one thing clear, becoming a guardian is more than simply taking care of someone on the medical level. It’s a huge commitment, both in terms of time and effort, which might cause you to make serious decisions for their better or worse.

Minnesota Guardianship | Held Accountable

Just because a court allowed you to become a guardian doesn’t make you or allow you to act above the law. If anything, the court will hold you accountable for the physical wellbeing of your ward’s physical care. Basic essentials like food, shelter, and their clothing are now your responsibility. In short, if it might affect how the ward is fairing, you might be the one who’s held accountable.

The goal of a good guardian is selfless living. At least, when it comes to caring for their ward. Just as a refresher, the situation that you’re in is because the ward is incapacitated to such an extent that they need someone like you to care for them. What that means will change for every case. As far as you should be concerned, you’re about to become their babysitter until they’re well enough to function outside of you.

Doctors Need You

In guardianship cases that deal with any medical concerns, the doctors might be contacting you directly. You’re not there just to feed and clothe your ward or see that they have a roof over their noggin. The thing about our medical system is that it’s complex, and there might be times when you need to answer questions concerning your ward’s health that are just as complex as the system itself. Your whole role might have come into place because your ward failed to grant someone durable medical power of attorney. It’s very possible that they were thinking about granting durable power of attorney and simply failed to carry out their plans in time.

This isn’t always talked about, but guardians and conservators are usually called in when durable power of attorney hasn’t been granted to someone. The result is that the ward becomes unable to take care of their property in the case of a conservator and/or their own wellbeing in the case of a guardian. Not everyone wants, can, or has the time to grant power of attorney. In their mind, they may have thought that having a conservator or guardian was just fine. You might be there to prove them right.

Contact with The Outside World

Presuming that your ward can still communicate, you might be the person that helps them maintain contact with the outside world. Helping them connect with other human beings might become your duty. That isn’t to say that you should open a social media account for them and provide updates of every waking moment. You’re supposed to use sound judgement and help keep loved ones connected. Friends and family may wonder about what’s going on.

And you’re not just there to break the radio silence. Physical visitations may happen on a regular occurrence or once in a blue moon. You may even want to be there when they happen, ensuring that nothing goes wrong for your ward. Family is family, but you’re now legally obligated as the guardian to try and prevent anything bad from affecting your ward. Be wise of who you let in the front door.

Minnesota Guardianship Report to the Court

The paperwork doesn’t end once you become a guardian. Rather, filing what is known as a Guardian Report will become a yearly thing for you once you’re a guardian. So, if you’re looking to go through with this, you’ll have to get used to filing a report about your ward and discuss what things have changed. It should, more or less, mention anything that might relate to how the ward is living and if that affects their living conditions.

Honesty is the best policy. However, keep in mind that whatever you submit in these reports may be used against you. Probate courts can be turned against you if they’ve gotten a complaint involving neglect abuse. Again, selfless living is the central part of a guardian’s role. The ward must be properly cared for. Never forget that that’s your top priority as their guardian.

Guardianship Lawyers in MN

Not everyone is meant to be a guardian and that’s okay. But for those who want to take further steps to caring for a potential ward, the journey doesn’t need to be a hard path. Help with guardianship law is a specialty at the law firm of Flanders Law Firm LLC.  Yes, this will mean added responsibility for you, but if you’re willing to pour out your heart by caring for someone who needs it, your effort will be worth the while.

You can get in contact with the firm at 612-424-0398, and they can teach you the ropes of what the process will involve.

 

Sources:

https://www.minnesotaguardianship.org/faq/#howbegin

 

Final Accounting in a Minnesota Probate

Posted on by jlawyer

Final Accounting in a Minnesota probateFinal Accounting in a Minnesota Probate

Towards the end of probate, you’re most likely to encounter a little something known as a final accounting form.

This is one of the final steps to closing out the whole process. The document in question is, more or less, the culmination of probate law. It’s where you go to fill out the details, proving that all of the asset- and estate-related goals have been accomplished. Think of it as the executor’s way of signing off, stating that all of the deceased’s accounts have been put to rest.  This is a final accounting in a Minnesota probate.

In the following sections, you’ll get a better idea of what kind of things you should know in order to fill out a final accounting form. This involves activities such as completing the inventory for the deceased’s assets and paying off any debts they had. You may find this document hard to fill out if the other activities have yet to be completed.

Inventory Time

Beneficiaries and assets are mainly what you need to be thinking about when you’re writing in this form. Pretty much anything that has been given to the beneficiaries should be put onto this document because you’re creating a final account of what needs to be accounted for. You should have already been taking inventory of everything that’s being passed on, presuming you’re the functioning executor. This document is your way of saying that the assets will get to the parties which they need to go to.

Don’t forget that you’ll also have to figure out the market value for all those assets.

That probably means you’ll need to account for every object the deceased individual owned up until their death. The price for these items, nonetheless, can fluctuate before you finish your accounting. So, you should be mindful of how the prices change over time to ensure that the market values are as accurate as possible. You’ll need at least two prices for fixed assets, one price for a fixed item at the start of probate and one at the end.

Note Any Sales

Any of the assets which are sold shall need to be accounted for. These assets cannot be simply sold and treated as though they were forgotten, as there must be evidence to show that they were taken care of.

The price for these should also be taken into account to ensure that their market value was looked into. Remember that any assets must have their market value checked and recorded regardless of them being given away or sold.

There is a little bit more work that might need to be done for sold assets, however.

Should any of the property, objects, or other belongings be sold for a lower price than their estimated market price, an explanation might be necessary. So, for example, if the family wants all the property sold as soon as possible and isn’t concerned about the price, the executor should explain the situation inside the final accounting form. The executor might want to consider informing the family of this to prevent anyone from selling assets and losing track of the information.

Cashing Final Checks

Income that was meant to be received by the deceased at the time of their death has to be collected by the executor.

The same applies to income involving their estate such as rental properties and local businesses. Though the person which the money belongs to may have passed, there might still be money being generated. It’s one of the executor’s jobs to note all of the income which is generated and ensure that it’s redistributed properly.

Also, be aware that nearly any cash-related matters should be taken care of. Checks that weren’t deposited, loans that weren’t paid off, and tax refunds that weren’t dealt with are three such examples. As far as the executor is concerned, anything which involves money should probably be recorded. While they may not be asked about every transaction, it may be wise to have extra records on hand.

Search the Accounts

As a general recommendation, make sure that the executor takes care of any assets that might be hidden away. The deceased could have taken out a life insurance policy and the beneficiary for that policy could be anticipating the payout. An executor cannot just glance at the deceased’s bank accounts and call it a day until they’ve verified that there aren’t any other accounts or other things left in the deceased’s name.

Retirement accounts should be searched, car loans should be paid off, and investment and mortgage statements should be put to rest. There may also be bills that might have popped up. Utilities could have been used towards the end of life and the gas and electric companies might be looking for their payment. This is effectively a restatement of the last section in that if it involves money, you probably need to account for it.

Minnesota Final Accounting Lawyers

Once you have everything ready, you’re one step closer to completing the probate process.

There might be a few other details in the form that you need to work out, but you should have a general idea of what things need to be accomplished. And don’t be shy about asking for some assistance when it comes to the tricky parts. The law firm of Flanders Law Firm LLC is there to connect you with a probate attorney who should have the answers you’re seeking. As an executioner, you might have a lot of little details to go through in order to make sure everything is accurate.

So, keep 612-424-0398 in your contacts in case you need any help filling out the form or anything else related to probate.

Making Probate Easy | MN Estate Law

Posted on by jlawyer

Making Probate EasyMaking Probate Easy for Your Family

Probate and party both start with the same letter. Sadly, the two words aren’t always related to one another.

Most of us would like to think of the probate process as being a relatively painless operation. Nonetheless, not everyone has witnessed, dealt with, or otherwise encountered the Minnesota probate process first hand. With that in mind, listed below are four tips on how to make going through probate easier.

Note that these tips aren’t meant to replace the legal advise of a probate lawyer. Whenever you’re dealing with a family law matter that has the gravity of probate, you should have at least have a little bit of legal assistance.

Keep in mind, as you read the following, that most of this is written to individuals who are preparing their estate. If you’re looking to assist someone who’s going through estate planning, these are some great tips that you can give to them.

No Debt or No Assets

That’s a potential exaggeration. Being stripped of assets won’t happen in every probate case, but the debt must be accounted for. For every debt that exists, you need to account for the assets that it will take to pay for them. Besides, you may not be the one who gets to determine the dollar value of each asset. And that’s not even taking inflation into account.

Sell, sell, and sell. That might be the only thing you can do. As long as that debt remains, at least some of your assets will be gobbled up. Student loans die with you. That’s a blessing. It’s the other debts that you cannot completely ignore. That’s not to say that you should pay off everything except your student loans and default on them. Defaulting on your loans is a terrible idea to say the least.

Debt is not your friend, but paying off the debt is your best friend.

No Family Secrets

What you do in your personal life is your business. Though, when it comes to the assets, debts, and everything else you’re leaving your family, you may as well make it their business. Once they’re taking care of your assets because you’re not there, your secrets either die off with you or someone will probably find out. As much as you might want to think of the probate process as a transference of property, it’s also a process that requires the authorities to account for your remaining possessions. Those in change may not care where the possessions go. They’re probably just doing their job.

The person who becomes the executor of your will takes on the responsibility of passing on your assets. Sure, some assets like your house will go directly to whoever co-signed with you. The executioner might not have to handle most if not any of that kind of property. It’s the tiny stuff that you left outside of your will that they really have to worry about. Whatever you forgot to deal with becomes their yoke.

Have a Backup Executioner

Americans have always been fond of freedom. Saying no to becoming the executioner of a will is one such freedom. It’s a volunteer position. The government will probably do it for them anyway unless someone else fills that role. Beg and plead as you may like, but no is no. And stay away from bribing your executioner as that may result in a family spat, further complicating the matter.

Having a backup executioner is a good idea even if the original person you had in mind says yes. A dead executioner is an executioner without power. Your family may not have someone to fill their role if things go south. Do that part for them. It’s your executioner after all.

Clear Intent

You’ve probably heard that being clear in your estate planning is a must. That’s true. However, a bullet point list may not suffice for every asset and piece of land that you own. Write out how you think each part of your property will get from point A to point B. If you don’t know all the details about what’s between those two points, assuming there are only two points, researching those details is a high priority.

Stuff that can be mailed, as long as you have the right addresses, shouldn’t prove bothersome. It’s the big stuff — think houses — that might rain on your parade. Saying that you want to send X to Y is a great start. It’s just what all that really means is the potentially difficult part.

Finalizing Things | Minnesota Probate Attorney

Regardless of whatever part of estate planning you’re in, someone should be able to guide you through the path. Getting everything worked out immediately isn’t necessary. You can do so at your own pace.

With the help of the law firm of Flanders Law Firm LLC, a Minnesota probate law firm, probate can be an easier process.  Located centrally in the Twin Cities in Eagan, Minnesota.

There’s a probate lawyer who can tell you how to make the process even easier. They can be there for both you and your loved ones. If you’re interested, reach someone at 612-424-0398. And you don’t have to have all your estate planned out just yet. Someone can walk you through that whole process as well.

What Happens if Someone Dies Without a Will? | MN Probate Law

Posted on by jlawyer

What Happens if Someone Dies Without a Will?

Wills, trusts, and all other kinds of estate planning may sound like complex subjects, but they can all help your loved ones.

This article tries to examine the possibility of what might happen to your estate without having any of estate planning set into place. Sure, you could be married, you could have several children, and you could even have grandchildren from your children’s children. That doesn’t mean that your estate will get to them quickly.

So, here’s a peek at probate law and estate planning law to help you get a better grasp on what not taking estate planning measures might mean for your assets.

Being married to someone may help ensure that your house stays within the family borders, but you should still be mindful of the contents. You might need to take a look at some of your bank accounts just to make sure everything is in order as well. And it never hurts to make a will with the help of a lawyer.

Minnesota Probate Time

Probate is like death and taxes as it seems to be inevitable. Perhaps the best reason to go through Minnesota estate planning is to try to avoid probate as much as possible. The probate process can affect most estates. That is, save for exceptionally small estates. As far as you’re concerned, probate might be a reality until you can get your estate properly handled.

To be blunt, everything you own must be accounted for. Either it must be accounted for during the probate process or it has to be dealt within some other matter. You can try hard to research if certain assets will avoid probate and that may prove advantageous. Nevertheless, without a probate lawyer working alongside you, there’s always the chance that something might slip past you.

Assets Scattered

Let’s continue discussing how probate affects your estate. In a very hypothetical situation, you pass without a will, trust, or any other kind of estate planning. In other words, in the eyes of the state, you did nothing.

What that probably means is that your assets might end up going to just about anyone. That’s an exaggeration, but as far as the court may be concerned, you may have done nothing to show that you really care about where your estate goes to.

Forget about most of what you had in writing if it doesn’t qualify as a will or some other kind of legal document.

If you’re married, there is hope for how to estate will be passed on.

However, if everything isn’t in order with your partner on a legal level or you’re single, don’t make any presumptions where your assets will go. Have the talks that you need to have with your significant other. Be upfront about debts that need to be paid. If you have no one, assume that the state will take ownership.

Joint Tenancy and Pay on Death

Co-ownership is an amazing concept. Assuming that you have a qualitative roommate, having someone cosign on a home with you might be one of the best options in terms of maintaining the property.

Yes, debt can snatch away your house and home, but if the debt is nowhere in sight, you might be able to keep a roof over both of your noggins. The same could be said to jointly held assets and bank accounts. This is why you should be knowledgeable about all of your assets and make sure that everything is properly allocated.

On that note, if you’re not looking to get hitched or otherwise, be mindful about co-signing with anyone.

Spouses tend to have a legal advantage compared to unmarried couples when it comes to dealing with probate. Effectively, think of a marriage certificate as a relatively basic will, helping your spouse receive at least part of your assets in the absence of said legal document.

What Happens if Someone Dies Without a Will?

Each state has their own different way of dealing with Minnesota probate law. However, there does exist a uniform probate code which acts, more or less, as a baseline to how states are to redistribute property.

As a summary, think of the code as having four levels of progression, namely spouse, descendants, parents, and relatives in that order. Think of it, to use a literary reference, as the levels of Probate that Dante needs to descend in order to pass on his property.

To break down these levels, a majority if not all of the estate will go to the deceased’s spouse and the rest may or may not come into play.

Those in charge may not pass on as much inheritance or any inheritance as they go down the levels. It’s when there’s no spouse, no parents, and so on and so forth, then the property eventually passes to the state.

Getting Things Set

Your estate planning situation doesn’t need to be perfect. At the law firm of Flanders Law Firm LLC, nothing needs to be in order or set in stone.

You can call them regardless of your situation.  You can be single. You can be married. It really doesn’t matter where you’re at. Right now, to help ensure that everything’s in order for your passing, you can take time and get some help with your will.

Or perhaps you need a few Minnesota revocable trusts created. Whether you have an issue relating to probate law or estate planning law, it never hurts to ask.

Call the firm today at 612-424-0398.

Sources:

www.elderlawanswers.com/what-happens-if-you-die-without-a-will-7390