Questions about what needs to be in a Minnesota probate Inventory? Read on.
Every probate estate in Minnesota is required to file an Inventory with the county court or the probate registrar. The law office has been asked many times by many different clients what an Inventory is. I hope this article but answer some of those questions
Inventory in a Minnesota Probate Estate
This article will be written with the assumption that the chosen personal representative has already been appointed by a court of law. If you or someone else has not been appointed as the personal representative of the estate, that step needs to be taken prior to filing an Inventory with the court. Read further articles by the law office on the subject.
An MN probate inventory is a multi-page document in which the personal representative of the deceased’s estate totals and calculates a the deceased’s assets and debts. Probate assets can include bank accounts, retirement accounts, and a home or other real estate. These are the common probate assets. The personal representative will also need to determine the deceased’s debts. The debts would be people or companies who were owed money by the deceased.
Both the assets and debts information will be included in the estate Inventory. The inventory also sets up a tax basis for the estate. The personal representative will have to file several tax returns for the deceased and the estate. A personal income tax return is required, and, if the estate makes any income, a Minnesota and federal estate income tax return will also be required. This topic is discussed only to illustrate why an Inventory maybe necessary and how it helps set up a basis for monetary assets belonging to the estate.
Are non-probate assets required to be in the Inventory?
The answer to the question of whether or not non-probate assets need to be inventoried is no. Not probate assets differ from probate assets. If you or someone associated with the deceased person’s estate has questions about this, consult the probate attorney.
There are times when assets may seem to be non-probate assets, but may be treated as probate assets depending on how they are set up. Again, speak with an attorney about these issues as they are very important.
Typically, only probate assets need to be included in the Inventory.
What about issues with titling real property and inventorying it?
A very common issue associated with many estates the law firm has worked on is titling of real property. A very common problem associated with titling of real property is when a deceased name and a deceased spouse’s name may be on the home title. If there are two people who are deceased were listed on the title, an Affidavit of Survivorship should be filed with the county of the deceased residence – or where the real property is located. I bring up this point only because it may have an effect on the transfer of a home or other real property and, therefore, will affect the estate Inventory values.
Speaking with a probate lawyer
Dealing with monetary assets is a very serious issue in which many people do not have experience. Being in charge of a person’s estate for the first time is a daunting task. Personal liability can attach to the personal representative if assets and debts are not properly gathered, tabulated, and included in the Inventory.
As was discussed above, if these terms for the law is foreign to you, a probate attorney must be contacted. The cost of an attorney is often much less than the assets belonging to the estate and is, essentially, an operating cost which must be taken on by the estate.
If you have questions about a probate estate Inventory, I hope this article serves to answer some of the common questions the law firm receives. It is important to note that the in the Inventory must be sent to all of the heirs, and to any interested parties, or creditors of the estate. This concept is entitled “due process”, and is an important hallmark of the law. The heirs or other interested parties must have an opportunity to review the Inventory and object to the court if necessary.
Minnesota Probate Attorneys and Lawyers
For free initial consultation on the estate inventories in Minnesota probates, contact Flanders law firm LLC. Call the firm today at 612-424-0398.
