In every probate administration, the personal representative will be required to gather all assets and debts and compile a document called an Inventory.
While “inventory” is the correct legal word to use, the legal basis for drafting the document and filing it with the court is that an accounting of the assets and debts of the estate must be done.
Inventory and assets and debts of the probate estate
The Inventory will be sent to all interested parties in the estate. Interested parties include: heirs, descendants, surviving spouses, specific devisees, and all creditors of the estate.
People often understand that heirs of an estate are entitled to something. However, it has been my experience that people may not understand that creditors are also entitled to review the inventory. Creditors include credit card companies, mortgages, contracts of the deceased person, or any other party to which the seas personal money too. If the deceased person owed money to someone, it is logical to see why that person would be entitled to a review an estate Inventory.
We have talked about what the legal meaning of assets and debts are in many pretty previous posts. We have also discussed what probate estate exemptions may apply in Minnesota. Please click on the prior posts for further information on those two topics. If there are exempt assets, this means that creditors may not get paid. If you have further questions about what may or may not be exempt, talk with a probate lawyer.
The Personal Representative’s Responsibilities
The personal representative of the estate, is required to draft an inventory, send copies to all interested parties, and file the document with the proper county court where the deceased person died. We’ve also discussed what the proper county court is in the state of Minnesota and prior articles.
There may be an informal, unsupervised administration or a formal supervised administration. How something is filed will dictate many of the required court filings and how the court supervises the personal representative’s actions. Again, for further questions on what unsupervised and supervise more formal and informal administrations mean, a probate lawyer should be contacted.
In essence, it is been my experience that personal representatives may not understand the requirement of reviewing all of the deceased person’s debts and assets, compiling those that information in an Inventory, and sending that Inventory to all interested parties. This, in essence, defines the why the probate process is necessary and it is very important function of the Minnesota probate court system.
For Further Information on Probate Inventories
Flanders Law Firm LLC has Minnesota probate attorneys waiting to answer your questions. For further information on probate inventories and probates in Minnesota, contact the law firm at 612-424-0398.
