Minnesota Small Estate Administration | How to Keep it a Small Estate

Minnesota Small Estate Administration | What Can Keep an Estate Small and What That Can Mean

Doing a summarized probate case might be what you’re interested in attempting. It might not be an option, nevertheless, depending on how large the estate’s worth really is. It’s also not up to you to have the final say in whether or not such a case can be conducted in a summarized format.

What you can do is try to check into the value of the estate and see how things add up. It might be easy to simply group together everything the deceased owned and check how much everything is worth, but that may include all of the assets that should transfer outside of this incoming probate law case. On the other hand, it could very well be that the deceased made plans for something to transfer automatically and their plan has come to a screeching halt.

Know What Adds Up

Assets which don’t transfer outside of a Minnesota probate are going to be what drives up the estate’s value. This is why titles, irrevocable trusts, and various other forms of ownership can be so handy, as they can enable things to not add to the overall estate’s cost. Just to be safe, however, you should ideally look into every asset that the deceased owned. Anything that no longer has a title on it because of the recent passing will have to be treated like other forms of property.

The deceased may have had their name on it, but in their absence, the vehicle or home may now lie in a kind of limbo state.

Certain items may also have special beneficiary designations. This doesn’t apply to all items found in wills because some of those are, oftentimes, simple items which only have the will to guide them. Note that wills themselves don’t escape the probate process. Life insurances policies, however, are one such asset which can be inherited without having to go through the probate process. It’s when there was no beneficiary designation made outside of what was said in the will where things can become more complicated.

Just because something could be held within a title doesn’t mean that they will be held under such a form of ownership. There’s a handful of ways which an item could be held in a special kind of ownership so that it transfers automatically, but it’s when things don’t that you need to step in and make a change.

Small Estate Administration | Look for the Uncommon

Beneficiaries can pass on at any given time. Estate planning documents aren’t always set up to account for this. That said, you may need to double check that everything that had a beneficiary designation added to it and that said beneficiary is still here. If there is no one alive to inherit the property, it might be treated as little more than a vehicle without a title. That’s when you assume that such items will be bundled to the rest of the estate and go through probate along with them, further increasing the estate’s value. Items which didn’t have someone around to inherit them will need to be addressed.

Say that one of the beneficiaries passes. What they would have inherited from the deceased is now without its primary beneficiary. Yes, perhaps there’s someone else who’ll be listed to take the asset, but that’s assuming that backup was set in place and that a backup remains. The less and less info that you have concerning who should inherit a given asset will only mean that it’s more and more likely to need to be brought into the probate case. It may not matter that the deceased listed two different people to inherit from them. The chance stands that both of these may no longer be treated as being able to lay claim to the property.

Minnesota Small Estate Law

While some assets may transfer outside of probate regardless of which state they’re in, there’s still the fact that state laws can dictate what makes a small estate and what qualifies as a large estate. One size doesn’t fit every probate case, and it’s possible that what was a minor probate case in one state was a considerably larger case in another state.

If the deceased moved and wanted to keep things small, they may have kept up with how the laws help to account for everything. Should they have been successful in maintaining things to a compact size, perhaps things will work out to allow you to file for a summary probate case. Moreover, this may not be only a thousand or a hundred dollars difference.

It’s possible that certain states qualify a large estate as twice the overall pricing of the estate compared to other areas. That means if you pass on with half of the estate that you had another in part of the country, it might not be treated any differently. One small loop hole is that the house may or may not impact the estate too much. Certain states allow assets that are left for family members to not change the matter while others may have a limit on how much the house can be worth before it needs to be taken into account. In latter states, it would be best to have it appraised to be sure of the pricing.

No Free Passes

Small estates may have things easier, that much can be very true. Being able to summarize the estate and not having to distribute too much can make things take less effort and time. But everything may still need to be distributed through probate. Just because an estate is rather small in size may not mean that it can completely negate the probate process itself. The assets may get off easy, but that doesn’t mean that the deceased’s possessions got off without much effort or cost.

Don’t surprised if you find yourself in legal trouble if not everything has been carried out properly. It’s one thing to pass on an asset, but stuff probably has to still get documented. The court will probably be curious as to why they weren’t alerted about certain items being passed on. If something was truthfully supposed to go to someone and there wasn’t anything blocking them from inheriting it, the court should agree that it’s to go to the person who was intended to take possession of it. The court probably isn’t trying to take away the property unless they’ve got good reason to do so. Making things look smaller on paper may only lead to bigger problems down the line.

Minnesota Small Estate Lawyers

Working out the estate could take quite a bit of time. Things in probate may be meant to happen within a certain time frame, but that’s assuming that all can go to plan.

Whatever part of the estate you find yourself having trouble with can be dealt with. To get and keep you out of trouble, work alongside a Minnesota probate attorney from Flanders Law Firm LLC. One should be able to come onboard once you call 612-424-0398. You might not like the thought of having to dig out several levels of abandoned clothing or unwanted dishes. That said, having an extra person to assist might make the tasks before you a lot easier

Call the firm today at 612-424-0398.