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Minnesota probate attorney fees: How much do they cost?

Posted on by jlawyer

Minnesota Probate Law Payment of DebtsMinnesota probate attorney fees, how much do they cost?

The law firm charges varying attorney fees on Minnesota probates.

The complexity and work involved in the probate dictates the cost of the estate administration. There are many different types of probates, including:  informal, formal, unsupervised, and supervised administrations.

At times, the attorney fees will be much less because all that needs to be transferred is one asset.  In this case, there will be minimal effort involved in the transfer that asset in the probate. Common asset transfer situations, which have lower attorney fees, include the transfer of title to a home, or liquidation of a single stock, insurance, or other investment assets from the name of the deceased person to their heirs and beneficiaries.

Examples of Minnesota probates with higher attorney fees include the estates which need to be administered from date of death to distribution of assets.  This would include:   payment of creditor claims, publication of notice in the newspaper, negotiation of contested issues, payment beneficiaries, starting an estate bank account, paying taxes, etc. These duties can be very time-consuming and must be done correctly or liability for the personal representative and/or the attorney will be involved. In these cases the attorney fees are often much higher than many people may like.

Minnesota probate attorneys lawyers

The firm works with individuals with the estates worth less than $50,000.00 and with the estates worth millions of dollars.

Different law applies to different estates.  For further questions about Minnesota attorney fees in Minnesota probates, contact Flanders Law Firm LLC at 612-424-0398.

Minnesota Probate Laws | The Meaning of a “fiduciary”

Posted on by jlawyer

MN Probate LawyersMany of my clients have questions about the meaning of the word  “fiduciary” as it applies to probate law.

The definition and discussion often revolves around Minnesota probate and or Minnesota trust law. For this article I will discuss the definition as it applies to personal representatives and Minnesota probate (although the general rules apply in all cases).

Minnesota Probate Law

Minnesota statute 524.3-703 provides the legal definition of a fiduciary in terms of Minnesota probably law. Below are the pertinent portions of the statute:

524.3-703 GENERAL DUTIES; RELATION AND LIABILITY TO PERSONS INTERESTED IN ESTATE; STANDING TO SUE.
(a) A personal representative is a fiduciary who shall observe the standards of care in dealing with the estate assets that would be observed by a prudent person dealing with the property of another, and if the personal representative has special skills or is named personal representative on a basis of representation of special skills or expertise, the personal representative is under a duty to use those skills. A personal representative is under a duty to settle and distribute the estate of the decedent in accordance with the terms of any probated and effective will and applicable law, and as expeditiously and efficiently as is consistent with the best interests of the estate. The personal representative shall use the authority conferred by applicable law, the terms of the will, if any, and any order in proceedings to which the personal representative is party for the best interests of successors to the estate.

. . .

As you can see, the definition of a fiduciary and what the fiduciary duties are in a probate are clear and well defined.  Basically, a fiduciary is a legal definition of a person was been appointed to care for the property and legal rights of another. This is a very serious position which should not be taken lightly.

Violation of fiduciary duties

If the personal representative of the probate estate is not following Minnesota law, that person can be held personally liable for any mistakes, fraud, or misrepresentations that may have been committed. The people holding the personal representative accountable are often the heirs, beneficiaries, and or creditors of the estate. Failing to comply with the law as it defines a fiduciary is a sure way to be sued.  Some common examples of failures of a personal representative include:

  • failing to properly notify creditors of estate debts
  • failure to properly account for estate assets,
  • failure to file an accurate inventory and/or final accounting
  • failure to notify heirs of their rights
  • not paying taxes of the deceased person in a timely fashion

In my estimation, as an attorney was been practicing probate law for a number of years, the personal representative duties are often rather obvious, unfortunately, some individuals are unable to meet the standard of caring for others. This is unfortunate.

Minnesota probate attorneys lawyers

If you find yourself in a situation we have questions about your fiduciary duties as a new personal representative, or if your questions about a person representative who is not doing his or her job, contact the probate lawyer at Flanders Law Firm LLC, 612-424-0398.