Final Accounting in a Minnesota Probate

Posted on May 29, 2020 by jlawyer

Final 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 March 11, 2020 by jlawyer

Making 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 is a Power of Attorney | Minnesota Law

Posted on March 5, 2020 by jlawyer

What is a Power of Attorney?

Power of attorney, commonly abbreviated as power of attorney, may be something that you never thought you’d want to grant. It might be the last part of your estate planning.

However, giving a loved one the power to help you out might be what you end up needing.

It might even prevent you from needing a conservator or a guardian in the case that you become incapacitated. And don’t worry about having to put your entire life into their hands. This part of estate planning law lets you have more control than you might have anticipated. Below, you can read more about what it means to give someone power of attorney.

Duties of Power of Attorney

Having power of attorney is nothing to scoff at. It can range from selling someone else’s estate to finalizing medical decisions for another party. Granting someone POA effectively grants them the ability to be your hands and feet, turning them into something similar to a conservator and/or guardian.

There is a difference, though, as you get to have say in who receives POA. Conservators and guardians are usually only brought in when you’re unable to have a say in the matter.

Whatever legal acts that you, referred to as the principal in this matter, could normally do, the person who receives POA might be able to do as well. The limit to what they can and cannot do may be minor. This person had better have your best interests in mind and know what they’re doing. Assume that once they have their powers, they’re set with those powers as long as you both shall live.

Conservatorship and/or Guardianship

There’s no one-size fits all choice when it comes to the kind of POA that you can grant. Perhaps you want them to have more limited powers or you want their powers to remain intact even if you become incapacitated.

Choosing how much power you grant and how long it lasts can dictate whether or not the person you have in mind can act in a given situation. There are four different kinds of power of attorney that you can grant: general, limited, springing, and durable.

Here’s a short summary on each type. General power of attorney gives the individual several legal powers that you have, granting them almost limitless capabilities. Limited power of attorney only allows the person to do as much as their principal has allowed.

Springing power of attorney only comes into play when you’re incapacitated, making it a potentially more advanced form of guardianship or conservatorship. Durable power of attorney, lastly, is potentially is the kind that lasts the longest as it comes into affect when you want it to and remains in place even if you become incapacitated. The latter kind can be either general or limited. These are all Minnesota probate law issues.

Misconduct Versus Wrong

Intentions are what really make or break someone with POA. Intentional misconduct might be all that they can be called out for. If they make mistakes, they might not be able to be held responsible for those mistakes.

That’s not to say that they’re morally okay if they make a mistake, but you might not be able to take them to court if they meant well. This is especially true for mistakes that are made unknowingly.

Teach them as much as you can when you can. Otherwise, be mentally, physically, and financially ready for all the mistakes they might make. The last thing that you should be doing, when it comes to granting POA to someone, is trusting a random stranger.

Legally speaking, the court will probably hold you to that decision, assuming that you were literally trusting them. You don’t get to claim that you were completely unaware of the situation as you might otherwise be in the case that you were comatose while a guardian and/or conservator took over things. Individuals granted with springing power of attorney don’t get you off the hook either as you set things up in case something should happen.

What is a power of attorney and why

Not every person with POA gets to make both medical and financial decisions. You can grant those powers to two people, one person, or just have one individual with only medical or financial power. The choice is yours. The main factor that you might want to contemplate is what area might you otherwise need a guardian or conservator to do the job.

If you might need a guardian, grant medical POA. If you might need a conservator, grant financial POA. You can also err on the side of giving both kinds of POA just in case.

Consider this. Not granting POA in one area leaves you and your family open to potentially needing a conservator and/or guardian in that area.

That normally means that if they need one, the other, or both, at least one bond might need to be taken out for the conservator and/or guardian. Not to mention the fact that the court will want to verify if you’re actually incapacitated before a conservator and/or guardian does anything.

Conservators and guardians do wonderful work, but it just might be easier on all parties involved if you grant POA in advance.

Minnesota Power of Attorney Lawyer

You don’t need to be set on how much or what kind of powers that you want to grant. For your comfort, take your time in deciding what you want to grant. Perhaps plan on bringing all the individuals that you want to grant POA to while helping them get a better idea of what this all entails.

They’ll probably want to be there with you while you talk through the major decisions. That will help them get a better idea of what you want them to do. Consider speaking to a power of attorney lawyer to get things set up.

With the law firm of Flanders Law Firm LLC, you can give POA to someone that you trust. You can even call in advance by dialing 612-424-0398 to get a free quote.

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

Posted on January 18, 2020 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

Using Joint Ownership to Avoid Probate

Posted on October 22, 2019 by jlawyer

Using Joint Ownership to Avoid Probate

Preventative maintenance isn’t just for your home and vehicles. It’s also for when you’re handling your assets.

Probate doesn’t need to happen. You can have a will and several trusts in place, but joint ownership is another method that you can also be implemented. There are multiple different kinds of joint ownership (some of which are mentioned below). Certain kinds are designed to ensure that probate doesn’t happen.

Joint ownership is a great method in case you’re looking to pass on an asset or two while maintaining your ownership. You may have already share joint ownership of a house or car because you signed with your spouse. However, there might be other assets that you have which might still be open to going through probate. So, here are a few things to consider in case you’re looking to visit a probate lawyer for help.

Pick the Right One

One kind of joint ownership may not fit all. That’s probably one of the larger factors you need to consider first. In general, there are about three kinds of joint ownership that you need to worry about. As for the other kinds of joint ownership, they might not help you avoid probate, resulting in potentially wasted effort. As a general rule, just double check with a probate lawyer before you finalize on any kind of joint ownership.

Joint tenancy in Minnesota with right of survivorship, community property with right of survivorship, and tenancy by the entirety are three examples or joint ownership that should normally work. The key word you want to look for is survivorship. Ownership methods with survivorship in the name should normally prevent that asset from going to probate. However, not all states utilize the same regulations for certain forms of joint ownership, making some kinds exclusive to married couples and/or registered domestic partners.

Don’t Forget the Debt

Just because you can avoid probate doesn’t suggest that you can forget about debts. You may have heard this a thousand times before, but one of the only kinds of debt that normally disappears upon death is student debt. Any other debt you’re probably going to have to deal with. Someone must be paid and someone must be the metaphorical piggy bank from which that money comes. On a similar note, probate is not avoided once/if both owners pass. So, if both owners pass and there’s still debt to pay, the assets might disappear.

Remember that when you share joint ownership with someone, you may find yourself paying off their debt. This is a warning. Debts are normally settled during probate for most items. Items held in joint ownership may avoid probate, but the debt collector may come knocking eventually. Joint tenancy can help transfer the title of the property, but that also means that the responsibility for paying off that property is sometimes carried over as well.

Possessions to Consider

To ensure that you hold joint ownership and/or to give you ideas of what can be held under joint ownership, here are two general lists. The two items on the first list, vehicles and real estate, shouldn’t come as much of a surprise. It makes sense to have joint ownership for items that you and your significant other utilize equally, making them necessary components regardless of who outlives the other.

The four items on the second example list all involve money. Stocks, bonds, bank accounts, and brokerage accounts can normally be owned jointly. As for checking any of the above kinds of property, whether a part of the first or second list, that can vary from item to item. For the first list, check deeds, registration slips, and certificates of ownership. For the second list, check passbooks, registration cards, stock certificates, bonds, and account statements. If you’re having trouble checking, consider contacting a probate lawyer for direct assistance.

More the Merrier

Two is company, but three or more might be the right number for joint ownership. As a warning, anyone who you make an owner might obtain the same powers as you have. Be careful to trust before you entrust. The obvious advantage is giving more individuals access to and power over various assets. Maybe you want your son/daughter and their spouse to have ownership over your home as their family serves as your live-in caretakers, allowing them to retain the property once you pass.

Moreover, having multiple owners can help prevent probate should one or more person suddenly depart from this world. Going back to the previous example, say that your son/daughter-in-law unexpectedly dies in a car accident. Your son/daughter still has you to hold the property further preventing probate from becoming problematic. They can remarry and with your blessing, add their new spouse onto the property to help maintain it. Probate can strike when your property isn’t properly passed on.

Probate Prevention

To prevent probate as much as possible, a probate lawyer is probably your best assistant. As a tip, go to the law firm of Flanders Law Firm LLC. You can call them at 612-424-0398 and set up a meeting.

You may or may not have all your assets lined up properly, but it never hurts to double check if everything is set in legal stone. They can also help you with other ways of preventing probate like creating a will and/or creating trusts. When you visit, you may even want to consider bringing your present will and/or any trusts that you own. They can help you figure out preventative ways to reduce the chances of dealing with probate.

Sources:

https://www.target.com/p/8-ways-to-avoid-probate-12-edition-by-mary-randolph-paperback/-/A-53506195

Probate Without a Will | Minnesota Law

Posted on September 25, 2019 by jlawyer

Probate Without a Will

This is might or might not be a black and white process. Probate can involve a lot of small details that need to be dealt with. So, to answer a few general questions, here are a few general answers. Yes, you should have a probate attorney who is more than a little bit familiar with probate law. That should go without saying.

Because of how much this process relies on the kind of assets you’re dealing with and how many assets there are, your best ticket is to get as much knowledge as you can about the entire estate and the probate process itself. This isn’t a sitcom’s stereotypical litigation process where everyone stands before the judge to prove or disprove a point. It’s more or less dealing with the deceased’s assets and waiting for each asset to be approved. Continue reading to find out more about the ramifications of not having a will during the probate process.

It All Depends

A will is usually what guides your assets. That is, unless there are trusts in place to route some of the assets in question. Not having either of these in place may leave everything in the hands of the court.

Personally electing an executioner may do little if there’s not a will in place. Your will is what allows your executioner to do their job. It doesn’t matter what you taught or instructed them. They may know your every thought and have evidence to back it up, but trusts and wills are what the courts trust.

Not having a will is not necessarily the worst-case scenario, nevertheless. The court will probably look at the family situation and diagnose how to distribute the assets in light of the deceased’s relations. For example, if the deceased was separated from their spouse, the surviving spouse will still be considered the next of kin. If the deceased was divorced, rather, their ex-spouse won’t be considered their next of kin. The court will know that not every family situation is cut and dry. It just may take some extra time to fully assess and then address the situation.

In Trusts We Trust

Your will is not a trust and a trust is not your will. They are two separate legal entities that both affect the probate process. Trusts have two advantages over wills because they’re harder to contest in court and they can sneak assets through without going through probate. There’s the chance that someone might check on those assets, but as long as the trusts stand, everything should be in order.

Unlike executioners, trusts don’t depend on wills. The trusts should still be honored regardless of what happens to your will or the lack of thereof. While it’s probably unrealistic to put all of your assets into trusts, they’re great options for assets that must be passed down.

It’s possible to put lots of assets into revocable trusts, but that means you might need several trusts while you could just put those assets into your will. If time is short or you’re concerned about a particular asset, a trust might be the better option when compared to a full-blown will. At the same time, consider creating a will in order to cover your other assets. Trusts are good for ensuring one or two assets are passed down while wills can be better for large amounts of assets.Probate is a Probability

Trusts aside, not having a will in place almost guarantees that your assets will go through probate. It’s the court’s way of handling everything. Assets will need to be assessed. Debts will need to be paid. Everything will need to go in some shape or form. Nothing will be immune from being sold off to pay off debts. Though you may want to give everyone a top-level education, the end result may be far different from your original intent.

Your word probably won’t hold up if it’s not in writing. The court must deal with each and every debt that you have. Even if your house is all that you own, that still isn’t immune to being sold. Student debts will be forgiven, but otherwise, those debts don’t just go away. Debt collectors can’t play favorites. Until every cent of your debt is gone, you may as well start writing out your will with your debt collectors being your beneficiaries. The quickest way to ensure your family gets anything from your will is to pay off your debts one by one, starting from the smallest and moving towards the biggest.

Relatives Take All

Perhaps you’ve heard the saying, “Blood is thicker than water.” That saying can, more or less, be applied to probate when a will isn’t present. Your relatives, whether my blood or marriage, tend to be the ones who inherit from you when you pass without a will. Friends and individuals who are not recognized by the court as being family aren’t normally so lucky. An unregistered partner might end up getting nothing once you die regardless of your external family life or your relationship with said partner.

If you want anything to pass onto someone that isn’t a part of your family, wills and trusts are a must.

Minnesota Probate might not leave anything to them. You might not have a single debt in the known universe and your estate can be kept perfectly intact, but unless the court does something out of the ordinary, your friends won’t see a cent from your assets. The judge may not take into account your sudden debt or some other reason why you didn’t have a will. Wills are, to some extent, insurance for your assets, helping those who aren’t related to you obtain the gifts you promised. Don’t bet on sob stories. Judges probably hear one or more for every court case they preside over.

How to Start | Minnesota Probate Lawyers

You start by contacting a probate attorney. Visit or contact the law firm of Flanders Law Firm LLC. They’ve helped people deal with probate issues time and time again.

If you’re not convinced, dial 612-424-0398 and speak with someone representing the firm. Those assets cannot move or asses themselves. Getting them through probate faster sometimes means having more help. And even if the majority of assets are covered by trusts, consider having that same lawyer look over the trusts to ensure that everything’s in order. A probate lawyer who knows the ins and outs of both probate and trust law can help your family do exactly what needs to be done.

Going Through the Probate Process Step by Step

Posted on July 8, 2019 by jlawyer

Going Through the Probate Process Step by Step

Setting the Record Straight

Before diving into how the probate process proceeds, let’s first define the probate process itself. Technically, it’s a process that mainly involves two layers; namely, settling any debts belonging to the decedent and transferring ownership to any benefactors.

Effectually, it’s wrapping up any legal circumstances pertaining to the decedent and ensuring that their will is fully carried out. Most likely, this process will involve working with a lawyer who knows probate law at some point. Moreover, the lawyer who you work with might be the one who has final say.

Do not get on their bad side. For this specific kind of process, the last thing you want is to have the lawyer working against you.

MN Probate | Ask First

To get the probate process in motion, someone needs to inquire about becoming and being designated as the executor or personal representative. Each state is different. Your lawyer might be able to tell you which of the two terms your state uses.

There is, however, a third option. In the circumstance that no will exists, you probably won’t become either an executor or personal representative. Rather, you’ll be classified as an administrator. Most likely, the person who fills one of these three roles needs to have been close to the person whose assets are being distributed.

Nonetheless, being a close friend, a blood relative, or even a spouse does not automatically qualify you. An application process stands before you. Unless the court grants you one of the aforementioned titles following the application process, you won’t have that legal power. Someone may fill that role instead.

MN Probate | Valid Will

Not every will is actually valid. As much as you may want the will that you’re working with to be automatically validated, the court still needs to decide that.

Not only do they decide who can and can’t be the executor, personal representative, or administrator, they also determine whether or not the will itself is actually valid. Note that just as not everything in writing is true or accurate, a will might not be valid as well.

Factors surrounding the will need to be taken into account. When in doubt, get help. Otherwise, you might end up not being able to use the will whatsoever.

MN Probate | Necessary Documents

Getting back to applying to be an administrator or whatever it’s called in your state, you must have all of the necessary and valid documents. You need the will and then some. Thankfully, one of the documents is the application itself.

So, as long as that’s successfully completed and in your possession, you should just need the will and a death certificate. If you don’t have those already, you’ll need to obtain a copy of both. Without them, nothing can move forward.

Concerning the death certificate, the court must have solid evidence to ensure that the deceased has actually passed on. As a side note, double check where you apply to. Your application shouldn’t go to just any probate court. Find the probate court that presides over the country of where the deceased lived during the time of their passing. That’s where you send your application to. When in doubt, get your facts straight with the county.

MN Probate | The Property Itself

Once the actual process has begun, it’s about time to deal with the deceased’s assets and property. This stage is threefold, starting with identifying the property and assets, followed by classifying them, and appraising them.

The actual distribution happens at a later point in time. For now, what the deceased owned must be gathered and organized. Until everything is properly accounted for, no one can get anything. Then, once the property has been all rounded up, an appraisal needs to happen. The goal of the appraisal is to find out the cash value of non-cash assets. The process will not affect or apply to any bank accounts.

MN Probate | Debt Begone

It would be nice to leave behind all your assets to your heirs. However, debt is what might be standing in your way. This is why the appraisal process occurs, to see how much money the property is worth when debt remains. Remember, you can’t take your property or your debt with you.

The debt must be dealt with somehow. And if your house is what fills in the debt hole, your heirs might not get the home. This should go without saying, but if you can, get rid of your debt while you’re still on the Earth.

That means if you take a loan out on a car, but it’s not paid off, your heirs might not see it anyway. Debt doesn’t let you keep everything. Debt must be paid off in some manner. The biggest blessing to your offspring might not be a new house but one that doesn’t cost a cent.

MN Probate | Added Assistance

Let’s not make the probate process anymore difficult. Instead, take a step that makes things easier by consulting the law firm of Flanders Law Firm LLC for some assistance.

You need lawyers who can help walk you through probate law.

All you have to do to start the process is ask for a free initial consultation by calling 612-424-0398. Whether you have more questions concerning the above questions or you just want general help, they should be right beside you to assist you on your journey.