Probate is a court process for passing a deceased person’s assets to his or her intended heirs. In Minnesota, most probates are fairly simple but understanding the probate process is important for effective estate planning and to ensure your wishes are carried out upon your passing.
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When is probate needed?
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Does having a Will avoid probate?
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What if I do not have a Will?
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Is a lawyer needed for a probate?
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Will my family need to go to a probate court hearing?
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How much does probate cost?
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How long does probate take?
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How can I avoid probate?
When is probate needed?
Probate is needed for assets or accounts owned solely in the name of the deceased person. If there is a surviving joint owner, then no probate is needed for that asset. If one or more beneficiaries are named on an account, no probate is needed for that account.
If you own any real estate in just your own name, it will need a probate upon your death.
If you have accounts without joint owners or beneficiaries but the total value is $75,000 or less, then probate can probably be avoided.
Does having a Will avoid probate?
Wills do not avoid probate. Wills are the directions for the probate, they provide instructions on how your assets are to be distributed, but they don’t circumvent the probate process itself.
What if I do not have a Will?
If you die without a Will, then your probate assets will pass to your family members (heirs-at-law). Minnesota law says which of your family members will inherit from you; this is also known as intestate succession.
Is a lawyer needed for a probate?
Yes, in most cases you should contact a probate attorney to help with the legal process of a probate. The courts have probate forms, but most families will be unfamiliar with the timelines and legal requirements for a probate. An experienced probate attorney can navigate complex legal procedures, potentially saving time and reducing stress for your family during an already difficult time.
Will my family need to go to a probate court hearing?
In most Minnesota probates, no court appearances are required. Probate is mostly a paperwork process with the Court, a newspaper and creditors.
How much does probate cost?
Simple probates cost less, and more complicated probates cost more, especially if the family is fighting. The primary cost of a probate is the attorney’s fees. In Minnesota, the attorney does not charge a percentage of the value of the probate. Additional expenses can include a court filing fee and newspaper publication fee.
How long does probate take?
A probate must be open for at least four months because creditors have four months to file bills and claims. During that four-month period, the personal representative can sell real estate, liquidate investments and handle many tasks of the estate. However, more complex estates or those involving disputes may take longer to settle.
How can I avoid probate?
If you want to avoid a probate at your death, meet with an estate planning attorney. You may be able to use a trust or beneficiary designations to avoid a probate. Strategies such as creating a revocable living trust, using joint ownership, or setting up payable-on-death accounts can help bypass the probate process for many assets.
Understanding probate is an essential part of effective estate planning. While the process in Minnesota is generally straightforward, seeking professional legal advice can help ensure your assets are distributed according to your wishes and minimize potential complications for your loved ones. Don’t leave your legacy to chance – consult with a qualified estate planning attorney today. If you have any questions about estate planning or probate, contact the Gries Lenhardt Allen law firm.