Minnesota Probate

Minnesota Attorneys serving the Twin Cities, Roseville, St. Paul, Minneapolis and surrounding suburbs - Probate.

Probate is a court procedure where a Will is proved to be valid or invalid. In current usage, this term has been expanded to include administration of estates, regardless of whether you have a Will or not. If you do not have a Will, upon your death, your assets will be distributed according to Minnesota "intestate succession" Statutes.

If you do have a Will, the inclusion of assets in the probate estate is determined by how they are titled. If the estate of a decedent owned property solely or as a tenant in common, there will most likely be a need to initiate a probate proceeding in order to have the property transferred. Therefore, how you decided to title your assets will have an effect on how they are transferred at the time of death.

Often times a decedent's estate will include a home as its main asset. Our extensive experience with real estate law allows us the ability to offer highly competent, parallel representation in probate proceedings that involve real estate transfers.

Probate is the process of paying the bills and transferring the assets from the deceased to heirs or distributing the assets in accordance with the will. Minnesota is a Uniform Probate Code State, so this process is not real complicated or expensive.

In Minnesota, there will be no probate if:

All the assets are in joint tenancy or are payable on death to a specific person or persons; or

The total of all assets is less than $20,000.00; or

All the assets are in a trust; and

No one DEMANDS a probate proceeding.

In an attempt to avoid probate, people can (and often do) make costly mistakes, for example:

Gifting appreciated property and thereby losing the step-up basis. These results in paying a capital gains tax that otherwise could have been avoided.

Adding the name of one child to the account(s) and expecting that he will pay the bills and fairly divide the assets among the family. There is nothing to make him do this.

Adding the name of an irresponsible or dishonest person to an investment or an account.

Adding the name or a child to real estate, only to have that child die, get a divorce or file bankruptcy.

Advantages of having a probate proceeding are:

There is direction and, if necessary, supervision of the process of collecting the assets, paying the bills and distributing the estate.

It is a convenient and relatively inexpensive forum for settling disputes between heirs or with creditors.

There is a limited time for creditor's claims.

It gives you a step-up in basis on appreciated assets and therefore eliminates most capital gains.

It is structured and the executor must follow the rules.

The Probate Court not only presides over probate proceedings, but also has the authority to approve the following types of petitions:

Adoptions

Guardianships

Conservatorships

Sale of a minor's property

To make an appointment please contact the Law office of Jane J. Larson & Associates.