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The probate process begins by applying with the probate court. Probate ends when appropriate debts and taxes are paid and any assets are distributed to designated beneficiaries. If the will is contested, a Minnesota probate judge will step in to resolve the dispute.
If no will is in place, Minnesota law governs the distribution of the assets. Once the transfer of the estate has been completed, the probate period ends.
When a loved one passes away, their estate may need to enter a period known as probate, if that person dies with certain types of property in their name alone.
Probate can be classified in two ways: Informal Probate and Formal Probate. During an informal probate proceeding, the personal representative specified in the will may pay any outstanding debts and inheritances without the court’s supervision. To start the informal probate process, you must prepare and file an application with the probate registrar, who will then either accept or deny your request. Informal probates could include a situation where there is a will or where there is no will.
The purpose of going through the probate process is to prevent fraud after death. That being said, probate only applies to your estate in the following situations. You own real property (such as a home or real estate) solely in your name or under tenancy in common.
An executor or personal representative, who is either nominated by the deceased person’s will or appointed by the court, has the legal authority to assets and property in the estate, pay bills and taxes, and distribute estate property to the rightful heirs and beneficiaries.
The Uniform Probate Code of Utah describes three types of probate proceedings – informal, supervised formal, and unsupervised formal.
The personal representative is responsible for sending out formal notices distributing the estate property. Formal Probate. This type of probate involves a court proceeding, where a judge can settle disputes regarding the amount owed to creditors, distribution of assets to inheritors, and the meaning of a will.
Beneficiary Designations. Beneficiaries named in your retirement account and life insurance policies are entitled to the assets in the account or the proceeds of the policy without having to go through probate.
In addition, estates that fall below threshold for small estates can skip probate. A few other examples of situations wherein probate is unnecessary include the following. Joint Tenancy. The right of survivorship allows a surviving joint tenant to become the owner of the entire asset if the other tenant dies.
While you’re not required by law to have legal counsel for probate, it’s in your best interest to hire a trustworthy probate lawyer who can provide you with legal advice and guidance. The probate process is complicated, but adding the responsibility of estate administration as executors makes it much more difficult.