The Probate Court provides a
cost-effective and efficient process to transfer ownership of assets
from one generation to the next.
The
Minnesota
Legislature has properly insisted that the process is
efficient and that most of the assets be available for the benefit of
the persons designated in the Will. |
 |
We begin with a copy of
the death certificate and the Will. From that information we prepare an
Application or Petition to the Court to appoint the person chosen by
the decedent to be come the "personal representative" (or "executor" as
it used to be called) to administer the assets of the estate. Next he
court will issue the "Letters Testamentary" which are the operational
documents which allow the Personal Representative to act on behalf of
the estate.
Once the administration
of the estate is confirmed, the next step is to collect the assets of
the estate whether they are in the form of bank accounts, stocks or
other securities or real estate or other assets.
After the collection phase, we distribute the assets to the
beneficiaries of the Will, the spouse, and family members and the
creditors who may be entitled to payment.
The estate may be
administered informally or formally which has to do with the degree of
the intensity of detail which the probate court has over the estate.
The proceedings may be supervised or unsupervised which determines how
frequently we must go to the probate court for necessary approvals.
Written Notices are given
to beneficiaries and creditors of the decedent as well as providers of
services for the last illness, funeral and burial of the decedent.
Notice must also be published in a legal newspaper in the county where
the decedent died. The earliest that the estate can be closed is four
months after the notice by publication can be made, although often
partial distributions can be made to beneficiaries in the meantime.
Within four to six months
after the publication, the bills can be paid, the bequests distributed,
the real estate conveyed and stocks or other securities can be
transferred. If there are any taxes to be paid, that is the time those
can be taken care of.
Unless there is some unique problem, an estate
can generally be close within six to nine months of the death of the
decedent.
Any
questions or comment be sure to fill out our contact form. Just click here.

|