Probate is the process of paying the debts and distributing the assets of someone who has passed away without a will. It involves an executor or personal representative to act on behalf of the estate to complete the process. Court proceedings may or may not be necessary, depending on the assets.
When Is Probate Needed?Probating of the decedent's estate is needed if there are items of property that need to be titled or transferred to his or her heirs or beneficiaries.However, probate proceedings are not needed in cases if the decedent held all of his or her property in the name of the decedent and his or her spouse, then that estate is said to be in joint tenancy.
Probate Pays Off Debts And Distributes AssetsProbate is the process of paying the debts and distributing the assets of someone who has passed away without a will. It involves an executor or personal representative to act on behalf of the estate to complete the process. Court proceedings may or may not be necessary, depending on the assets.
Probating of the decedent's estate is needed if there are items of property that need to be titled or transferred to his or her heirs or beneficiaries.However, probate proceedings are not needed in cases if the decedent held all of his or her property in the name of the decedent and his or her spouse, then that estate is said to be in joint tenancy.
We are all acquainted with the process of when an orphaned minor needs a guardian until he or she becomes an adult. But what happens at the other end of the age spectrum, when the parents become physically or mentally disabled and need supervision?
Who Is The Executor?The person who is charge of administering the estate is called the "personal representative" or "executor". They mean the same thing. Because more people have heard the term executor, I will use that title for the position. The role of the executor is a very important one in the probate process.
In Minnesota, if the estate is one that involves real estate or if the assets are more than $50,000, then in most cases there must be a probate proceeding. This is true whether or not there is a Will.
The Clock Starts RunningIn Minnesota, the clock starts running on handling the estate as soon as the personal representative or executor is appointed by the probate court.
Mom just died in Minnesota and the children are fighting over whether she should be cremated, where the funeral should be and where she should be buried. This can be a very difficult time for the family, and unfortunately, can be a very common situation. Emotions may be fiery, but there are important legal implications to be aware of, too.
In Minnesota, the clock starts running on handling the estate as soon as the personal representative or executor is appointed by the probate court.
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