The Probate Process In Minnesota
The Minnesota Probate process provides an orderly process to receive, evaluate, and accept (or reject) credit card or other debt claimed against the decedent. There are a number of exemptions that the executor and their attorney should carefully consider before paying any of the debts or bills of the decedent.
Exemptions In The Process
For example, if the family homestead passes to the spouse or the children of the decedent, it is generally not subject to credit card debt and may even be exempt from many claims of the state government.
The creditor may have taken out a court judgment against the decedent. This can be a stumbling block if the spouse or the children try to sell the real estate after the death of the Loved One.
It may take an additional proceeding before the court, in order to get the judgment cancelled. The executor should consult with their probate attorney before they pay a judgment, since there may be a chance that they might not have to pay it.
In fact, if the executor pays a debt that they shouldn’t, the executor may be liable for violation of what is called the “fiduciary duty” of the executor.
Probate Is Complex
Probate is a complicated and specialized area of law. The executor should consult with their probate attorney before they make decisions and take great care before they begin to collect assets and pay debts.
Bill Peterson is a Minnesota Probate Attorney with over 40 years of experience as a lawyer. His firm, Peterson Law Office, is pleased to help sort out the intricacies of Minnesota Probate. For more information, please visit http://www.mnprobate.com or call toll free at 952-641-7312.
The contents of this article are for information only and is not to be interpreted as legal advice. For personal legal advice you should consult with an attorney who is experienced in probate law or estate planning.