Minnesota Probate Lawyer
It is always difficult when a family member passes away. If you are the executor of your loved one’s estate, you may find yourself grieving while dealing with their affairs to ensure everything is carried out according to their wishes. It is possible that the estate may go through a court-ordered process known as probate, which is how the assets within the estate are distributed. If all of the assets are owned through a fully funded trust, the probate process may not be necessary.
Nevertheless, if you are named as the executor of the estate in your loved one’s will, it is your legal obligation to manage the estate. You will need a skilled Minnesota probate lawyer by your side to help you throughout the process because it can be one that is confusing and difficult.
The Probate Process
Probate administration can vary from case-to-case, but there are certain steps that have to be met at some point during the process. Those steps are:
- Filing the appropriate documents with the court to commence probate administration
- Contacting beneficiaries, heirs, and other concerned parties and sending notice to them
- Obtaining the estate’s tax identification information
- Opening an estate bank account
- Inventorying and assessing the estate assets
- Sale of assets, if necessary
- Filing the last income tax return of the deceased
- Preparation of state and federal estate tax returns
- Fiduciary accounting preparation
- Distribution of assets
- Filing of documentation finalizing probate administration
This is a matter that can be very personal and it can be difficult. Your attorney gives you the guidance you need during a time in which your loved one’s passing has left you in shock and mourning. At the same time, you have to make decisions regarding the future of your family, while also making sure the wishes of your deceased loved one are carried out.
There are times in which probate may not be needed. As mentioned previously, a fully funded trust may not require probate administration, which means the assets can go ahead and be distributed according to the deceased loved one’s wishes.
There may also be other instances in which non-probate administration applies. If the estate is small, which means there are less than $50,000 in probate assets, probate may not need to be required if certain conditions exist. Your attorney can help you determine whether or not the estate meets these conditions and can guide you through the process of asset distribution so it is done as soon as possible and as stress-free as possible.
Contact A Minnesota Probate Lawyer
If you are the executor of an estate, it is ideal for you to have legal assistance to help you fill out the paperwork and administer the estate smoothly. The Liebmann Law Office can