Minneapolis Probate Lawyer | St. Paul probate Attorney
When a loved one passes away, his or her estate can go through the probate process. This is a court-managed process in which the assets of the deceased are managed and distributed. If the deceased has a well-drafted living trust that is properly funded, it is likely no probate process will be needed. However, the successor trustee will need to distribute the assets to the proper beneficiaries. If the probate occurs, the process may take a while. How long it takes depends on the complexity and size of the estate and the schedule and rules of the local probate court. To simplify this process as much as possible, you can have a Minneapolis probate lawyer assisting you throughout.
Guidance Through The Probate Process
At Gross Law Office, you can get the help you need administering an estate through the probate process. There are some common steps involved in probate and they are:
- -Filing a petition with the probate court
- -Notice to the heirs stated in the will or, if there is no will, notice to the statutory heirs will be served.
- -Petition to appoint a Personal Representative (also known as the Executor or Administrator of the estate) for the estate.
- -Inventory and appraisal of assets in the estate by the Personal Representative.
- -Payment of debts to creditors using estate assets, which is usually achieved through the sale of assets.
- -Payment of estate taxes, if any tax payment is needed.
- -Distribution of remaining assets to heirs.
These steps may seem rather taxing. How taxing they are is determined by the size of the state. No matter the size, having a Minneapolis and St. Paul probate attorney helping you can make a significant difference for you.
Help With Complex Issues
There are some complex matters that can come about during the probate process. For instance, someone can object to a will. This is called a “will contest.” This is a costly process, but a person must have a legal standing to raise an objection to a will, otherwise cost doesn’t become a concern because the litigation won’t happen. This type of dispute is common when children of the decedent receive disproportionate shares as stated by the will or the distributions have changed between will updates. Beneficiaries can also disagree on who was appointed to be the Personal Representative.
There are also times when some of the assets may be “non-probate assets.” Some examples include:
- Property that has co-owners with the label “joint tenants with right of survivorship.”
- IRA and 401(k) retirement accounts where the beneficiaries are designated.
- Life insurance policies
- Property that is owned by a living trust
- Bank accounts that have “in trust for” or “pay on death” designations
There are also the common costs associated with an estate. They include court fees, accounting fees, attorney fees, appraisal costs, and there may also be a fee for the Personal Representative to compensate for time.
These very small details are why it is highly beneficial to have a Minneapolis probate lawyer helping you through the process. You can turn to Mr. Gross from the start or, if you have already started, it isn’t too late to get help now.
Contact A Minneapolis Probate Lawyer
The probate process can be complicated, which is why you need an experienced and dedicated estate planning attorney to help you through this stressful process. With the proper help, probate can move much smoother than it would otherwise. To learn more about how Gross Law Office can help you, call 612-203-3830 today!