Elk River Probate Lawyer

When a loved one passes, the very last thing you want to think about is the lengthy court process that can oftentimes follow. Instead, you would rather spend your time gathering with loved ones and celebrating the life of the family member who passed. Unfortunately, in some cases, probate becomes necessary. It can be helpful to retain the support and legal guidance of an experienced Elk River probate lawyer who can navigate this process.

When your deceased loved one owns a large number of assets or an estate worth over a certain amount, the estate must pass through the Minnesota probate court. The only exception to this rule is if the deceased individual’s assets and estate were managed and owned in a properly drafted trust.

Probate can be a lengthy legal process, and having the aid of a lawyer can be of paramount importance to its success.

What Is Probate in Elk River, and When Is It Necessary?

In Minnesota, probate is a legal process that works to settle an estate after its owner passes away. The property owned by that individual is collected and inventoried. Then, debts are paid off. Whatever is left over, once all liabilities have been taken care of, is then distributed amongst the heirs, according to the wishes of the deceased party or state intestate law. The individual responsible for handling all the probate affairs is known as the estate’s personal representative or executor.

If you do not have a will or there was no executor named in your will, the courts will appoint one for you. Upon your death, your executor will need to file an application with the probate courts to begin the process. Probate will end once all the debts and taxes have been paid off and the assets are distributed amongst the heirs.

Whether probate is necessary ultimately depends on the property owned in the estate and its value. Estates valued at $75,000 or less do not have to go through the Minnesota probate process. During probate, the following assets will be involved:

• Real Estate Holdings: Unless the property in question is owned in joint tenancy with survivorship rights or has been placed into a trust prior to the individual’s death, it will be subject to probate. However, if you own property in another state upon your death, that will need to be probated in the state in which it is located. This can include any homes, camps, hunting land, commercial, rental, or business property.
• Personal Property: If you owned assets such as vehicles, boats, collectibles, RVs, jewelry, bank accounts, bonds, business interests, retirement plans, certain insurance policies not held in a trust, or investment accounts, these items will need to be processed through the probate courts at the time of your death.

Trek & Trust Law: Assisting You Through the Probate Process

At Trek & Trust Law, we understand that dealing with the death of a loved one can be a difficult and stressful time. The last thing you want to be doing is facing down the probate process. It can be very time-consuming, but the team at Trek & Trust Law can make sure it moves as smoothly and quickly as possible.

With our experience and resources, we can guide and represent you and your loved ones throughout probate, giving you the time and space to grieve your loss.

The Minnesota Probate Process

In most cases, when an estate must pass through probate, the steps required usually include the following:

• Filing the official petition with the necessary probate court
• Providing a notice of the death and subsequent probate process to all the beneficiaries of the estate
• Petitioning to have the executor officially appointed
• Inventorying and valuing all assets within the estate
• Paying off any outstanding debts
• Selling estate assets if necessary
• Paying off any estate taxes
• Distributing assets to heirs in accordance with the wishes of the deceased or intestate law

FAQs

Speak With a Trusted Estate Planning Attorney Today

If you have recently lost a loved one and need assistance with probate, Trek & Trust Law can represent your interests. Likewise, if you are an individual who is considering setting up an estate plan so your loved ones can forgo the probate process, we can help you do so. Contact our offices today to schedule a consultation and learn more about how we can be of service to you.