Although most Minnesotans seek to avoid probate, there are pros to probate as well as cons.
Because probate involves the court — an open and public process — probate provides a level of transparency to all potential heirs and beneficiaries that may not exist otherwise. » Read more..
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Your estate plan — like your car — needs a tune-up occasionally.
If you don’t get that tune-up, either your estate planning goals may not be met, and/or you may be paying hundreds — if not thousands — more for legal services and/or other costs than would have been the case if you had timely asked a lawyer to review your estate plan and suggest necessary adjustments based on current laws and your current goals. » Read more..
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The existence or non-existence of a Will has nothing to do with whether or not probate is required in Minnesota. Your estate may go through probate whether or not you have a Will. » Read more..
When you cannot find the original copy of the Will of a recently deceased friend or relative, Minnesota’s Probate Court may accept a copy of the Will instead.
However, Minnesota law requires that the estate then be probated formally, which is a more expensive process than informal probate. For this reason alone, it is a good idea to place the original Will in a safety deposit box or in a secure place in one’s home. It is also important that relatives or friends know where to find it. » Read more..
One Minnesotan’s probate action may differ considerably from that of another’s.
If you die with more than $50,000 in assets in your name alone, or own real estate in your name alone, a probate proceeding is required in Minnesota to handle the transfer of your assets.
For most Minnesotans, probate is either “formal” or “informal”. Formal proceedings are of two types: “supervised” or “unsupervised” by the Probate Court. Informal proceedings are always unsupervised, and entail little court involvement. Supervised proceedings involve considerable Court involvement. » Read more..
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One of the advantages of having your Minnesota assets distributed by a Revocable Living Trust, rather than through your Will, is that Revocable Living Trust documents can avoid public disclosure whereas Wills admitted into Probate Court become a public document. » Read more..
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