Practice Tips

Don’t forget these: Personal representative powers you may have forgotten about

January 7, 2009

The powers of a personal representative in Minnesota are quite broad. The probate code delineates a host of these powers in Minn. Stat. 524.3-715. It is worth taking some time to read through that statute since, if you haven’t, you may discover powers you didn’t know the personal representative had. Here’s a selection of powers [...]

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New numbers for a new year

January 1, 2009

As a reminder for estate planners, two new numbers you should be aware of in 2009: The federal estate tax exemption amount is now $3.5 million (Minnesota’s remains unchanged at $1 million). The annual gift tax allowance is now $13,000 (the lifetime gift tax exemption is frozen at $1 million).

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Keeping Values of Probate Assets Private

December 24, 2008

In follow-up to yesterday’s post, sometimes you don’t want “the public” (i.e. speculators and busy-bodies) to know the exact value of real estate or other assets in the probate. Here’s a couple of ways to keep the values private: The initial Petition or Application to open the probate merely requires estimated values to be given. [...]

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Is There Real Estate in Your Probate? Expect Junk Mail

December 23, 2008

Give your personal representative a heads-up if there is real estate listed as probate property in your probate petition. Given the current real estate market conditions, speculators are as ravenous as ever to snatch up property at a discount. Tell the personal representative to expect lots of junk mail from the speculators and to check [...]

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Minnesota Estate Tax: New Assembly Instructions

December 22, 2008

If you are preparing an M706 this year, be aware that there are new assembly instructions for attachments in the 2008 M706 Instructions. The preferred method of submission of attachments is to “use binder clips, 3-ring binders or 2-prong fasteners. Do not use bindings, staples, or colored paper as separators” (emphasis in original). That last [...]

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Hennepin County: Filing Fees and Copy Requests

December 15, 2008

There have been quite a number of procedural changes to probates in Hennepin County in recent months. The Registrars have issued another change today. Separate checks are now required for filing fees and copy requests. Additionally, the checks will likely need to be sent at separate times. Previously, many attorneys sent in one check for [...]

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Enhanced FDIC Protection for Trust Accounts

December 10, 2008

The Wills, Trusts & Estates Prof Blog references an article explaining how revocable trust accounts have more protection under the new FDIC rules. However, the protection is capped at $250,000 per beneficiary and expires in 2010, returning to the previous $100,000 level. In these days of bank failures, understanding the basics of the FDIC rules [...]

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Notice of Withdrawal of Counsel: Hennepin County

December 8, 2008

Metro-county probate courts often have extra, unwritten rules that you must comply with in order to proceed. I discovered one on Friday that I didn’t know about. To withdrawal as counsel in Hennepin County under Rule 105, you must provide notice to all interested parties. This goes beyond Rule 105 which merely requires that you [...]

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The Personal Representative’s Powers Relate Back Before Appointment

December 5, 2008

Can a nominated personal representative perform acts on behalf of the estate prior to his appointment? Under Minnesota Stat. 524.3-701, the answer is yes, but it carries risk. The statute states that the powers of a personal representative “relate back in time to give acts [performed] by the person appointed. . . the same effect [...]

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Hennepin County Probate: More Procedure Changes

December 3, 2008

As a result of the recent changes in Hennepin County to the procedure to publish the probate notice, the Registrars will no longer allow you to mail the notices to the interested parties from their office (source: Registrar’s Office email). This had been a convenient option that enabled the attorney to quickly have the letters [...]

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