Probate Guide
Index
1. What is Probate?
2. Is Probate Required?
3. Types of Probate Proceedings
4. The Probate Process
a. Probate Initiation
b. Asset Collection
c. Record Keeping
d. Handling Claims
e. Valuation of Assets
f. Tax Payments
g. The Final Account
h.Asset Distribution and Closing the Probate
5. The Need for Experienced Attorneys
Introduction
When a loved one passes away, family and friends are called upon to make important decisions regarding the estate of the one who has passed away – decisions which will impact family members and friends who remain.
Immediate questions must be answered:
- Who pays the bills for such things as funeral and medical expenses?
- Who cares for the home, car, and other assets?
- How do debts and taxes get paid?
- How will the surviving spouse or children be cared for?
- How does the estate’s property get transferred to the rightful recipients and when should that occur?
- If there is a will, what should be done?
- If there is no will, who gets the property?
- What if there is a dispute among family members about how things should be handled?
These questions must be answered correctly and probate may be required to address these issues.
What is Probate?
Probate is the legal process of safeguarding the assets of the estate, paying creditors, making tax filings, caring for the family, and ultimately distributing assets to the rightful recipients. This process places a significant responsibility on the court appointed representative. With the help of an attorney experienced in probate, the representative can make these decisions and fulfill his or her legal responsibilities while protecting the interests of family and friends.
This guide provides a basic overview of the probate process in Minnesota. It is specifically designed to help the court appointed representative (called the personal representative) understand the probate process and to make the right choices for the benefit of family and friends.
Next Section >> Is Probate Required?