There has been some confusion in the Minnesota probate sphere concerning the effective date for the new asset limit for the Affidavit of Collection process.
For a recap of the issues, see here and here.
Multiple sources have confirmed that the effective date is 12:01 a.m. on August 1st and that the new asset limit is not currently in effect. Since the bill that was passed listed no effective date, the default date for non-appropriation bills is August 1st.
Practice Tip: If you have an estate that has more than $20,000 but less than $50,000 of probate assets, consider waiting until August 1st to take advantage of the new statute. Also recall that the successor need not present the affidavit in duplicate (a requirement under the old/current statute).
Special thanks to Tom Holker of Holker Law Offices for his work on verifying the effective date with the House Clerk.
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What you need to know about Minnesota’s new estate law legislation
by Boyd Johnson on June 15, 2010
Minnesota attorneys should be aware of new probate and trust law legislation recently signed into law. I have listed the highlights of the new laws on a guest post over at the Practice Law Blawg.
Additionally, in the post, I’ve listed 5 ways you can prepare for the most important (and potentially controversial) provisions of the new laws– those redefining the scope of parent-child relationships.
As an aside: the MSBA’s Practice Blawg frequently has posts of interest even to out-of-state attorneys. Make sure you check out this blog and consider adding it to your blog reader.
Categorized in Commentary, Practice Tips and tagged as legislation, probate, probate code
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