Estate Against Fortune In Hennepin
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FAQ
Heirs may not take your personal property until 30 days after your death. If your personal property exceeds $75,000 or you own real estate in your name alone, your estate must be probated.
The personal representative is personally responsible for probating the estate completely and correctly ing to Minnesota law. Most estates are expected to be completed within an 18 month period. If more time is needed, the personal representative must petition the court for an extension.
In Minnesota, you can make a living trust to avoid probate for virtually any asset you own—real estate, bank accounts, vehicles, and so on. You need to create a trust document (similar to a will), naming someone to take over as trustee after your death (called a "successor trustee").
Transfer on Death Deed. For real estate, a transfer on death deed (TODD) that is filed with the county while the owner is alive acts to change ownership of property once they pass without going through probate.
If your personal property exceeds $75,000 or you own real estate in your name alone, your estate must be probated.
After the informal probate has been fully administered, the personal representative should file an "Unsupervised Personal Representative's Statement to Close Estate" with the Probate Court. No other forms need to be filed with the Probate Court to informally close administration.
Minnesota law does not set a specific timeline for settling an estate, but it generally should be done as "expeditiously and efficiently as is compatible with the best interests of the estate." Delays can result in additional expenses and even legal repercussions for the executor.
