When Probate Might or Might Not Need to Happen
It’s not wrong to hope that everything will get put away on its own. And that would be a very nice thing. The trouble with that dream, however, is that when someone passes on, there might need to be some things that need to get resolved with a little bit of your assistance. Thankfully, Minnesota probate law generally covers most of the legal aspects for these kinds of situations.
Whether it’s disputes or dealing with a missing will, going through the probate process can help you and your loved ones work through many issues. Because the deceased is gone now, some of the family may be looking to start bringing about closure. It may not be easy.
So, it may help you to know that this whole situation may run for about a year’s time, allowing you to let go of the past and return to your idea of normal.
Wills Do Not Always Mean Probate
Generally speaking, wills almost guarantee that probate is a necessary process. Though there are estate planning options which aren’t impacted by the probate process, wills tend to have items which are required to go through this process.
Similarly, cases where the deceased failed to do any estate planning whatsoever, thankfully, don’t always have to go through the probate process. The big clincher is whether or not they have property which needs to be redistributed to someone else, specifically assets which fall under the law of inheritance. Regardless of there being a will or not, there may be an exception to what needs to be done. Be ready to inform the family members that this may mean that they have to continue making payments on the property.
It is completely possible that you may be able to skip dealing with the probate process. Having property in a will doesn’t guarantee that probate has to happen. The two are often linked, but one doesn’t always mean the other. You also need to consider that the estate may not be large enough, depending on your state laws. Estates that reach six figures might not need to be probated in California while in states like Massachusetts, an estate that’s worth more than fifteen-hundred dollars might need to go through probate.
Missing Beneficiaries
When you leave something without a beneficiary listed, your 401(k) account for example, probate may be in order. Look at this situation from the governing parties’ perspective. They know of assets stored somewhere that was meant for someone, but who those assets go to might be unknown.
A life insurance policy in the deceased’s name might exist while there might not be indication of who the money was intended for. It’s as if a gift was made out for someone, and the card saying who the present is for has gone missing.
Probate might be necessary as a result. This whole process may have to commence because someone forgot to say that they wanted their kids or spouse to get the cash from a payable on death account. It’s also possible that the matter could arise because the beneficiaries have passed on, too. If someone passes on before they can get the money, someone else is probably going to get that money instead.
One of the best ways to ensure that your family goes through probate is to not list any beneficiaries when you take out a life insurance policy or when you create your will.
Specific Assets
One thing to note is that certain assets don’t need to go through probate. This can be true because an asset was arranged to evade probate entirely or because the asset will automatically dodge the process entirely. So, if you’re trying to not deal with probate, you might have to be sure that every asset can be given by other means. At the same time, you should probably double check that everything is set up so that the transfer can actually happen outside of probate. Checking that everything is in order might be something to put on your to-do list.
Though this is a bit of a generalization, parts of the estate which are specifically dedicated for another beneficiary or are held by another party may not need to go through probate. Things like retirement accounts and life insurance policies could already be dedicated to a beneficiary.
There is, of course, the possibility that the beneficiaries could have already passed, prompting the probate process so that the situation can be resolved. Moreover, even in the case that some assets will for sure go to a handful of individuals, you should look into every potential asset. Any unaccounted asset may be reason for the process to begin. Relatively insignificant items such as a moldy baseball card collection might not have enough worth to warrant probate, thankfully.
Probate, Only If you Need To
When in doubt, starting the probate process can be a good idea to help sort out difficult issues. Circumstances involving creditor issues and otherwise difficult topics can be resolved during this time. Money can divide a family into different sects with each vying for a share or two. Probate may mean that good portion of your time could be spent figuring out all the assets and where they should go. That said, getting everything organized and put away should enable you to have more freedom for dealing with any pressing matters.
For those of you learning more and more about probate, always think about its connection with debts. It’s not a nice thing to think about, but dealing with debt during probate is an icy cold reality. Your credit card company may have never talked to you about paying them after you’re gone, but probate might be when your creditors get what they want or get told to stop. You probably won’t be the one to do that work. So, make sure that you leave someone to handle your unfinished business in the form of an executor or personal representative.
Figuring Out What’s Next | Minnesota Probate Lawyers
Figuring out whether or not probate is the right choice for your situation or for your family may not be an easy question to answer. You can always discuss the matter further with a probate lawyer Flanders Law Firm LLC, and they assist you in making the right decision. Reach out for help by contacting someone at 612-424-0398.
You don’t need to take a guess at whether or not probate is needed or not. Have an expert help you make an educated decision on the matter. Moreover, if probate is unavoidable, you’re one step closer to starting the process. Making one call can help settle your concerns.