Understanding Probate in Minnesota

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Understanding Probate in Minnesota
Basic Concepts And Questions
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Non-Probate Assets
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WHAT KINDS OF PROPERTY AVOID PROBATE?
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Any property you own in a living trust will
bypass probate
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Additionally, property that allows you to name a
transfer on death beneficiary will automatically
transfer outside of the probate process, as will
jointly-owned property with a right of
survivorship
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Probate Types
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IS THERE MORE THAN ONE TYPE OF PROBATE PROCESS?
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All states have at least one form of simplified
probate procedure that can apply in many
situations
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Depending on the state in which you live and the
circumstances, your estate could qualify for one
or more of the simplified procedures
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Insolvency
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WHAT IS INSOLVENCY?
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If you leave behind an estate that has more
debts than assets, your heirs will not receive an
inheritance because you leave an insolvent estate
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In this situation your personal representative
will have to use estate funds to pay off your
creditors
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Preparing
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WHAT CAN I DO TO PREPARE FOR PROBATE?
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There are several steps you will need to take
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In addition to creating a revocable living
trust, youll also need to make sure that you
have the appropriate type of last will and
testament, as well as prepare for the possibility
of incapacitation
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LEARN MORE ABOUT PROBATE IN MINNESOTA
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