When a loved one passes away, a number of challenges may arise, from emotional pain to probate administration. If you have been named an executor or are responsible for the handling of an estate, it is important to figure out whether or not probate is necessary and when property does not have to be probated. In Hennepin, Minnesota, and across the entire country, families who are struggling with the death of a family member should do everything they can to avoid any estate-related complications.
An excellent overview of various probate matters is published on the website of the Minnesota Attorney General’s Office. If you are involved in a probate dispute and have any probate-related questions, it is essential to find answers. While some items require probate, such as real estate not owned by joint tenants and personal property exceeding $50,000, others do not. For example, joint tenancy property and joint bank accounts do not have to go through probate. Also, life insurance proceeds can avoid probate when beneficiaries are listed in life insurance policies. Payable-on-death (POD) accounts are another example of an asset that does not require probate. When someone creates a POD account, the beneficiary will receive the funds after the individual who set the account up passes away.
From ensuring the proper distribution of assets among heirs to creating an estate plan, it is imperative to ensure that estate planning and probate administration issues are approached properly. Please remember that the material put together in this piece is not to be taken as legal advice.