Probate

A Minneapolis Probate Lawyer Gives Provides a Quick Overview of the Probate Process

In some circles, “probate” almost feels like a dirty word.  There are plenty of reasons that a person may prefer to skip the probate process, when possible, but it is a fact of wills and trust administration.  The details of probate can vary somewhat from place to place, even county to county. There are different requirements even between Hennepin County and Ramsey County probate procedure. Additionally, probate in California will likely be different than probate in Minnesota.  There are such differences, in fact, that separate proceedings are necessary for an individual with estates and real estate in both states.  This means that involving a probate lawyer from Minneapolis and St. Paul is usually the best choice for those who are local.

The process of probate is used to ensure that an individual’s estate is being administered in a way that conforms with probate laws.  This is one of the reasons that a qualified probate lawyer can make such a difference.  He or she can help family members and other heirs navigate the process and ensure that all steps are being completed properly.

Many of those who engage in estate planning do their best to avoid probate by creating a revocable living trust.   This helps to set out their wishes in advance and allows for a trustee to follow through on those wishes when the time comes.  Those who simply have a will and those who have not planned their estates at all will have their assets go into probate.

One of the biggest concerns about probate is the fact that it is a public affair.  Because the will or estate goes through the court system, the information that arises is available to the public.  While this may not be a major concern for some people, others prefer to keep matters of money, property, and inheritance private.

Another common concern is the cost.  A considerable amount (anywhere up to four percent) of the gross of an estate may go to the courts.  A similar amount will be paid in attorney’s fees.  For some people, these fees are negligible, but in many cases, these costs significantly affect the overall inheritance.

Finally, if you are involved with an estate that is going into probate in Hennepin, Ramsey, or another metro area county, it is important to be aware that it can be a lengthy process.  An opening procedure must be conducted with the court, notice must be given to interested persons and creditors, an accounting of assets is completed, creditors must be contacted regarding any money owed, and assets may need to be sold off.  All of these things take time.

 A good probate lawyer will have experience with this process making it smoother.  He or she will also understand the concerns of those involved and will keep clients up to date and informed on the status of their case.  While a wills and trust lawyer is a great contact point during estate planning, a Minneapolis probate lawyer may very well be needed as the estate is actually being administered.

At StoneLAW, PLLC we are here to assist you with your probate and estate administration needs.  It is our goal to make navigating the complicated world of probate as easy as possible and help you carry out the wishes of your deceased loved one.   If you have specific questions or you are not sure how to get started with the probate process, please give our office a call at 763-231-7884. 

Twin Cities Probate Lawyer Weighs in on Whether to Add Your Child to Your Bank Accounts to Avoid Probate

Individuals engaged in estate planning often get panicky when they hear the word “probate.”  When the term hasn’t been fully explained by a probate lawyer (and sometimes even when it has), it conjures visions of long waits, loss of inheritance, and many other hassles for heirs of an estate. 

To calm these fears (and to avoid working with an attorney), many people consider the idea of adding one or more of their children to their bank accounts.  Generally speaking, each “joint tenant” of an account has complete access to the money, but when one dies, the entire amount becomes the property of the other joint tenant(s). 

This may seem like a logical way to directly transfer money to heirs without going through the probate process, but a skilled probate attorney in the Minneapolis / St. Paul metro area needs to keep clients informed of potential pitfalls of this approach:

• As it has already been mentioned, all joint tenants have access to the funds in the account.  This means that either party can withdraw money at any time.  If the child added to the account is not entirely trustworthy, this can be a devastating reality when the money is used inappropriately.
• In a case where the parent passes away, any money received by the child can be considered a gift, which means that it is subject to a variety of laws and may be taxed.  An Twin Cities estate tax attorney will be able to keep you up-to-date on current laws and regulations in our area.
• Creditors for both parties can have access to this account.  That means that if one joint tenant dies (even the one who is not in debt), the other’s creditors can go after the money they jointly held.  Keep in mind that this means that if the child has had credit problems, those creditors may have access to the parent’s money.
• Money left in the event of the parent’s death will only be accessible to the other named tenant(s).  If one child has been responsible for the majority of a parent’s elder care and therefore is on the account, he or she will likely have no legal responsibility to share those funds with other siblings.  Again, trustworthiness is an important issue.

If you are considering adding a loved one to a bank account as a means to avoid probate, it’s important to at least talk to a knowlegable probate attorney about your options. You may find that simply giving your loved one power of attorney over the account or holding your assets in trust may be more preferable based on your circumstances.

To get the information you need, please feel to give our Minneapolis area probate law firm a call at 763-231-7884 and ask to schedule a consultation at no cost to you.  During this comprehensive session, we can help you determine the best methods for protecting your assets if death or disability should occur.