Probate administration is confusing and most people are unfamiliar with the process because they have no prior experience with it. Nonetheless, it is quite possible for most people to have to experience the probate process at least once in their lifetimes.
If you find yourself having to face the probate process as an executor of an estate, it is ideal for you to have a Minneapolis probate attorney helping you so that administering the estate is not as difficult as it would be otherwise. When you hire the Krogh Law Firm, P.A. to help you with probate administration, you receive answers when you need them so that
Informal Probate VS. Formal Probate
The primary difference between informal and formal probate is the court supervision. Formal probate should be performed if the decedent’s will requires it to be done. Formal probate is ideal for complicated estates. For instance, an estate with a significant amount of property would have the court watching over the distribution of that property. Another example of when the formal process is recommended is when the estate owes a lot of money to creditors. If a case is likely to be disputed, it should also be done formally to limit or eliminate legal fights.
However, formal probate is expensive and should only be pursued if there are good reasons for it. If an estate is relatively small and the matters involved are uncomplicated, informal probate is preferred. Here are some of the factors that can help decide whether you should pursue a formal or informal probate process:
- Asset types
- Estate size
- If any of the beneficiaries are minors
- Real estate distribution
- Likelihood of heirs entering into a dispute
- Complexity of the matters in the estate
- An estate with a lot of debt
If none of the above factors exist, then an informal process may be ideal. It is not as heavily supervised and not as expensive. To initiate the informal probate process, you need to file a probate petition with the court. A statement of probate is then issued by the registrar and this begins the process.
Probate Process Basics
When the process begins, a personal representative takes an inventory of the property owned by the estate and reports the information to the beneficiaries, potential heirs, and the court. The personal representative in an informal process ensures that the assets are distributed without the supervision of the court. Probate officially ends when debts and taxes are paid and all assets are distributed to the people that are entitled to them.
Remember that you don’t have to do this alone when you have a Minneapolis probate attorney working with you.
Advantages Of Probate
Probate does come with some advantages. They include:
- The court protects the beneficiaries and heirs
- The transfer of assets is done in an open and orderly way.
- The validity of the titles to transferred assets is not questionable.
- In a formal process, the questions and disputes of distribution are settled under the supervision of the court.
- Creditors can only make claims on the estate for a limited time
- When the estate is in probate, it is a separate tax entity, which means proper estate planning can make for some possible tax savings.
This is a time-consuming process that can be inflexible, but the Krogh Law Firm, P.A. is here to help you through it so that it moves as smoothly as possible.
Contact A Minneapolis Probate Attorney
Probate administration is a process that can be necessary for closing out a person’s affairs after they pass away and ensuring the property is divided and debts are paid. If you are the personal representative of an estate, it is ideal to have legal representation by your side. To learn more, call the Krogh Law Firm, P.A. at 651-631-0500 to request a free consultation.