Listen First. Solve Second. Care Always.

What asset types can skip probate in Minnesota?

On Behalf of | Jun 25, 2024 | Probate |

Probate is the standard legal process of managing and administering your estate after death. It typically involves many subsequent steps necessary to organize your properties and handle them according to state law while having the court oversee the entire process. Depending on your estate’s size and details, it can take a long time, potentially leading to extensive costs based on the situation.

Additionally, the extent of probate can vary, primarily if you have assets that could be ineligible to go through this procedure. Some asset types can skip this process altogether according to their ownership arrangements and other factors, such as the following:

  • Jointly owned properties – If you own assets with someone else, they will become the sole owner after you pass on. It applies to different assets, including real estate properties and bank accounts.
  • Accounts with designated recipients of funds after death – Sometimes, a financial account can give you the option of naming another person to receive its amount after you die. This appointment usually takes effect over probate.
  • Insurance policies with named beneficiaries – Life insurance can allow you to name someone as your beneficiary. If you did indicate a person in your policy, they will receive its proceeds after your death.

Other asset types can be subject to probate, giving you limited control even if you have a will.

Understanding what probate entails

Considering how complex your assets can be, you can quickly feel confused about what will happen to your estate after you pass on. Probate typically goes by state law with provisions to address any circumstance, but other scenarios can be vague without adequate legal guidance.

To understand what probate can involve based on your estate, seeking experienced insight and counsel could be crucial. Doing so can help you foresee legal issues and determine appropriate ways to remedy them.

Archives