When a married individual dies, their spouse becomes a widow or widower. They may have numerous social and legal challenges ahead after the death of their spouse. On the practical side of things, removing someone from mortgages and utility accounts, reworking the...
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Probate
What happens to someone’s Social Security when they die?
You’ve been named the executor of someone’s estate, and you’re happy to serve. However, you didn’t realize just how many different things have to be handled. This includes the deceased person’s Social Security benefits. What do the survivors and heirs get to keep --...
Does a POD account skip probate?
If you’re looking to leave money to one of your heirs, the most traditional way to do it is simply to put that money in your will. You name your heir and you state how much of your assets you would like to leave them. Your will and estate plan then goes through the...
What is the role of a fiduciary, and what is a fiduciary duty?
Fiduciaries are people entrusted with making decisions related to a deceased person’s estate. Yet, they cannot just make any decision they please. They are required to make all their decisions with the best interests of the beneficiaries and/or the estate in mind....
When is probate a good option?
When you die, your estate has to pass to someone. For this reason, the law allows you to create a will that dictates how your assets will be divided. Without a will, Minnesota intestacy laws would dictate how your estate is distributed. Probate is the legal process...
When can a deceased’s debts be negotiated lower?
If you are executing someone’s estate after they die, you generally cannot hand out the assets until you have settled the deceased’s debts. Or rather, the debts that are eligible to be covered by the estate, as some debts, such as federal student loans, will die with...
What is fiduciary duty?
The executor handling an estate or the trustee managing trust assets will have a major impact on the inheritances of the beneficiaries. They typically have a responsibility to comply with state law and the instructions provided by the testator throughout the probate...
What rights do the beneficiaries have?
As the beneficiary of an estate, you are in a position to inherit property from someone who recently died. However, you don't actually have control over that property. The personal representative or executive state is the one with control. If the testator created a...
What are the duties and pay of an executor?
Executors of estate plans have very specific duties that they need to handle. They must ensure they know what to do because errors can cost the heirs and beneficiaries money and cause the estate to drag on longer than necessary. It can also create legal liabilities...
Do I need an attorney to probate an estate?
When a loved one passes away, you may find that you’ve been named as the estate administrator. This is called a personal representative in Minnesota, and it is just a person who is responsible for administering that estate through the probate process. Ideally, the...