First of all, what is a Personal Representative? A Personal Representative (PR) is the individual designated to administer an estate when a person dies. In other words, they are responsible for inventorying and taking control of the decedent’s (deceased person) assets, using estate assets to pay estate debts and taxes, notifying beneficiaries and creditors, and distributing property from the estate to the beneficiaries. In some states, the Personal Representative is known as an Executor.
Main duties of the Personal Representative:
• Find out if the decedent has a Will. This person should make a […]
Last Will, Living Trust, Living Will: What They Are & What They Do
These three legal documents are often confused because their names sound similar. However, each of these documents serves a distinct purpose.
A Last Will can provide crucial instructions for the administration of your affairs after your death. This includes who will inherit your property (beneficiaries); when and how they will inherit it; and who will be put in charge of administering your estate (called a Personal Representative or Executor). If you have minor children, you can also use your Last Will to […]
Using Tangible Personal Property Lists
Creating a Will is a crucial tool in planning for you and your family’s future. Wills are important to control where your assets will go upon death, to name the person who will care for your property or children, and to state your general wishes regarding funeral arrangements. Once created, amending or changing a Will normally requires a formal amendment document called a Codicil. In Minnesota, however, there is also a more simple way to make or update specific personal property gifts: the tangible personal property list.
What is a Tangible […]
When is a probate necessary in Minnesota?
Whether or not a probate is necessary in Minnesota depends on the type and value of assets a person owns at the time of his or her death. If the assets owned by that person alone total more than $50,000 in net value or include real estate, then a probate will be necessary.
Assets that are not counted toward that total include assets that are owned jointly with other people, assets with beneficiary designations (such as life insurance policies), and assets with a Transfer on Death or Pay on Death […]