Probates in Minnesota
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 $75,000 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 designation.
Another common exception is for assets that are owned by a living trust. In that situation, a person creates a trust through a trust agreement, and that trust becomes an independent entity. Once the process of creating the trust is complete, the person can transfer ownership of assets into the trust. Assets owned by the trust at the time of the person’s death will pass through the trust and will not be counted toward the probate requirements.
For assets that would be counted as “probate” assets, but whose total does not exceed $75,000 in value or include real estate, an Affidavit for Collection can be used to collect the assets.