Probate is the official process through which the court will oversee the administration of the deceased’s estate, including gathering all the property, notifying creditors and beneficiaries, paying valid debts, and apportioning the assets as directed by the will of the decedent or, if there is no will, the laws of intestacy of Minnesota. There are many important procedural steps that will come into play with this process. One of these will involve the Minnesota probate inventory.
After a personal representative has been duly appointed by the court, the personal representative will need to file a Minnesota Probate Inventory. This is a document that allows the personal representative to take stock of all of the deceased’s assets and debts. The common assets that a personal representative needs to make sure to review will include vehicles, jewelry, real estate, bank accounts, and retirement accounts. The personal representative also needs to take the debts into account. These debts often include medical debt from end of life care, mortgages, tax debt, credit card debt, or any other person or business who was owed money by the deceased at the time of his or her death. Only probate assets should be included in the inventory. This means that assets that transfer outside of probate, such as life insurance, trust assets, or real estate held as joint tenants with another person will not be included in the inventory. The inventory will also need to include a reasonably detailed description of the assets which are listed on the inventory. The inventory needs to also include the value of the assets as well as the amount of each debt owed. After compiling all of this information, the personal representative will need to sign the inventory. The inventory will then be filed with the court and available for review by other interested parties, such as potential heirs and creditors.
The probate inventory must include all of this information. The probate inventory will establish the basis for the taxes for the estate. The personal representative will be responsible for making sure the proper tax returns are filed, both with Minnesota and the federal government. The probate inventory will help to establish the basis for these taxes.
We have extensive experience helping our clients understand all types of their rights and obligations during probate. Call us today at 651-413-9568 and schedule a consultation.