Disclaimer: This article is for educational purposes only and does not constitute legal advice.
Detailed Answer
Under Minnesota law, a year’s allowance lets certain family members set aside personal property from the estate for support during the first year after a person’s death. Minn. Stat. §524.2-403 explains this right and requires the personal representative to list and value the property to be set aside. You must include each personal asset—such as vehicles, jewelry, household goods, bank accounts and other personal items—when completing this process. The court uses the list to ensure the allowance covers reasonable support needs.
The personal representative also must file a full inventory of the estate’s assets, including personal property, under Minn. Stat. §524.3-501. This inventory forms the basis for calculating the year’s allowance. It must show each item’s description and estimated fair market value. If you omit an item, the court may delay approval or adjust the allowance later.
For example, suppose the decedent owned a car worth $10,000, jewelry valued at $5,000 and home furnishings worth $4,000. The personal representative would list each item and its value in the inventory. Then the court would set aside enough of these assets—up to the statutory limit—to support the surviving spouse or qualified family member for one year.
Helpful Hints
- Identify all personal assets early. Take photos and gather purchase receipts.
- Use fair market values. Consider getting appraisals for high-value items.
- Meet the filing deadline. The inventory typically must be filed within 60 days of appointment.
- Work with a probate attorney. They can guide you through the year’s allowance process.
- Keep clear records. Document any changes in item value and condition.
For more detail on year’s allowance, see Minnesota Statutes §524.2-403 and for inventory duties, see Minnesota Statutes §524.3-501.