Disclaimer: This article is for educational purposes only. It does not constitute legal advice. For guidance on your specific situation, consult a licensed attorney.
Identifying Real and Personal Property in Minnesota Probate
Under Minnesota’s Uniform Probate Code, the personal representative must locate and list all of the decedent’s assets. “Real property” includes land, buildings, and fixtures. “Personal property” includes items such as bank accounts, investments, vehicles, jewelry and household goods, plus intangible assets like life insurance and retirement benefits. See Minn. Stat. § 524.1-201 for definitions.
Inventory Requirements
The personal representative must file an inventory of estate assets with the probate court within three months of appointment. The inventory must list each asset, a brief description, and its estimated value at the date of death. Consult Minn. Stat. § 524.3-101 for detailed requirements and deadlines: Minn. Stat. § 524.3-101.
Distribution of Assets Under Intestacy
If a person dies without a valid will, Minnesota law supplies the heirs and distribution shares under Minn. Stat. §§ 524.2-101 through 524.2-115:
- If the decedent is survived by a spouse only, the spouse receives the entire estate.
- If survived by a spouse and descendants of the decedent, the spouse receives the first $225,000 plus half of the balance. The descendants share the remaining half per stirpes. (Minn. Stat. § 524.2-102).
- If no spouse but descendants survive, the descendants inherit everything per stirpes. (Minn. Stat. § 524.2-103).
- If no spouse or descendants, the estate passes to parents equally or all to one surviving parent. (Minn. Stat. § 524.2-104).
- If none of the above, the estate goes to siblings, then more remote relatives, or to the state if no heirs can be found. (Minn. Stat. § 524.2-105).
Closing the Estate
Once all assets are inventoried, debts are paid, and taxes are filed, the personal representative petitions the court for final discharge. The court reviews the inventory and distribution schedule before closing the estate.
Helpful Hints
- Begin asset searches early: check bank records, deeds, and safe deposit boxes.
- Keep valuations current: use appraisals for real estate and collectibles.
- Communicate with heirs: share the inventory and proposed distribution to avoid disputes.
- Watch deadlines: missing the three-month inventory deadline can lead to court sanctions.
- Consider professional help: an attorney or qualified appraiser can streamline the process.