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Posts tagged "possessions exempt from probate"

Can and Should You Avoid Probate?

Can and Should You Avoid Probate?

Upon your passing, your property goes to your beneficiaries via your will, if you prepared one. If you do not have a will, intestacy laws determine who receives your inheritance. In order for your beneficiaries to attain the title(s) to your property, the estate usually goes through the probate process, which establishes your will's legitimacy. Probate can sometimes be a lengthy and contentious process. Certain kinds of properties, however, bypass the probate process automatically upon your death.

Possessions Not Subject to Probate

Probate is the court process by which estates valued at more than $50,000 are settled, whether you have a will or not. With a will in place, you can name your executor - the person who collects and inventories all your property, pays your debts and divides what is left among your heirs. Without a will, the court appoints an executor for you. However, the state of Minnesota excludes certain property from the probate process.

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