In every Minnesota probate administration, the personal representative (executor) must file an Inventory with the court and send the same to all “interested parties”.
Inventory and Minnesota Probate Law
Minnesota law tells us that within six months after the appointment of the personal representative, or nine months after the death of the decedent, whichever comes later, the personal representative must prepare and file an inventory showing the assets and debts of the estate.
As stated above, this Inventory of estate debts and assets (appraisement) must be sent to all “interested parties” in the estate. What are “interested parties”? Essentially, these are the people and creditors who have an interest in estate money. Heirs and distributees want to receive any money they have coming to them from the estate.
What needs to be in the Inventory?
The inventory should include a reasonably detailed description of the assets owned by the deceased person at his or her death. These are only assets which are subject to a probate administration. The fair market value of those assets should be disclosed and an estimate on the debts owned by the deceased person should be listed.
Checklist of Inventory assets
A form checklist can be used by the personal representative. This has also been described as an “asset list”.
The personal representative and their Minnesota probate attorney should work together to gather as much information as possible. The debts and assets should be documented in detail. Knowing the financial information helps with all aspects of the probate – from planning for timely payment of debts, taxes, distribution to heirs, and taxes of the estate.
Signature of the probate Inventory by the Personal Representative
The Inventory must be signed and verified by the personal representative. This signing process is very important because it shows to the court and the other “interested parties” that the personal representative understand his or her obligations. After all, the personal representative is a fiduciary for all of these parties. If you are unsure what the term “fiduciary” means, a MN probate lawyer should be consulted.
It is also the practice of most probate lawyers to advise their clients to file the Inventory with the probate court. Why? Because, it is important to show to the court that the personal representative has been diligent and is properly administering the estate. Furthermore, the Inventory, if filed with the court, should show restrictive identifiers about what is going on with the deceased personal assets. After all, it is important not to disclose personal information, such as a social security number on the probate documents.
Minnesota Probate Law Firm
For more information about the requirements of Minnesota probate law and the estate Inventory, contact Flanders Law Firm LLC and attorney Joseph M. Flanders, a Dakota County Minnesota probate attorney, at 612-424-0398.
