Perhaps not surprisingly, one of the questions on most people’s minds when they meet with a lawyer is:  “how long the probate administration take and when will I be able to receive the assets of the estate?”

Of course, before I can answer that question as a probate lawyer, I counsel clients that the first things that need to be done in any estate administration is to gather information, determine payment of creditor claims, figure out exemptions – if any – and finally, after a rather lengthy process, make distributions to heirs and/or beneficiaries. This process takes time and needs to be done correctly.

Fiduciary responsibilities of the personal representative (executor)

As discussed above, the probate administration is a long process that needs to be approached in a logical fashion. This starts with determining whether the deceased person had a Will and, if they did not, determined that the person died “intestate.” The difference between having a Will or dying intestate can be very important terminating payment of beneficiaries.  I have discussed the meaning of “intestate” in previous posts.

Once the personal representative determines whether or not there was a Will, he or she should work with a probate attorney to discuss the assets and debts of the estate.

Discovering the overall value of the estate is very important and it begins to help the personal representative understand his or her responsibility to the other heirs and beneficiaries. The personal representative has a very important job and must follow the law.

Furthermore, it is been my experience that the personal representatives are faced with the task of understanding the law, which is almost impossible, while having their siblings or other heirs constantly asking them questions about “when they are going to get their money.”

The personal representative is a fiduciary and can be held personally liable for not following law. Obviously, this is very important.  If you have questions about what the probate law is or what the meaning of fiduciary is, again, a probate attorney should be contacted immediately.

Gathering of assets and debts of the probate estate

After the personal representative has worked to gather the information about assets and debts of the estate, they should have a very good idea of the value of the estate. If thee state has more debts that assets, the legal term is that the estate is “insolvent.”

Most estates have more than enough assets to pay off creditors claims and eventually make distributions. Once the assets and debts are gathered, the first representative will file legal documents with the court and begin sending notice to the heirs and creditors of the estate. This notice comes in the form of published notice in the newspaper in the county where the deceased person lived, and by physically sending notice – by regular US mail or certified mail to all “interested parties”.  The notice requirement is extremely important step in a probate administration.

Letters testamentary, Letters of General Administration, and the Power to Administer the Probate Estate

Once the personal representatives gather the assets and debts and send the proper notices to the interested parties assuming the court has approved the personal representative’s probate petition, the court will issue letters testamentary and/or letters of general administration of the personal representative.  These letters give the personal representative the power under the Minnesota law to administer the estate.

Without these letters it is almost impossible to liquidate assets, bank bank accounts, stock accounts, retirement accounts, insurance policies, and many other assets in the deceased person’s name. Again, these letters give the purse representative power, under law, to be in charge of their loved one’s estate.

The letters will allow the first representative to proceed forward with selling real estate as well. This real estate maybe a homestead, which is exempt from creditor claims in most instances, or other real property in the state of Minnesota or outside the state of Minnesota. There are further legal documents which are required to properly transfer homes and other real estate. For question on the proper documents to legally sell and transfer real estate in a probate estate, a probate attorney should be contacted.

Final distribution of probate estate

We made it!  Only after the first representative has gathered assets and debts, given notice to all parties, and received letters of general letters testamentary, he or she may begin to wrap up the estate and ultimately making distributions. The final accounting and inventory will need to be prepared by the personal representative and, perhaps, filed with the probate court. This may be in Dakota County or some other county in the state of Minnesota.

Once the final accounting is sent to all interested parties, heirs and beneficiaries, the heirs and beneficiaries should consent to the accounting and the receipt of distributions. Again, distributions is a fancy legal term for saying receiving a share of the estate under a will or Minnesota and testing. Again, is very important that the birth representative understand that any co-mingling of funds or improper transfer of funds could hold that person personally liable for failure to properly complete the probate estate administration.

Minnesota probate attorney & lawyer

Joseph M Flanders and Flanders Faw Firm LLC have years of experience probating Minnesota estates. To speak with a Dakota County Minnesota probate lawyer, please contact the law firm at 612-424-0398.