Probate & Trust Administration Attorney
Dealing with the loss of a loved one is never easy. And having to navigate the process of probate and trust administration can add even more stress during an already difficult time. At 494 Law, we are here to help guide you through the complex process of probate and trust administration with ease and compassion.
Understanding Probate and Trust Administration
Probate and trust administration are legal processes that occur after someone passes away to settle their estate and distribute assets. While both processes involve the transfer of assets, they differ in the level of court supervision required and there are different laws and procedures.
Probate Administration Services
In Minnesota, probate is the legal process of validating and executing the terms of a deceased individual’s will, or if there is no will, distributing the estate according to the state’s intestacy laws. Formal probate administration is overseen by the probate court and involves appointing a personal representative, identifying and inventorying assets, resolving outstanding debts, taxes, and claims, ultimately distributing the remaining assets to the rightful heirs (no will) or beneficiaries (will). There are certain assets that are not considered “probate assets” and will not enter the probate process. These nonprobate assets often include:
- Assets jointly owned by the descendent and another person
- “Payable-on-death” (POD) or “transfer-on-death” (TOD) accounts
- Retirement accounts and annuities with a designated beneficiary
- Life insurance death benefits
Trust Administration Services
Trust administration is the process of managing assets that have been placed in a trust during the individual’s lifetime, or through a probate administration of a pour-over will, or through beneficiary delegations. The trustee that was appointed is responsible for managing and distributing the trusts assets according to the terms outlined in the deceased’s trust. This also includes filing income or state taxes and paying any debts. This process typically avoids the probate court, allowing for more privacy when settling the estate.
Contact 494 Law Today for Probate & Trust Administration Assistance
If you are facing probate or trust administration matters in Minnesota, 494 Law is here to provide the guidance and support you need during a challenging time. We are committed to helping families navigate the complexities of probate and trust administration, providing compassionate and knowledgeable legal assistance tailored to your unique needs and circumstances.