Probate law is a function of state governments. A Minnesota probate lawyer will tell you that this means that there is little or no federal law related to probate administration. There is law related to federal taxation, yes. However, state law governs the actual probate proceedings. The statutory authority for probate administration in Minnesota is…
Category: Estate Inventory
Probate Law | What is Ademption?
In the field of estate planning and probate law, the legal doctrine known as “ademption” is an important construct to understand. You should speak with a good estate planning lawyer in your state for further information about the laws where you live. The basic definition of ademption is provided once again by my favorite law…
Probate Law | State Interest in Just and Speedy Probate Administration
There is no federal law of probate or estate administration. That isn’t to say that federal law doesn’t play a role. It does – mainly in the form of estate taxation. However, the laws related to how a probate estate is administered are enacted by the states. Every state has slightly different laws related to how…
Estate Planning: What is Probate?
Many clients have asked me: “what is probate”? My answer: it depends. As an qualified estate planning lawyer will tell you, on a basic level, the term probate is merely a court proceeding(s) in which a court wraps-up or concludes all the legal and financial matters of deceased person. Think about it: when somebody dies,…
Estate Planning | Handling Estate Cash Responsibly
As I discussed in my prior post, a Personal Representative must properly manage the estate assets. The court and the beneficiaries of the estate will all be paying attention to make sure that Personal Representative is acting in the best interest of the estate. The Personal Representative must act as a fiduciary and handle estate…
Estate Planning | Managing the Estate Assets Responsibly
Estate and retirement planning takes work. Any estate planning lawyer knows this and will explain it to his clients. One of the key aspects of estate planning is thinking about how to manage estate assets in a responsible manner. The laws in many states provide that a Personal Representative has clearly laid-out duties and responsibilities. Foremost,…