|
|
Probate
|
The Probate Process
|
Personal Representatives
If you are identified in the decedent’s will as Personal Representative (or Executor or Executrix), and you accept that position, the following list describes some of the tasks for which you will be responsible. Most families retain legal counsel to assure that the probate process is handled properly.
- Submission of the will to the Probate Court in the county where decedent lived, with notice to beneficiaries and heirs-at-law
- Attend court hearings as required
- Obtain IRS tax identification number for tax reporting for the probate estate
- Open an estate checking account for payment of obligations of the estate, and for deposit of amounts owed to the estate
- Complete an inventory and appraisal of assets of the estate
- Allow or disallow claims presented against the estate, and pay allowed claims
- File a tax return on behalf of the estate if it earns more than $600 of income
- Distribute assets remaining after payment of claims, according to the terms of the will or according to Minnesota’s laws of intestacy if no will can be found.
- Prepare a Final Account for approval by distributees and unpaid creditors or claimants, and in some cases approval by the Probate Court.
|
|
