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We’ve discussed how assets pass after death in previous posts on our blog, but how do we know when a probate is actually required?

The assets owned by a deceased person can be split into two separate categories: probate assets and non-probate assets.

Non-probate assets are those assets that have a beneficiary or pay-on-death designation, have a joint owner who has a right of survivorship, or those assets administered by a trust....

Since probate is a court process, all probate records are public records that anyone can read and access. Minnesota also has remote viewing of summarized probate records so that much of the information can now be found online from anywhere in the world.

It has recently been reported that the legendary singer, Aretha Franklin, died without a will or a trust. How do we know? Frankin's niece filed a petition with the probate court in Michigan seeking to be appointed as personal representative and indicating that there is no will. In Michigan and every other state (including Minnesota), probate is public record. Soon, the type, size, and value of Franklin's assets and debts will...

Unfortunately, just because someone has a will does not mean that their estate will not go through probate.

What is probate?

Probate is the legal process of settling an estate after a person has died. A petition must be filed with the court and a personal representative must be appointed. The personal representative is responsible for: collection, inventory, and appraisal of assets of the person who died, protection of the estat...

If you own rental property, learn how you can protect your personal assets in the event of a claim and ensure your property is properly managed so your wealth remains invested the way you choose.