Minnesota Probate Laws, Important Timelines and Early Distribution Options
Being told that you have to go through probate after you’ve suffered the loss of a loved one can be devastating.
Now you have legal responsibilities to handle while grieving your loved one, planning a funeral, and burying them.
The probate process is not required in Minnesota if the decedent has set up a trust (or family trust) which in most cases helps their estate to avoid probate. However, if those trusts or plans were not made, the only way estate assets can be distributed in Minnesota is through the probate. There are extreme cases where an estate will still need to pass through probate even if the decedent had a trust in place.
How long does probate take in Minnesota?
In non-pandemic times, the probate assets (personal property) within an estate in Minnesota can take anywhere from 9 months to 3 years to be distributed from the decedent’s estate. There are different variables including the following:
- Size of the estate which dictates how long an inventory of assets will take
- The amount of beneficiaries in the estate
- How fast the executor of the estate can push the process along
- If the will is contested
- Probate Court Hearings
Probate proceedings take a long time. In addition, courts have been forced to go remote as a result of the pandemic, and thus have been slowed down as a result. There have been many articles recently published on the delay in the court system which has caused a lot of anguish to estate heirs. You cannot distribute any assets to heirs until the estate goes through the legal process of probate. Doing so before the probate is closed can lead to legal issues for the executor and cause headaches for everyone involved. In this article we go over laws specific to Minnesota as well as ways that you can receive your inheritance cash now.
Don't Wait for Probate
Estate And Inheritance Tax Laws In Minnesota
Minnesota is one of the 12 states that do have an estate tax. It’s important to understand that a tax is owed to the state when someone passes away because this will need to be taken care of before the probate estate matter ends. When you go through probate administration it’s important to keep in mind the specific state laws for taxes and seek legal advice. There are 38 states in the country that do not have an estate tax in place. These are the different tax laws by state.
If the deceased person’s assets are not set up with an estate plan for intestate succession the estate will haveto go through probate and you will haveto pay taxes.
States with an inheritance tax:
- New Jersey
Estate and Inheritance Tax
Get An Inheritance Cash Advance Now
An inheritance cash advance is your best option when you need an influx of cash following the death of a loved one. The cash can be used for anything you deem necessary.
The advantages of an inheritance cash advance in Minnesota include:
Fill Out The Form Below And Receive Funds Within 24 Hours!
Probate Loan vs Probate Advance In Minnesota
If you are stuck in the process of probate in Minnesota you might have thought about borrowing against your estate or getting a mortgage on a property in probate. An inheritance loan is commonly referred to as an estate loan, traditional bank loan or probate loan. It’s important to understand the difference between probate loans in Minnesota and an advance on your inheritance money. Inheritance advances are a much simpler process when compared to a probate loan because you don’t have the traditional requirements of a bank loan with credit checks and repayment terms on assets.
When you apply for a probate loan, you need to go through the traditional loan application process. It can be time consuming and difficult because of credit requirements and a lengthy application to be completed either online or with a representative at the bank. Thus, like probate, there can be no end in sight for many heirs.
Minnesota Probate Questions
Here are some helpful resources to utilize when you enter into the probate process in Minnesota due to a loved one’s death and it can help you answer more questions about probate:
With a probate advance otherwise referred to as an inheritance cash advance, you can receive funds immediately, you can call us and we can have your cash to you within 24-72 hours with a stress free and considerate process. As mentioned previously, the probate process in Minnesota typically takes anywhere from eight months to three years to finalize.
If you are trying to get a loan, you do need to have a good credit score. If you are receiving a probate advance, your credit score is not taken into account and the amount you are approved for is solely dependent upon the size of the estate and percentage of ownership. An inheritance cash advance also does not affect any other heirs in the estate.
No. A probate advance can help you pay the bills or pay down balances on credit cards or pay for the funeral of your loved one or whatever you need. The money is yours. There is no designation required as to how you will spend the money you receive from an inheritance advance.
probate can be avoided in any state if the assets are set up correctly. Here are some tips that have worked for others:
- Hire a good estate planning attorney
- Open bank accounts and designate heirs as beneficiaries of the accounts
- Add a ‘transfer on death’ deed to any real estate you own
- Create a revocable living trust
- Make sure any real property is owned with tenants by entirety or has a beneficiary.
Probate Code And Minnesota Law Resources:
Contact Inheritance Advanced to Receive Your Inheritance Money In Minnesota Now
If you are entering into the probate process in Minnesota and you need cash immediately, inheritance advanced is here for you. Inheritance Advanced has worked with more than 1,700 satisfied clients across the country, including Minnesota. We have helped them obtain money to pay for the funeral, burial, medical bills, credit card debt, and everyday expenses instead of waiting for the probate process to complete.
Our experienced team is compassionate, caring, and understanding. We know how difficult it is to wait for probate, that is why we give you your funds now and wait for probate ourselves, so you don’t have to.