After all of the assets are collected, the heirs are contacted, the creditor claims are handled, the tax payments are made, and the accounts are computed, the property distribution phase of the probate process can finally begin. Property distribution may seem like a daunting task, but our lawyers are here to assist you and make sure everything goes as smoothly as possible.
The state of Minnesota requires an estate to be left open for at least four months before property can be distributed. This gives plenty of time to notify all of the heirs, devisees, and potential creditors. Oftentimes, it can take much longer than four months to reach the point where property can be distributed. Before the property distribution can begin, the following must occur:
- The required four-month waiting period has expired;
- All assets have been gathered;
- Any creditor claims have been settled;
- Property not set to be distributed has been sold;
- Tax returns have been filed and taxes have been paid; and
- Any other outstanding matters have been resolved
The actual distribution of property can occur in several different ways. Depending on the nature of the estate and the type of probate, it may require court supervision or approval to distribute the probate assets. Our probate attorneys can help guide you through the process, and make sure the property is distributed correctly.
The type of property in an estate will determine the actual method of distribution. For example, if there is real estate involved, it will be necessary to prepare the appropriate correct deeds and other transfer documents. These documents will need to be filed with the court.
Once the property is distributed according to Minnesota law (including the laws of intestate succession and the Will of the decedent), the estate may be closed and matters will be considered settled.
Conducting the property distribution of a probated estate can be a challenging process. Our attorneys are here to make sure that the property distribution goes as smoothly as possible. We will walk you through each step of the probate process to ensure the estate will be settled properly and in a timely fashion. Contact our law firm today at 763-323-6555 for a free consultation.
Find out more about probate in Minnesota by reading Probate Process Step 9: Closing the Estate