Minnesota Probate Checklist

Transcription

1 1 Preferred way to contact us: Probate Fees Buy Value - Bob@wasilenskylaw.com Toll-Free: Minnesota Probate Checklist Probate Bob Robert M. Wasilensky, C.P.A. (Inactive as a C.P.A. but active as an attorney in MN) Attorney and Counsellor at Law In Minnesota and North Dakota (Active as an attorney in MN but inactive in ND) Grand Avenue Burnsville, MN Work Telephone: Fax:

2 2 Preferred way to contact us: - Work - Toll Free: Work Telephone: Fax: Home Telephone: Cell Telephone: Robert M. Wasilensky, C.P.A. (Inactive as a C.P.A. but active as an attorney in MN) Attorney and Counsellor at Law In Minnesota and North Dakota (Active as an attorney in MN but inactive in ND) Grand Avenue Burnsville, MN Dear Family Member, When a Loved One passes, the family often experiences a difficult time of sadness. I understand the challenges you may be facing now. That s why I made this simple, easy-to-use Minnesota Probate checklist for you. This checklist is a general guideline and is not specific legal advice. Once you have filled out what you can, please send to me a copy with a completed Probate Questionnaire to me by , snail-mail or fax. I will call you thanking you for the information. A "capped" estate fee quote will follow. Call toll-free Sincerely, Robert M. Wasilensky, C.P.A. (Inactive as a C.P.A. but active as an attorney in MN)

3 3 Checklist To do immediately: Date completed: Organ donation issues Need to care for pets or other animals Read will/trust/other estate documents Protect the homestead Find out who is entitled to priority for appointment as Personal Representative Let relatives know Let friends know Begin funeral arrangements, find out if anything is pre-arranged Let clergy know Let medical personnel know for anatomical gift (if applicable) Complete funeral arrangements (request copies of death certificates) Publish obituary notices in newspaper Contact the Veteran s Administration and apply for benefits (if applicable) Let Social Security know to stop/apply for benefits Let landlord know Advise Post Office where to send mail

4 4 Check homeowners insurance for unoccupied house coverage Stop publications mail to home Arrange for home security, consider removing various valuables Arrange for lawn care, other home maintenance Gather all items on Things to have available for review (See page 12) Did the Loved One leave a Will? If so, where is the original? If not available is a copy available? Who is nominated in the Will as Personal Representative? Is that person willing and able to serve? If there is no Will, determine who the heirs are Was the Loved One survived by a spouse? Did the Loved One ever have or adopt any children? If so, what are the names, ages, and addresses of the children and issue of a deceased child who survived the Loved One by 120 hours?

5 5 If there are no living issue or spouse of the Loved One, the heirs are determined in the order set forth in MINN. STAT parents, their descendants, grandparents and their descendants, then, next of kin. In what state did the Loved One live? Did Loved One spend any significant amount of time in another state? In what state(s) did the Loved One own property which was not disposed of by a Will substitute (such as joint tenancy or a living trust)? In what state was the Loved One live? In what state(s) did the Loved One own property which was not disposed of by a Will substitute (such as joint tenancy or a living trust)? Has the Loved One or their spouse every received medical assistance? Explain how the family works and note any sibling rivalries, health issues, and what is needed to make this a happy family

6 6 To do within days: Get certified copies of death certificates Change name on any joint checking and savings accounts Change name on securities accounts and fund, if beneficiary is designated Contact beneficiaries of IRA accounts Contact life insurance companies and file claims Let Medicare know, if applicable Contact Loved One s employer benefits office Review auto insurance for accidental death, medical, or other coverage Review medical policies for limits or added coverage Check for travel accident coverage, if applicable Check for Workers Compensation benefits Check for safe deposit box and who has access When access allowed, inventory contents of safe deposit box Make a decision whether Personal Representative will do self-help or hire an attorney experienced in probate and estate administration

7 7 After talking with the estate administration attorney, hire an income tax preparer to do final return for the Loved One and estate income tax returns Apply for new ID #s from IRS as needed Retain a financial adviser Keep records of expenses and last illness Transfer real estate to heirs name Change name on homeowners insurance policy Change name on auto policies Change name on auto titles Change name on utility accounts Cancel all credit cards Consider contacting creditors Review beneficiaries on all life insurance policies Review medical insurance Review your will/trust

8 8 6-9 months later: Consult with attorney and tax adviser to disclaim any asset you wish by 6 months after date of death Complete a new budget for yourself Review your insurance and investment plans Consider your disability coverage Consider buying umbrella life insurance File income and death tax returns

9 9 THINGS TO HAVE AVAILABLE FOR OUR REVIEW 1. Deeds on all property owned (Including purchase/closing papers) Abstract for each property, if any Owners Duplicate Certificate of Titles, if any Deeds for cemetery lots Did the Loved One own any real estate in Minnesota or elsewhere? 2. All legal documents including: a. Any will or trust agreement b. Any heath care directive, living will, health care or medical power of attorney, or general or statutory power of attorney currently in force c. Any trust or document under which you are a beneficiary or hold any power of attorney or appointment d. All letters to or from the attorney who prepared these documents e. The legal record book for each partnership, corporation or limited liability company and the last three years of income tax returns for these entities 3. Any gift tax return ever filed 4. Personal income tax return for the last year three years, including all 1099s 5. Copy of your retirement/ira plans 6. Each annuity policy with beneficiary and initial application papers 7. Each life insurance policy with beneficiary and initial application 8. Chances are I will want anything kept in a safe deposit box. 9. All pages of the most recent statement for each investment, saving, and checking account 10. The most recent net worth statement (summary of your assets and liabilities) that you have

10 The two most recent asset allocations and related recommendations of your financial planner. 12. All series EE bonds and stock certificates you have 13. Property and Liability Insurance Policies - copy of the title page and any special riders for each car, home, cabin including any umbrella liability policy 14. Loved One s social security card and Your social security card 15. Family baptismal certificates, if any 16. Family birth certificates 17. Your marriage certificate, if applicable 18. Decree of dissolution, ante-nuptial or post-nuptial agreement, if any 19. If you do a budget, a copy of such. 20. Create a family tree with information in your files include legal names, birth dates, social security numbers, work, home, cell phone numbers, mailing addresses, and addresses.