Probate is the legal process of settling your estate in court after your death. Minnesota probate laws apply to the estates of Minnesota residents as well as to residents of other states who own real property in Minnesota. Having a will does not avoid probate.
The probate process involves validating your will (if there is one), taking an inventory of your assets and paying your debts, then dividing what's left over among your heirs. If you don't have a will, Minnesota law determines how your assets will be distributed.
The Real Estate and Family attorneys at Colosimo, Patchin, & Kearney, LTD. of Virginia, Minnesota can help you safeguard your assets for your loved ones and prevent a prolonged and expensive probate. When the time comes, you can rest assured your estate will be processed quickly and efficiently without undue hardship to your survivors.
Planning for Long-Term Care
Estate planning requires periodic attention to make sure your plans continue to reflect your wishes and the most up-to-date best practices legally and financially.
Estate planning is especially important for property and business owners, and those who need to establish a guardianship or conservatorship to make sure minor children or incapacitated heirs are taken care of into the future. It may also be necessary to protect the inheritances of adult beneficiaries to safeguard them down the road from divorce, lawsuits and creditors.
Colosimo, Patchin, & Kearney attorneys have helped two generations of families on the Iron Range and in northeast Minnesota based out of Virginia, maximize the transfer of assets to their beneficiaries when they pass away, as well as many non-residents with recreational property in northern Minnesota. Since 1973, we've advised clients on wills, trusts, estates and probate matters, and provided assistance in carrying out and administering our clients' plans.
We also have extensive experience helping clients plan for a long life, including planning for retirement, long-term medical and nursing home care, and anticipating the "unanticipated" whether it be a major medical event or disability. Health care costs continue to rise and can rapidly drain your assets. Planning for health care and incapacity later in life is essential to protecting yourself, your spouse and your loved ones.
There are many tools you can use to protect your assets, but many of them require you to start the planning process early. We have the practical experience you need to minimize your legal and tax liabilities in order to maximize the transfer of assets to your beneficiaries.
What do you do if a family member with an estate has already passed away?
The last thing you may want to do is deal with financial matters, but contacting a qualified attorney without delay may save you a substantial sum. If you are a surviving spouse or have been nominated as the personal representative of an estate, we can help you determine whether or not your loved one's plans are in order and help guide you through what can be a confusing and stressful time – helping you fulfill your responsibilities efficiently and appropriately, and in accordance with your loved one's wishes.
For more information, please contact us today at 218-741-4500.