Wednesday, October 15, 2014

There Still Hasn't Been a Will Reading. What Gives!


So you have a loved one who died and there still hasn't been a will reading. In Minnesota, our probate code has no chapter, no rule about will readings. Sitting family members down to hear final wishes isn't required or even governed by laws, in the state of Minnesota.

So how do you know what's in a will, or even if there is one? Wills govern what happens and who controls property that doesn't automatically transfer to other people like life insurance or jointly owned property would. You'll need a probate process to transfer these "stuck" assets. That's where a will comes in. The will says where things should go and who manages those assets.

In Minnesota, next of kin are required to receive notice of probate proceedings if the probate asset includes real estate or is larger than $50,000.00. The next of kin can then find out if a will exists and what it says.

Will readings. They make for dramatic scenes in movies and TV. But, they're just not required or even common in the state of Minnesota.

(photo credit: Thanks for allowing creative commons 2.0 use of your pic!)

No comments:

Post a Comment