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Retirement Account! if you name your spouse as beneficiary and dont take
anything out (other than the mandatory minimum at age 59.5-70.5) you can roll
it over to your spouses account.
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PROBATE
Formal (started by Petition)
o Can be:
(1) Supervised
o USE IF FAMILY ARGUING; more debt than assets; minors
o Use to get authority from court
Request/approve distributions
Sell real estate/car/etc.
Inventory
Final account
Petition for discharge/close of probate
(2) Non-supervised
o Need to file inventory, final account, and discharge of personal
representative
If the PR is a lawyer, you MUST go formal (in Hennepin)
Informal (started by Application)
o No court supervision
Important note!! If you start formal and realize, OH, SHIT. This needs to be
formal, YOU HAVE TO START OVER!!!
o If youre formal, unsupervised, YOU CAN CLOSE INFORMALLY! Way better than
having to start all over when in doubt, just go formal.
o On application, must name EVERY beneficiary and heir-at-law
Even if theyre not getting anything under the will, they are entitled to notice.
Letters Testamentary vs. Letters of General Administration
o Testamentary gives power to personal representative appointed under a will.
o General Administration gives power to personal representative appointed by the
court.
Torrens vs. Abstract Real Estate
o Torrens Certificate of Title
Includes everyone who has ever owned it
Basically the abstract right there in the document
No need to have title insurance w/ a torrens certificate basically is title
insurance.
o Abstract bunch of documents that chronicle the transactions associated w/ that
parcel of land
o Owners and encumbrance report only $75; do it on all estates!
o Get to know the title examiners sheriff of titles and very knowledgeable
Exemptions:
o Spouses and children have a right to a homestead regardless if there are
creditors of the estate.
That means do not sell the house to pay debts!! (except for medical
assistance)
o One car, without regard to value.
o Family allowance.
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