Discovering assets after probate can be complex. Learn how to deal with assets found after probate is closed.
Probate is a key step in settling a deceased person’s estate. Initially, it involves gathering assets, paying off debts, and then distributing the remainder to beneficiaries. However, sometimes assets like stock certificates or personal items appear unexpectedly after probate ends. To ensure proper handling of these assets, following the right steps is crucial.
File a Petition for Descent of Omitted Property
If you uncover new assets post-probate, your first step should be to file a petition. This petition, known as the descent of omitted property, is essential. An ‘interested person’, such as an heir or creditor, must file it with the probate court. This legal action is necessary to include these assets in the probate process.
Minnesota’s Rules for Omitted Assets
Additionally, it is important to know that Minnesota law, specifically statute 524.3-413, empowers probate courts. It allows them to amend previous distribution decrees to include newly found assets. Consequently, these assets might be used to settle any outstanding debts or distributed to beneficiaries. This distribution depends on the will’s directives or Minnesota’s intestacy laws.
Consider Estate Tax
Furthermore, the personal representative must factor in these new assets for estate tax purposes. This step ensures that all tax obligations for the estate are fulfilled comprehensively.
At Johnson/Turner, we offer guidance through the complexities of probate law. Our expertise helps you understand and manage your rights and responsibilities effectively. Whether you are acting as a personal representative or a beneficiary, our support is always available.
Need Probate Guidance? Contact Us
Dealing with assets found after probate is closed can be overwhelming. For professional assistance, contact our team at (320) 299-4249. We are ready to support you through every phase of the probate process.