Non-Probate Asset Administration
More and more we are coming across estates that pass entirely outside of probate by retirement account beneficiary designations, joint ownership and pay-on-death or transfer-on-death provisions. In 2008 the Minnesota Legislature passed a law allowing owners of Minnesota real estate to designate a beneficiary on real estate. So called “Transfer on Death Deeds” or TODD’s are becoming an integral part of many estate plans.
Although non-probate transfers are a simple and easy way to pass title to property they are often misunderstood and misused and there are many pitfalls and unintended consequences when they are used. Our attorneys can help you implement a well thought-out non-probate transfer plan or help you administer the non-probate assets after death. We can proceed to clear title to jointly owned real estate after death to allow sale of the property to proceed and can handle the stick situations that sometimes arise as to who pays for final expenses when all the assets are already distributed to beneficiaries by non-probate beneficiary designations or joint ownership.
Ultimately, we understand that clients like speed and simplicity, but we also understand the many tricks and traps relative to this sort of informal estate planning.