Knowing you have inheritance funds coming can lift a financial weight off your shoulders. But it may not help as much if you need the money now.
Instead of waiting for the money to clear Minnesota probate, you can receive your funds early with Rockpoint Probate Funding. It’s not a loan, so you won’t have to pay it back if your inheritance doesn’t come through.
While you decide whether a probate cash advance makes sense in your situation, you may want to learn more about how probate works in Minnesota.
What Is Probate?
Probate is the legal process of handling a deceased person’s assets. It involves validating their will, identifying and valuing their property, paying off their debts, and distributing the remaining funds to their legal heirs.
Estates without a will also go through probate. The court appoints an executor to distribute the assets according to intestate succession laws. This typically means the property goes to the decedent’s closest relatives, including their spouse, children, parents, or siblings.
Does Minnesota Require Probate for All Estates?
Minnesota requires probate in most cases, but the state permits several ways to settle estates:
- Informal probate: Most Minnesota estates go through informal probate. The estate administrator acts independently to distribute property, with limited oversight by a court registrar.
- Formal probate: More complicated or contested estates go through formal probate under the supervision of a judge. These include estates with real estate, disagreements among heirs, or unclear wills.
- Small estate affidavit: Legal heirs may skip probate by filing a small estate affidavit if the estate’s value doesn’t exceed $75,000 or include real property like land or buildings.
Do All Assets Go Through Probate?
Not all assets go through probate in Minnesota. “Probate assets” require a court process to transfer ownership, while “non-probate assets” automatically go to the beneficiary upon the owner’s death.
Probate Assets
- Individually owned property, including vehicles, real estate, and bank accounts
- Stocks, bonds, and investment accounts
- Business interests
- Life insurance or retirement accounts payable to an estate
Non-Probate Assets
- Joint tenancy property
- Joint bank accounts
- Property in a living trust
- Life insurance and retirement assets with a named beneficiary
- Assets with a pay-on-death or transfer-on-death designation, such as bank accounts, investment accounts, and real estate
What Is the Minnesota Probate Process?
Minnesota probate can take several months or years, with most cases lasting around 12-18 months. The process involves the following steps:
- Opening probate: Probate starts with filing a petition with the court in the deceased person’s county of residence. The law requires probate to begin within three years of the person’s death.
- Appointing an executor: The judge approves the personal representative named in the will or appoints an executor if no will exists.
- Collecting assets: The personal representative lists all assets in the estate and assigns a fair market value to each. Certain assets require certified appraisals.
- Paying debts and claims: The personal representative pays all valid creditor claims and outstanding bills, including funeral expenses and other debts. They must also file tax returns.
- Distributing assets: The personal representative distributes all remaining assets to legal heirs according to the terms of the will or intestate succession laws.
What Happens When Someone Dies Without a Will?
Proper estate planning helps ensure that a person’s property goes where they want after their death. When someone dies without a will, asset distribution follows strict laws of intestate succession. The order of priority depends on whether the decedent was married and had children.
For example, Minnesota law specifies the following:
- If the deceased person was married but had no children, their spouse receives everything.
- If the decedent was unmarried but had children, their estate goes to their children.
- If the decedent was unmarried and had no children, their parents inherit their entire estate.
- If the decedent had no spouse, children, or parents, their estate goes to their siblings.
How Much Does Minnesota Probate Cost?
Probate costs depend on the complexity of the estate and the cooperation between heirs but may average 2-3% of the estate’s value. Common probate fees include the following:
- Court filing fees
- Additional court fees, which may include copying, administrative, and publication of notice fees
- Probate attorney fees, which may be hourly or a percentage of the estate value
- Executor compensation, which Minnesota law requires to be “reasonable”
- Fees for professional appraisals of real estate, jewelry, artwork, or other valuables
- Probate bonds, which courts often require to protect the estate in formal probate cases
- Extraordinary fees if the estate is vast, assets are difficult to locate, the heirs cannot agree, or there are significant tax complications
Can I Access My Minnesota Inheritance Sooner?
Now that you know Minnesota probate can take months or years, you may wonder whether you can speed up the process. While the estate executor can’t distribute funds before they clear probate, there are ways to receive your share sooner.
At Rockpoint Probate Funding, our probate funding solutions let you skip the waiting process. While some people call these “inheritance loans” or “estate loans,” they are cash advances against your pending estate.
Where Can I Receive an Inheritance Advance in Minnesota?
Rockpoint Probate Funding offers funding for probate cases in counties across the state, including the following:
- Hennepin County
- Ramsey County
- Dakota County
- Anoka County
- Washington County
- St. Louis County
- Olmsted County
- Stearns County
- Scott County
- Wright County
Why Choose Probate Funding With Rockpoint Probate Funding?
If you have pressing bills, waiting for probate to finish may seem impossible. Thankfully, you don’t have to. Probate funding with Rockpoint Probate Funding offers the following benefits:
- Instant cash: We can process your application and send your funds in as little as one day.
- Non-recourse funding: If your inheritance doesn’t come through, you don’t have to repay the money.
- No credit check: We don’t require a minimum credit score or income level.
- No spending restrictions: Unlike mortgages and auto loans, probate loans are not limited to specific purchases.
- Confidential transactions: We don’t give your private data to third parties.
Call Rockpoint Probate Funding today at (888) 263-8588 for more information about Minnesota probate funding.
