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Inventory: Keeping Track of Everything

Minnesota Estate Administration Law

The inventory is used to keep track of all of the assets, liabilities, and property of the estate. The inventory is an important document, and it is pretty easy to become overwhelmed by it. Hiring an attorney to assist you, though it will cost the estate, will often be well worth the price in exchange for lower stress and fewer headaches.

The inventory will include all Minnesota real estate owned by the decedent. It should identify the decedent’s homestead, if any, and any agreements to purchase real estate. Property value is determined by assessment. Liens or encumbrances must be described and the amounts thereof provided.

All stocks, mutual funds, U.S. Treasury bills, notes and bonds, and corporate, savings, and municipal bonds must be included. The number of shares, type of share or bond, face value, the name and principal address of the corporation or entity for which the shares or bonds relate, any CUSIP number, the dates of maturity, interest rates, and any other information affecting the asset must all be detailed. Liens and encumbrances on these assets and the amount of the lien or encumbrance must be indicated.

Mortgages that the decedent owned, contracts for deed in which the decedent was the contract vendor, financial institution or bank accounts and balances, and promissory notes or other notes payable to the decedent must be detailed. Liens or encumbrances on these papers must be described also.

And then all other property of the decedent not specified in one of the other categories must be listed. Covered property includes the value of household goods, furniture, wearing apparel, and motor vehicles and their corresponding Vehicle Identification Numbers (VIN). Life insurance specifically payable to the decedent’s estate, any business or partnership interests, refunds or receivables, final paychecks, machinery, or other equipment not otherwise reported must be included. And, you guessed it, liens or encumbrances on all of these assets must be detailed.

And this is just a broad overview. I haven't even gotten into what the details require and how the document should be organized and formatted. Can you see how the inventory can get to be a headache? A lawyer can help you sort everything out and make sure you provide everything necessary.

If you need a Minnesota probate attorney, please don't hesitate to call me.

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Service Areas: I am willing to represent clients throughout Minnesota, including Benton County, Cass County, Douglas County, Freeborn County, Hubbard County, Kittson County, Lake of the Woods County, Martin County, Norman County, or Renville County, just to name a few. Whether you are in Minneapolis or Saint Paul, or Jackson, Mora, Willmar, Hallock, International Falls, Madison, Two Harbors, Baudette, Le Center, or Ivanhoe, I will represent you.