If you are an heir of a Minnesota estate in probate, or a trust fund beneficiary, you will most likely want to insure that you are aware of the new, often complex, Minnesota probate laws and inheritance laws. And if you decide you want to go after inheritance advance funding, with low probate advance rates or, as many heirs call it, low “inheritance loan fees” – make sure you pick your inheritance advance funding company carefully.
Inheritance Cash Advance Funding and so-called “Probate Loans” or “Inheritance Loans” in Minnesota
Many probate estate heirs and trust beneficiaries in Minnesota prefer to get an advance on inheritance from their parents, when their parents are still living, or from one surviving parent, than waiting a year or two for probate to end. On the other hand, when inheritance advance funding from parents isn’t possible since both parents are deceased, Minnesota estate heirs often apply for an advance on inheritance, a so-called “loan on inheritance” from — what many heirs incorrectly call an “estate loan” or “inheritance loan” or “probate loan” company. An estate advance, or inheritance cash advance transaction, that heirs often (incorrectly) refer to as “borrowing against inheritance”, or getting an “inheritance loan” or “probate loan”. A lot of heirs will choose to get inheritance advance funding through an advance inheritance or probate advance company; usually a probate advance company with a good reputation – often one of the more established inheritance advance funding companies that have been funding inheritance money to heirs for decades. Heirs often decide on a 72 hour probate advance, or 48 hour estate advance; often seen as the best inheritance advance funding solution – also nine out of ten times also an inexpensive probate advance solution – which is inheritance advance funding from an online inheritance advance company with low probate advance rates, or as heirs often call it, “low inheritance loan fees”.
How Do You Receive an Inheritance Advance in Minnesota?
Although a Minnesota probate process does not move quickly… there are options which can make it possible for heirs to access inheritance money much more quickly, rather than waiting a year or two for probate to end. Inheritance cash advance funding is typically a fast transaction anyway… as well as simple – and as long as heirs need a fast probate cash advance with a reliable inheritance advance funding company, with a mature, professional probate cash advance staff. Many heirs do not want to deal with “inexperienced kids” as many heirs would say. My Inheritance Cash inheritance advance funding generally gets heirs their inheritance money in a few days. With no up-front costs or hidden fees; with no monthly payments or interest; and without being based on credit or cash personal flow or financial history. So rather than waiting for 1 or 2 years to access inheritance money, Minnesota heirs typically wait for 1 or 2 days for inheritance money.
How Do You Get Approved For a Probate Advance; What Heirs Refer to as an Inheritance Loan or Probate Loan from Inheritance Lenders?
Documents required for a probate cash advance in Minnesota is much simpler, when compared to paperwork requirements for an interest based bank or credit union personal loan. My Inheritance Cash provides heirs with inheritance advance cash assignments, not interest bearing loans, although a lot of heirs and lawyers refer to inheritance cash assignments as inheritance loans, estate loans or probate loans… incorrectly from a technical standpoint. To get approved for a Minnesota probate advance, heirs of estates in probate or trust beneficiaries must have a valid Photo ID, be at least 18 years old, be able to produce a Social Security card and documentation proving they are a valid heir of a Minnesota estate, and have documented proof of inheritance assets – plus state how much advance inheritance money is requested.
Which Minnesota Counties Allow Inheritance Advance Funding?
Minnesota allows inheritance cash advances or, as many heirs refer to as “estate loans”, “inheritance loans” or “probate loans”… in every county in Minnesota – discounted estate cash advances, probate advances with regular pricing, 48 hour probate advances or 72 hour probate cash advances for heirs or beneficiaries. In other words, all types of inheritance advances in all counties.
How Do You Know If You Qualify for an Inheritance Cash Advance?
It is usually simple determining whether or not you qualify for inheritance advance funding, for a standard inheritance advance, probate advance or an estate advance in Minnesota, based either on probate property or liquid assets. Besides relevant documentation, you must be at least 18; be an heir to an estate in probate or trust, in the USA or Canada; with an inheritance of at least $15,000. Once you qualify, and actually receive probate advance cash, you are free to use advanced inheritance money however you wish.
Is a Minnesota Inheritance Advance a “Cash Advance Assignment”, or is it “Borrowing Against Inheritance” as Many Heirs Refer to it?
However much inheritance advancement money you receive from an inheritance advance funding company, you are in fact getting an inheritance advance assignment, a cash advance based on your inheritance – not actually an “inheritance loan”, or “probate loan”. Inheritance cash advance assignments in Minnesota are not based on interest, therefore they are not technically “loans”… so there is no possibility of “recourse for non-payment”. Heirs receiving an inheritance advancement from an inheritance advance funding company are not personally responsible for repayment. Many people will call inheritance cash advance assignments: “inheritance loans”, “inheritance advance loans”, “probate loans”, “estate loans”, or “probate advance loans”; however it is important to note the difference – clients of inheritance advance funding firms do not technically “borrow against inheritance”; and do not actually “get a loan on inheritance.”
Inheritance Laws in Minnesota
Minnesota has its own Estate Tax, in addition to the federally mandated one. In addition, State Inheritance Laws are similar to most other states.
Does Minnesota Have an Estate or Inheritance Tax?
Minnesota has an estate tax for persons who own property in the state of Minnesota at their time of death. This includes estates of $2.4 million+ in gross value, with rates ranging from 13-16% for estates that exceed this tax exemption amount. Minnesota does not have an inheritance tax.
After a person’s death, you have nine months to file a Minnesota Estate Tax Return. Six month extensions are common, if applied for correctly.
Additional Tax Filings
In Minnesota, there’s more to file than just an Estate Tax, including:
- Final individual/personal federal & state Income Tax returns (due by tax day of the year following the Estate owner’s death)
- Federal Estate and/or Trust Income Tax returns (due by tax day of the year following the Estate owner’s death)
- Federal Estate Tax return (due nine months after the Estate owner’s death, with six-month extensions)
(At the time of writing, this is required only of individual estates exceeding a total asset and prior taxable gift value of $11,180,000
To file and pay taxes on an estate, you’ll need to file for an EIN (Employer Identification Number).
Dying Testate (With a Will) in Minnesota
Having a will at your time of death is the least complicated way to allocate property to heirs. The inheritance process is the part of a will that everyone talks about. However, making sure you have a crystal clear and legitimate will under the eyes of the law requires following rules:
You sign your own will, or have someone else sign it for you if you are physically unable to execute yourself. Minnesota inheritance laws state that a minimum of two other persons who are familiar with your will must sign it after witnessing your signature. The state will consider those who comply with these rules and regs as “testate.”
All valid wills include an Executor. This individual will become the caretaker of your estate upon your death. This person will see that your assets, property, etc are distributed as laid out in your will, and also settle any outstanding expenses or debts in your stead.
Dying Intestate (Without a Will) in Minnesota
Not having a legitimate will upon your death leaves the distribution of your Estate in the hands of the Minnesota State court system, making it Intestate.
These Intestacy Laws describe the hierarchy in which your surviving relatives (or others) will receive the assets and/or property in your estate. With no Executor to allocate your Estate, the court will appoint a Personal Representative to do so.
Probate in Minnesota
Probate is the legal process by which a court decides the validity of a will and how to allocate cash, assets, and property to heirs. An estate must go through probate court if they fall under specific preconditions.
A clear cut case for the probate process is an estate that includes real property. This type of property includes land, homes and other structures affixed to the ground in Minnesota. It does not make a difference if you are a resident of Minnesota, or if you own your own home, or if you reside somewhere else, perhaps in another state or out of the country, but own additional real estate in Minnesota – you are still required to file for probate. The only exception to this is if the property is jointly-owned, in which case it will most likely pass to the co-owner.
Personal property consists of: all other property in an estate, such as jewelry, artwork, antiques, vehicles, personal valuables, and furniture. If an estate does not have any real property, and has less than $75,000 of personal property, Probate can be avoided via an Affidavit for Collection of Personal Property. Amounts above these requirements (at the time of writing) require Probate, to be filed once 30 days have passed since the Estate owner’s death.
Inheritance Law covering Spouses in Minnesota
Intestate Estates with a surviving spouse, or a surviving spouse and children, will have assets, property, etc distributed solely to those heirs. In cases where children are from a previous marriage/relationship your current spouse will receive $225,000 of your Intestate Estate, then 50% of the remainder (the other 5-% going to your legitimate children).
Inheritance Law Protecting Children in Minnesota
Persons who die Intestate in Minnesota, with no surviving spouse, automatically leave their Estate to their children. In Minnesota, adopted and biological children share the same Inheritance rights, whereas step and foster children (unless formally adopted) do not. Likewise, biological children given up for adoption have no right to your Inheritance.
In Minnesota, your grandchildren are eligible to receive your Estate if their parent (your child) predeceased you. Paternity is assumed in wedlock, meaning that children conceived before but born after their father’s death, are considered legitimate heirs, so long as they survived for 120 hours.
Minnesota Inheritance Law for Unmarried Person With No Children
Estates of persons who die Intestate, with no surviving spouse or (grand)children, will be distributed according to State Intestacy Laws. As in most states, Minnesota Inheritance Laws are designed so that a relative, not the state, gets your Estate.
Non-Probate Minnesota Inheritances
Certain types of non-probate inheritance/estate accounts require a beneficiary, who will receive said assets upon your death. Minnesota inheritance law views the following accounts as non-probate:
- Life Insurance policies/payouts
- Payable-on-Death bank accounts
- Transferable-on-Death investment accounts
- Property held in a Living Trust
- Unused retirement (IRAs, etc) accounts
- Co-Owner/Joint-Tenancy property
- Transferable-on-Death real property
If for any reason you are uncomfortable with or dissatisfied with the named beneficiaries on these accounts, have them formally changed promptly. Designating new beneficiaries in your will alone can confuse the Probate Process.
Other Scenarios Within Minnesota Inheritance Law
In Minnesota, half- and full-siblings have the same Inheritance rights. Siblings, children, etc must survive at least 120 hours to be eligible for receipt of Inheritance. In all cases, relatives are eligible to their share of your Inheritance so long as they were conceived prior to your death.