In a Minnesota probate, the inventory typically includes a comprehensive list of all the assets and property that belonged to the deceased person (the decedent) at the time of their death. This inventory is a crucial component of the probate process and helps establish the value of the estate, which in turn affects how the estate is distributed to heirs and beneficiaries. Here’s what should be included in an inventory in a Minnesota probate:

1. **Real Property (Real Estate):** List all real estate owned by the decedent, including residential properties, vacation homes, land, and any other real property. Provide descriptions, addresses, estimated values, and any outstanding mortgages or liens.

2. **Personal Property:** Detail all personal property owned by the decedent. This can include vehicles, furniture, jewelry, collectibles, electronics, artwork, clothing, and any other tangible possessions. Include estimated values for each item.

3. **Financial Assets:** Account for all financial assets, including bank accounts, savings accounts, certificates of deposit, stocks, bonds, mutual funds, retirement accounts (e.g., 401(k), IRA), and any other investment holdings. Specify the account numbers, financial institutions, and current balances.

4. **Business Interests:** If the decedent had an interest in a business, provide information about the business, including its name, type, ownership percentage, and estimated value of the decedent’s share.

5. **Debts and Liabilities:** List all outstanding debts and liabilities of the decedent, such as mortgages, loans, credit card balances, medical bills, and other obligations. Include the names of creditors, account numbers, and outstanding balances.

6. **Life Insurance Policies:** Identify any life insurance policies held by the decedent, including policy numbers, beneficiaries, and face values.

7. **Other Financial Assets:** Include any other financial assets or holdings that the decedent may have had, such as pensions, annuities, and royalties.

8. **Safe Deposit Box Contents:** If the decedent had a safe deposit box, document the contents, and their estimated values.

9. **Digital Assets:** In today’s digital age, consider any digital assets, such as online accounts, social media profiles, and cryptocurrencies. Specify how these assets can be accessed.

10. **Household Inventory:** Optionally, create an inventory of the decedent’s household items, which may be useful for estate distribution or sale.

11. **Valuations:** Provide appraisals, valuations, or market assessments for significant assets, especially if there is uncertainty about their value.

12. **Date of Valuation:** Specify the date on which each asset’s value is determined. In some cases, the date of death value (the fair market value on the date of the decedent’s death) is used.

It’s important to maintain accurate records and documentation for all items included in the inventory. The inventory is typically submitted to the court as part of the probate process, and it may be subject to review by interested parties, including heirs, beneficiaries, and creditors.

To ensure compliance with Minnesota probate laws and procedures, it’s advisable to consult with an experienced probate attorney or estate administrator who can guide you through the process and help you prepare a thorough and accurate inventory. Additionally, the specific requirements and forms for probate may vary by county, so it’s essential to check with the local probate court or consult legal counsel in your area for precise guidance.

What Needs to Be a Minnesota Probate Inventory?

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