Probate 101: Summary Proceedings
A Summary Proceeding is a probate proceeding used for administering small estates. Basically, they are allowed when the value of the estate is less than $150,000 after payment of all expenses and deducting the homestead, exempt property, and family allowances. (See Minn. Stat §§ 524.2-404 through 405 and Minn. Stat. § 524.3-805). Additionally, summary proceedings are allowed when the decedent actually had no probate assets. Also, they are allowed when probate assets were destroyed, lost, abandoned, or rendered valueless, and the loss is not recoverable.
The Proceedings
Just like any probate, a Summary Proceeding starts with the filing of a petition. It is important to note that Summary Proceedings are always supervised by the Court, so they are always “formal”. Unlike other probate proceedings, there need not be a personal representative. The Court may determine that there is no need for appointment of a personal representative if there are no creditors or claimants to the estate. In this case, the Court will hold a hearing and can enter a final decree or order of distribution. If this happens, then the property will be distributed according to the will, or if there is no will, according to the law.
It is important to note that a Summary Proceeding may not save much time. There needs to still be published notice to creditors. Also, there needs to be a showing that creditors and claims have been paid. This requires running the four-month claims period
Takeaway
A Summary Proceeding can save some of the expenses of a full formal or informal probate. It may not, however, save much on time. Also, the probate still remains open for a year. This means that a creditor that was not properly informed of the proceedings can still attempt to recover on proper claims.
If you need to probate a will and think Summary Proceedings may be right for you, you should contact a knowledgeable estate planning attorney to discuss the matter. Feel free to call Signature Law, PLLC for a free consultation.