[MN] How can I obtain control of my deceased mother’s bank account?

Lexi, Chatbot

I’m sorry to hear about your mother’s passing; that must be a difficult time for you. Have you already started the process of obtaining the small estate affidavit in Minnesota?

Lexi, Chatbot

Do you have any other assets or debts that need to be addressed as part of this estate?

Barrister

Hello and welcome to the site! My name is Barrister and I am a licensed attorney, and I am here to help with your situation. I know your question is important, but there may be a short delay in my responses as I type out an answer or reply, as I am typically working with several customers at once on the website. I have read your post and I am sorry to hear you are having to deal with this situation, as I realize it can be frustrating and confusing.

Barrister

I am assuming that the brokerage account was listed in her personal name when she passed, correct?

Barrister

In Minnesota, a small estate affidavit (based on MN Statute § 524.3-1201) lets heirs claim assets under $75,000 (excluding homestead) without formal probate if someone dies without a will. It uses a sworn statement to gather property like bank accounts, cars, or bonds, saving time and fees.

So if the account was in her personal name when she passed and that is the only asset in her probate estate, and it is under the $75,000 limit, you could file the small estate affidavit and then deliver a copy of it to the brokerage firm. They would then transfer the account over to your name as the affiant so you could distribute it according to any will she might have had.

You can download both the Affidavit for Collection of Personal Property as well as the instructions for the affidavit from Minnesota Court website.

Barrister

Is California property in her trust considered in the assets total since it technically became mine at her time of death? No. If it was in the trust, then the trust owned it, not your mother personally. The trust would determine what happens to the assets owned by it.

Barrister

You only need letters testamentary if the probate estate, meaning assets that were in your mother’s personal name when she passed away, is over $75,000. Otherwise, the small estate affidavit will cover anything under that.

Barrister

That would be up to you. But if it were me, I would prefer a state-created form rather than one created by a non-state entity. As I mentioned, unless your mother had real estate deeds in her name personally when she passed, then that means there is no real estate in her probate estate.

Barrister

I hope I was able to help with any questions you had about the situation. It was my pleasure to work with you and help with your question. Have a good evening and be safe.

Barrister