Probate & Trust Law Section Conference Manual ... - Minnesota CLE

Obtain Asset Information
You should request that the family begin collecting information on the decedent’s assets. Family
members should review the decedent’s financial records to gather information on the nature and
extent of the decedent’s current assets and liabilities. If the decedent worked with a financial
advisor, the financial advisor will often be able to provide an accurate summary of many of the
decedent’s assets and liabilities. In any event, the family member who will become the fiduciary
(summarized below) should carefully review the decedent’s financial records so that he or she is
aware of all of the decedent’s assets and debts. Bank or brokerage statements are usually sent on
a monthly or quarterly basis. The fiduciary should attempt to obtain and review these statements
to uncover previously unknown assets and debts.
Form the Attorney-Client Relationship
As summarized below, it will be necessary to categorize all of decedent’s assets in order to
determine what legal steps will be necessary to properly transfer the decedent’s assets to the
decedent’s beneficiaries. Once this has been accomplished, then you should clarify, in a written
retainer agreement, the exact nature of the attorney-client relationship. If a trust or estate will be
administered, in most cases it is advisable for you to represent the fiduciary.
Obtain Death Certificates
You should obtain certified copies of the decedent’s death certificate. In many instances, the
funeral director will provide the family with certified copies of the death certificate. However,
especially in those instances in which a decedent owned multiple non-probate assets or accounts,
it will be necessary to obtain additional certified copies. 3 Currently, the cost of certified copies is
$13 for the first certified copy, and $6 for each additional certified copy. In order to obtain the
death certificates as soon as possible, you should contact the registrar of the county of the
decedent’s residence with a signed application for certified copies of the death certificate. 4 The
application may be signed by a surviving family member, a fiduciary, or an attorney.
Obtain Tax Identification Number(s)
As soon as it becomes clear whether an estate or a trust (or both) will need to be administered by
reason of the decedent’s death, the fiduciary should obtain a tax identification number or
employer identification number (“EIN”) for the trust or estate. This EIN should be used
whenever opening a new account in the name of the trust or estate, and for filing all tax returns
on behalf of the estate or trust. The EIN can be obtained through one of two ways:
3 While it is not necessary to have a certified copy of the death certificate for probate administration purposes, the
transfer of certain non-probate assets will require certified copy of the death certificate.
4 The Minnesota Certificate of Death Application can be accessed online at:
www.health.state.mn.us/divs/chs/osr/death.html.
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