A Minnesota Estate Planning and Probate Lawyer Explains How Assets Are Divided Without a Will
If you die without a will, Minnesota Probate Law provides one for you. In determining how your assets will be distributed, the court will look at the laws for intestate (meaning no Will) succession (priority to get stuff) as follows:
IF YOU ARE MARRIED AT THE TIME OF DEATH
If you don’t have any direct (lineal) descedants (kids/grandkids), your spouse gets the entire estate.
If you had kids AND all the kids are with your surviving spouse’s children (NONE from a prior relationship) the spouse receives the entire estate.
If you had kids AND any of them are from a prior relationship, your spouse will receive the FIRST $225,000 in the estate. In addition, your spouse will split the remaining assets with your prior children 50/50.
For example, let’s say you died without a will and with a surviving spouse and 2 kids from a prior marriage and the estate is worth $425,000. Below is the estate breakdown:
Your spouse gets:
$100,000 (50% of remaining $100,000 after $225,000)
Your two prior kids get
$100,000 to be split 50/50 so
TOTAL $50,000 each
If your surviving spouse also has a prior child, he/she stands to inherit a larger share of your estate than your own children. This may not be the result you want. To better protect your spouse and children, plan now.
Minnesota Estate Planning Lawyer
Contact Unique Estate Law today by calling (952) 955-7623 to set up an initial consultation to get your plan started.