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A Minnesota Estate Planning Attorney Explains Why You Should Have a Will.
You Have A Will
It is a new year and you have decided 2022 is the year you will finally get your estate planning done. You keep putting it off, but your friends just did their wills. Now you worry you should also get one.
I will let you in on a little secret. You already have a will. The Minnesota legislature drafted one for you. Minnesota has “intestate laws” that apply to those who die without a will. These rules dictate who gets your stuff. If you do not have any heirs, then your assets will revert to the state. The question for you is whether you like the estate plan the legislature drafted for you. If not, you need to draft your own.
Intestate Laws in Minnesota
So, who will get your stuff? Your surviving spouse will receive all of the property in an estate, unless you have children from another relationship. If there are stepchildren, your spouse gets a few things up front. Your spouse gets the right to live in the home, your car, an allowance, and $15,000 in personal property or cash.
In addition, your spouse gets the first $225,000 in the estate. After all of that, your spouse and children will evenly split whatever is left.
If you do not have a spouse, you kids get everything. If you do not have kids, or grandkids, it all goes to your parents. Next to siblings and so on down the line.
In most situations, you will have an heir to accept the property. If we can’t find an heir, your property will revert to the state though that is extremely rare.
Do you like that plan? If so, do not do anything. If not, you should draft your own will so you have a say in who receives your assets. If you die without a will, then Minnesota intestate laws will dictate who takes what, regardless of what your wishes.
Drafting a validly executed Will is the only way to control who gets your estate assets.
Minnesota Estate Planning Attorney
Call now to set up an appointment with an experienced Minnesota estate-planning attorney to discuss your estate.