Probate is triggered in Minnesota when the deceased: (1) owns real estate in his or her name alone, or (2) owns $75,000 or more in probate assets in his or her name alone. This blog focuses solely on the first trigger – ownership of real estate. » Read more..
Tag Archive for inherit
Probate in Minnesota does take some time and does cost some money, but typically it’s not the legal equivalent of a root canal.
Even if you specifically state in your Will or Trust that your spouse is disinherited, your spouse may claim as much as half of your estate if the two of you were married at least 15 years. The spouse is entitled to lesser percentages if the spouses were married to each other for fewer years. » Read more..
Minnesota residents turning age 18 reap certain benefits of legally becoming an adult, while also taking on new responsibilities.
Minnesota law defines a “minor” as someone under age 18, and an “adult” as someone age 18 or older. The terms “legal age” and “age of majority” also mean age 18 in Minnesota.
An 18-year-old in Minnesota may get a tattoo, choose where he or she wants to live, obtain a license to be an auctioneer, and vote if citizen, residency and certain other requirements are met. » Read more..
Consider these consequences if you die in Minnesota without an estate plan: » Read more..
It’s often a good idea to keep any cash or other assets inherited from your parents or other relatives separate from assets that you share with your spouse. » Read more..
There are pros and cons to whether you do or don’t discuss your estate plan with your children, but in many situations it is better that you do so.
It can be a hard conversation to start. If you, as parents, initiate the discussion, your children may resist because they don’t want to think about your eventual death. If your children initiate the conversation, you may believe that their primary interest in you is how much they might inherit.
In reality, however, you have a lot more to talk about. » Read more..
Minnesota statutes address who inherits any unused cemetery lots, and the answer may somewhat surprise you.
If your Will doesn’t specifically mention the cemetery lot and doesn’t name just one person to inherit it, the Will has no impact on what happens to the cemetery lot. Note that both conditions — specific mention and one person named — must be met.
Suppose that your Will states that all of your three children are to inherit your assets equally. Suppose also that the beneficiary designation on your life insurance policy only lists two of your children as beneficiaries because your third one had not been born at the time that you filled out the form years ago.
What happens? » Read more..