Legal Question in Wills and Trusts in Minnesota
Minnesota Probate
I have two children from a prior marriage and my husband has one, all are over 18. However my husband's son is severely disabled and unable to care for himself. He shares guardianship with his ex-wife. His son doesn't have a very long life expectancy, (living past 22 is not likely).
The majority of our assets and debts are co-mingled, however my husband does own the majority of shares of a small mfg shop and holds those in his name solely. His mother and father hold the remaining shares. Our vehicle, recreation vehicle are also in his name only. We also have several insurance policy's that we list each other as the beneficiaries. In addition, my husband has an insurance policy that lists his ex-wife as beneficiary. This policy was to provide for his son, however it does not expressly state this. My questions are as follows:
1. If either one of us or both of us should pass away as things stand today with no wills, how would are assets and debts be divided?
2. Could our ex-spouses potently wind up with any assets?
3. What is the best course of action to protect both our own and our children's interests and to ensure that our ex-spouses do not benefit in any way when we do pass?
2 Answers from Attorneys
Re: Minnesota Probate
It sounds as if your family needs to engage an attorney to discuss estate planning (wills, special needs trusts, business buy/sell agreements, etc.) and probate issues. Feel free to contact my office to discuss. I look forward to hearing from you.
Disclaimer: The information presented should not be construed to be formal legal advice or the formation of a lawyer/client relationship.
Re: Minnesota Probate
That question is hard to answer because it has so many parts. The short answer is that unless you get face to face with a lawyer and plan ahead for some of these issues, you are going to have a mess.
I hope you own your house jointly. If you don't, the surviving spouse might not get clear title to it. Might just get a life estate.
There are allowances in the probate code for a surviving spouse as to personal property, furniture, cars etc. Anything not covered by the allowances goes two-thirds to the children if there is more than one child, one third to surviving spouse. Most people don't want that, and it can be fixed with a simple will.
A special needs trust might be in order for the disabled child. There is a way to do it where the benefits from the trust don't mess up other benefits the child might be receiving. You have a serious issue, however, as to whether it is worth it when his life expectancy is so short.
You might stand to benefit from several thousands of dollars worth of estate planning. However, even a few hundred dollars of legal work might put you in a lot better place than you are now.
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