By Mike Rogers, AIF®, Founder and President of 360 Financial
Mike Rogers is a fiduciary financial advisor with over 30 years of experience in the financial services industry as an investment advisor, wealth manager, and financial planner. He founded 360 Financial in 1995 and holds series 7 and 63 security registrations with LPL Financial.
Table of Contents
An Overview of Intestate Succession Laws in Minnesota
Intestate succession laws in Minnesota apply when a person dies without a will.
These laws dictate how the deceased’s property gets divided among surviving relatives. The closer the relative, the higher the priority.
What Happens When There’s No Will?
When there’s no will, Minnesota intestate laws dictate property distribution.
The estate goes to the closest relatives. These include the spouse, descendants, parents, siblings, or more distant relatives.
Understanding Your Inheritance Rights Under Minnesota Intestate Succession
Inheritance rights vary based on your relation to the deceased. Spouses usually receive the estate first. If there are descendants, they share the estate with the spouse. If there is no spouse or descendants, parents or siblings are next in line.
How Minnesota Probate Courts Handle Intestate Succession
Minnesota’s probate courts oversee the intestate succession process. They ensure the fair distribution of the deceased’s property according to the state’s laws. The court assigns an administrator to manage the estate.
Impact of Marital Status
Marital status greatly affects intestate succession in Minnesota. The spouse usually receives the entire estate if there are no descendants or parents alive. If there are descendants, the spouse receives the first $225,000 and half of the balance.
The Role of Descendants
Descendants play a significant role in intestate succession. Descendants include children, grandchildren, and great-grandchildren. If a spouse survives the deceased, the descendants share the estate with them.
Legal Rights of Half-Relatives and Adopted Children in Minnesota’s Intestate Succession
Half-relatives and adopted children have legal rights under Minnesota law. Half-relatives receive half of what full relatives would get. Adopted children receive the same share as biological children.
The 120-Hour Rule
Minnesota applies a 120-hour rule in cases of simultaneous death. If an heir doesn’t survive the deceased by 120 hours, they are deemed predeceased. The estate is then distributed as if the heir died first. (+)
Avoiding Intestate Succession: Importance of Estate Planning in Minnesota
To avoid intestate succession, it’s essential to create a will. A will allows you to dictate the distribution of your property. Estate planning ensures your wishes are followed, providing peace of mind for you and your loved ones. According to Gallup, only 44% of Americans indicate that they have a will. (+)
The need for estate planning cannot be overstated. But estate planning is a lot more than just creating a will. Your financial advisor in Minnesota should be helping you with your retirement and estate planning. They can include reviewing your estate in their annual review meeting.
Wealth Management and Estate Planning in Minnesota
If you need a wealth management team to help you achieve your big-picture goals, we recommend scheduling a call with a financial advisor at 360 Financial. 360 Financial is one of Minnesota’s best independent wealth management firms. We work with clients in Minnesota and across the US. If you’d like to work with a team that always puts your best interests first and is committed to helping you create a lasting legacy, please get in touch.
About the Author
Mike Rogers
Mike Rogers is the founder and president of Minnesota-based financial advisory firm 360 Financial. As the founder, Mike’s priority is that 360 Financial always serves the clients with empathy, integrity, and honesty. This customized, client-centric approach allows the firm to help clients decipher between the things they can control and what truly matters. In other words, Mike understands that money is not the end-all-be-all; instead, it’s the “how” that fuels the “why” to the question: “What’s important to you?”
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This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.