When an individual dies without having a will, called dying “intestate”, Minnesota Statutes have a default order of distribution for any assets that individual had. Of course, when you write a will, you are able to define what assets you want going to what person.

The default distribution for an intestate individual is as follows:
• If there is a surviving spouse and all of the decedent’s children are joint children with the spouse, then the spouse receives the entire estate
• If the decedent had children outside of the marriage with the current spouse, then the current spouse gets the first $150,000 of the estate, plus one-half of the remaining estate

If there is no surviving spouse, then the property goes as follows:
• First to the children of the decedent;
• If the decedent has no children, grandchildren, then to the decedent’s surviving parent;
• If there are no surviving parents, then to the decedent’s parents’ descendants
• If there are no descendants of the decedent’s parents, then to the descendants of the decedent’s grandparents (i.e.-cousins)
• If no relatives can be found, then the property passes to the state.

Even if you want all of your assets to transfer to your children or spouse at the time of your death, there are other reasons to draft a will. For example, if you have minor children, you want to make sure they are provided for right after you die. You are able to name who you would like to take over as guardian for your children. Also, you are able to make specific gifts to individuals, which can avoid fighting within the family after you are gone. Another benefit is if you have a large estate, you may use different estate planning methods to avoid paying taxes or other transfer fees out of your assets at the time of your death. To discuss these and other reasons it is important to have an estate plan, contact the attorneys at Germscheid, Heimerl & Lammers today.