Exempt Property
Minnesota statute 524.2-403 is that law regarding what exempt property the surviving spouse is entitled in a probate.
First, it is important to note that the surviving spouse is entitled to different types of exempt property or “spousal elective share rights”.
Homestead Elective Share Rights
A surviving spouse is entitled to a “life estate” in the deceased’s homestead. This means that a surviving spouse gets to live in the deceased’s home for the rest of his or her life. Furthermore, it is possible to “value” a life estate if the surviving spouse wants to sell this interest to a buyer. This can be very complicated and is often based on actuarial analysis based on the remaining years of the surviving spouse’s life.
Surviving Spouse Elective Share
Minnesota statute 524.2-202, tells us that:
Elective share amount. The surviving spouse of a decedent who dies domiciled in this state has a right of election to take an elective-share amount equal to the value of the elective-share percentage of the augmented estate, determined by the length of time the spouse and the decedent were married to each other, in accordance with the following schedule:
If the decedent and the spouse were married to each other: The elective-share percentage is: Less than one year Supplemental amount only One year but less than two years Three percent of the augmented estate Two years but less than three years Six percent of the augmented estate Three years but less than four years Nine percent of the augmented estate Four years but less than five years 12 percent of the augmented estate Five years but less than six years 15 percent of the augmented estate Six years but less than seven years 18 percent of the augmented estate Seven years but less than eight years 21 percent of the augmented estate Eight years but less than nine years 24 percent of the augmented estate Nine years but less than ten years 27 percent of the augmented estate Ten years but less than 11 years 30 percent of the augmented estate 11 years but less than 12 years 34 percent of the augmented estate 12 years but less than 13 years 38 percent of the augmented estate 13 years but less than 14 years 42 percent of the augmented estate 14 years but less than 15 years 46 percent of the augmented estate 15 years or more 50 percent of the augmented estate
Assets in Addition to the Homestead and Family Allowance
The statute tells us that, if there is a surviving spouse, in addition to the homestead and family allowance, the surviving spouse is entitled from the estate to:
(1) property not in excess of $15,000.00 in value in excess of any security interests, household furniture, furnishings, appliances, and personal effects, subject to a n award of sentimental value property under section 525.152;
(2) one automobile, if any without regard to value.
Rights to Exempt Property
It is also codified that a surviving spouse’s right to exempt property and assets has “priority” over all other claims against the estate. This mean that the surviving spouse is paid first, prior to any other payment of claims or distributions from the estate.
Minnesota Surviving Spouse Rights Lawyers
Contact the Flanders Law Firm today to talk to a Minnesota probate lawyer. The firm offers free estate planning consultations to all potential clients. Call (612) 424-0398.
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