Detailed Answer
When someone dies without a will in Minnesota, their property passes through intestate succession under Minn. Stat. § 524.2-101. Minor children inherit per stirpes shares. Because minors cannot legally manage assets, Minnesota offers protective measures to safeguard their inheritance.
1. Guardianship of the Estate
Under Minn. Stat. § 524.5-301, the court can appoint a guardian of the estate for a minor heir. The guardian manages assets on behalf of the minor, must post bond, file an inventory and periodic accountings, and seek court approval for major transactions.
2. Uniform Transfers to Minors Act (UTMA)
Minnesota’s UTMA (Minn. Stat. §§ 501C.0101–.033) lets a custodian hold cash or property for a minor until age 21 (or earlier if specified). If the decedent named a custodian in a transfer document, that person takes control. Otherwise, the probate court can appoint a custodian to manage the assets.
3. Court Supervision in Probate
All estate matters proceed in probate court under Minn. Stat. Ch. 524. The court oversees estate administration, approves fiduciary duties and fees, and enforces reporting requirements. This oversight adds an extra layer of security for the minor’s assets.
Helpful Hints
- File a probate petition promptly; Minnesota law generally requires action within two years of death (Minn. Stat. § 524.3-801).
- Consider UTMA transfers early to avoid complex guardianship proceedings.
- Choose a responsible guardian or custodian with financial experience.
- Maintain separate bank accounts and records for the minor’s assets.
- Monitor age milestones (18 vs. 21) for distribution timing under UTMA.
- Consult an attorney to navigate statutory requirements and court filings.
Disclaimer: This article provides general information about Minnesota law and does not constitute legal advice. Consult a qualified attorney for guidance on your specific situation.