Legal Question in Wills and Trusts in Minnesota
Hello, My Uncle John is 91 years old, has no children, and resides in Mn. He has accumulated over 10,000 shares of stock currently valued at $600000. John was married for 30 years to wife #1 (with children of her own), and all of the stock accumulated during that time still lists her as beneficiary even though she has been dead for 35 years. John has been married for over 30 years to wife #2 (with children of her own). She is the beneficiary of the stocks accumulated during her marriage. When John dies, who inherits the stock accumulated before he married his current wife? If his wife dies before him, who inherits the estate? He has no will. Thank you, MR
1 Answer from Attorneys
Your uncle should have an estate plan created immediately. Given what you've said, there could be quite a few issues, not the least of which is a massive tax burden. Additionally, a probate contest could happen if there is no plan in place.
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