Legal Question in Wills and Trusts in Minnesota

Re: no will

There are a number of isues here that would require greater detail to give a more specific answer. Your husband's estate (including all assets that are not held jointly or in a trust), assuming he died without a will (intestate) will be divided according to Minnesota statute among his heirs. As his surviving spouse, you are entitled to a share as are any surviving children. This would include any business holding he may have had. His ex-wife will not be entitled to a share, but if she is the named beneficiary of a life insurance policy she will receive that. Allthing being equalt it will be better for your husband to execute a will, enter into a trust agreement and/or a buy-sell agreement with his company. A will will specify how he wants ot divide th estate, and a trust would avoid probate alltogether. A buy-sell agreement will set a value on the small business ownership and a procedure for buying him out.