{"id":7557,"date":"2024-06-25T11:30:00","date_gmt":"2024-06-25T16:30:00","guid":{"rendered":"https:\/\/www.bgs.com\/blog\/?p=7557"},"modified":"2024-06-25T12:28:40","modified_gmt":"2024-06-25T17:28:40","slug":"notice-of-continued-insurable-interest-minnesota-transfer-on-death-deeds","status":"publish","type":"post","link":"https:\/\/www.bgs.com\/blog\/2024\/06\/25\/notice-of-continued-insurable-interest-minnesota-transfer-on-death-deeds\/","title":{"rendered":"Notice of Continued Insurable Interest: Minnesota Transfer on Death Deeds"},"content":{"rendered":"\n<p>A spiteful ex-spouse burned down the decedent\u2019s homestead immediately after death upon learning the property title passed to the decedent\u2019s daughter as the surviving transfer on death beneficiary.&nbsp;The insurance company refused to cover the loss, asserting the daughter did not have an insurable interest!<\/p>\n\n\n\n<p>Thankfully, this prompted our legislators to pass a new law effective August 1, 2024, which provides some limited post-death insurance coverage to transfer on death beneficiaries. BUT, <strong>it will require you to act<\/strong>.<\/p>\n\n\n\n<p>The new law provides that,<strong> <\/strong>upon notice, your property insurance company <strong>must provide extended coverage<\/strong> commencing on the date of the Grantor Owner\u2019s death or death of the last survivor of multiple Grantor Owners for a period of 30 days, or the date that the insurance policy expires, whichever is shorter, for the named Grantee Beneficiary(ies) under the transfer on death deed. Note that if you change your insurance carrier, you will need to submit a new notice to your new insurance company. <strong>This is a benefit to property owners in Minnesota<\/strong>. If you need assistance to provide the required notice, please reach out to your BGS team.<\/p>\n\n\n\n<p>Our estate planning and real estate practice groups here at <a href=\"http:\/\/www.bgs.com\" target=\"_blank\" rel=\"noreferrer noopener\">Barna, Guzy, &amp; Steffen<\/a> are dedicated to staying informed and serving our client\u2019s best interests. Our estate planning practice group in the Twin Cities monitors developments related to the conveyance of real property. We have addressed various aspects in prior blog posts, and if you have not done so, we suggest you review them. If you have questions affecting your home, cabin, or other land in Minnesota or Wisconsin, our experienced attorneys are ready to assist you. Please contact your attorney directly or email us at: <a href=\"mailto:info@bgs.com\" target=\"_blank\" rel=\"noreferrer noopener\">info@bgs.com<\/a> or call us: (763) 780-8500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A spiteful ex-spouse burned down the decedent\u2019s homestead immediately after death upon learning the property title passed to the decedent\u2019s daughter as the surviving transfer on death beneficiary.&nbsp;The insurance company refused to cover the loss, asserting the daughter did not have an insurable interest! Thankfully, this prompted our legislators to pass a new law effective August 1, 2024, which provides some limited post-death insurance coverage to transfer on death beneficiaries. BUT, it will require you to act. The new law provides that, upon notice, your property insurance company must provide extended coverage commencing on the date of the Grantor Owner\u2019s death or death of the last survivor of multiple Grantor Owners for a period of 30 days, or the date that the insurance policy expires, whichever is shorter, for the named Grantee Beneficiary(ies) under the transfer on death deed. Note that if you change your insurance carrier, you will need to submit a new notice to your new insurance company. This is a benefit to property owners in Minnesota. If you need assistance to provide the required notice, please reach out to your BGS team. Our estate planning and real estate practice groups here at Barna, Guzy, &amp; Steffen are dedicated to staying informed and serving our client\u2019s best interests. Our estate planning&#8230;<\/p>\n","protected":false},"author":22,"featured_media":7558,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[18,11,16],"tags":[73,228,109],"coauthors":[195],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Notice of Continued Insurable Interest | MN Transfer on Death Deeds<\/title>\n<meta name=\"description\" content=\"New insurable interest law in MN dictates that insurance companies must provide post-death coverage of real property to death beneficiaries. Learn more.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bgs.com\/blog\/2024\/06\/25\/notice-of-continued-insurable-interest-minnesota-transfer-on-death-deeds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Notice of Continued Insurable Interest | MN Transfer on Death Deeds\" \/>\n<meta property=\"og:description\" content=\"New insurable interest law in MN dictates that insurance companies must provide post-death coverage of real property to death beneficiaries. 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