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In re Estate of Magnus

444 N.W.2d 295 (1989)

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In re Estate of Magnus

Minnesota Court of Appeals

444 N.W.2d 295 (1989)

Facts

Dorothy Magnus executed a will that created a testamentary trust for the benefit of Donald and Gerald Sweeney (defendants), Magnus’s friends. The will stated that the trust would be funded with all the capital stock of Heileman Brewing Company (Heileman) that Magnus owned at her death. While Magnus was still alive, Heileman repurchased all its existing shares of stock, and the purchase cash was placed in escrow accounts for the former shareholders to collect. The former shareholders could bring their stock certificates to specific banks to exchange for the cash owed to them. Magnus exchanged some Heileman stock certificates for approximately $715,000 in cash. A few months later, Magnus died. The personal representative handling Magnus’s estate (plaintiff) found additional Heileman stock certificates in a safe-deposit box and exchanged them for approximately $275,000. The probate court found that (1) the testamentary trust should receive nothing because Magnus did not own any capital stock in Heileman at the time of her death and (2) the $275,000 received from the former Heileman stock certificates that Magnus still owned at her death belonged to the residuary estate. The Sweeneys appealed.

Rule of Law

Issue

Holding and Reasoning (Forsberg, J.)

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