If you are over the age of 18, you should have a will in place. If you don’t have a will in place or if your will is a little out of date, you should consult with a probate attorney. Grizzly Law in Kalispell can help you navigate probate law. Contact them for more information.
Probate is the legal process through which your final wishes and property are distributed. If you are 18 years or older, you should have a will. Contact a probate lawyer for more information.
Your last will and testament can legally delineate your burial wishes, the disposition of your personal property, the family home, other real estate, vehicles, bank accounts, stock portfolios – even beloved family pets.
You will specifically name the “Personal Representative” who is designated to carry out your final wishes. This can be your husband or wife, your son or daughter, a trusted family friend, or even a financial institution.
In addition to naming a guardian for your minor children, your Will should also name a Trustee, the institution (a bank) or person(s) who will handle your assets, in trust, for the benefit of your children. The Trustee is responsible for investing and reinvesting your assets and is required to make yearly reports to the local District Court showing all income earned by the Trust, together with all disbursements made to or for the benefit of your children. A “Trust” created in your Will can set forth amounts of money to be paid over to your child or children until they have reached a certain age, 25 years, for instance, and also stipulates what the money can or cannot be used for, i.e., tuition, health insurance, or perhaps a down payment on a house.
If you have children under the age of 18, your Will should name a guardian and an alternate guardian for your minor children. Without a Will, the local District Court and/or your parents and siblings will make that decision for you. Wouldn’t you like to make that decision?
Montana Legislature has abolished inheritance taxes on property received through a decedent’s estate. However, depending upon the value of your estate, it may be necessary to pay the Federal estate tax. We would recommend that you first consult with a probate attorney.
Your ownership in a joint tenancy property cannot be willed. At death, any interest in your jointly owned property passes to the surviving joint tenants. If you own property in a joint tenancy, you and the other owners can receive any deceased owners’ shares upon their deaths.
In most cases, we can prepare a simple Will for $200.00 or less. For identical “ma/pa” wills, we’ll prepare both wills for $300.00 or less.
Contact our office today, and let us assist you in this important decision-making process.