MSU Extension outlines importance of having a will before dying
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MSU News Service
MONTANA — While people are sheltering in place due to the coronavirus pandemic, this is a key time for those without a will to organize information and have it written, according to a Montana State University Extension specialist.
MSU Extension has produced a MontGuide called “Dying without a Will” that covers how property will be distributed under Montana law for Montana residents who pass away without a written will and the many common issues individuals may face.
“Some people assume Montana law would distribute property the same way they would,” said Marsha Goetting, MSU Extension family economics specialist. But a few examples show how Montana law may not be best for individual situations, she said.
In one example related to property distribution, a person died without a will and had property valued at $800,000 in sole ownership. That person is survived by parents and a spouse. Instead of the spouse receiving all the money or the money being split equally among the three, Montana law grants a surviving spouse the first $300,000 in value of the estate and three-fourths of the balance. The remaining balance would pass equally to the parents. So, the spouse would receive $675,000, and the parents would receive $62,500 each. A will in this scenario would give the deceased the distribution of wealth desired.
In a second example, Goetting pointed out that wills and contracts may sometimes be at odds. For example, a father could remarry after the death of a spouse and list the home in joint tenancy with right of survivorship after he remarried. That same father could also write a will that leaves the home to children from a prior marriage. However, the joint tenancy title is a contract, which takes priority over the will and disinherits his children without realizing it. Goetting suggests, in this scenario, the father should have taken into consideration effect of the title of property on the will to make sure his goals can be accomplished.
Also, a will that includes a separate listing of personal property can make it easier for surviving family members to follow the deceased’s wishes about who receives treasured items, Goetting said.
Wendy Wedum, Pondera County Family and Consumer Science/4-H Extension agent, said there are three ways to learn whom property passes to under Montana law if one does not have a will. The first is to visit the MSU Extension website and answer some questions to determine where property will pass after death.
Second, an interactive CD with the same information, is available at no charge. Requests for CDs can be made by emailing Goetting at goetting@montana.edu.
A paper copy of the “Dying Without a Will” MontGuide may be requested from a local MSU Extension office, and a PDF is available at http://msuextension.org/publications/FamilyFinancialManagement/MT198908HR.pdf. For more information, email Goetting at goetting@montana.edu.
