Introduction
Do I need a will? If you are 18 years or older, yes, you do need a will. You may think "I don't need a will; all I own
is debt." Even if your debts outweigh your assets, you still need a will so that your wishes will be carried out at your
death, including who's going to take care of your children, the distribution of that beloved baseball card collection,
and cremation or burial wishes.
Last Will & Testament
A Last Will & Testament will set out your burial wishes, the disposition of your personal property, the family home,
other real estate, vehicles, bank accounts, stock portfolios - even beloved family pets.
Personal Representative
Who will handle my estate? In your Last Will & Testament, you will specifically name the person (called a "Personal
Representative") whom you designate to carry out your final wishes. In most cases, it will be your husband or wife.
No spouse? You can nominate your son or daughter (if they are over the age of 18), a trusted family friend, or even a
financial institution. If you're in doubt, we can make several suggestions for your consideration. We'll also offer
you our advice for choosing a local heir versus a relative who lives out of State.
Guardians
Who will take care of my kids? If you have children under the age of 18, your Will should name a guardian and an
alternative 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?
Trustee
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, e.g., tuition,
health insurance, or perhaps a down payment on a house.
Inheritance Taxes
Will my children have to pay inheritance taxes? No. Recent laws passed by the Montana Legislature have 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 Federal estate tax. In such event, we would recommend that you first consult with a tax attorney.
Joint Property
Does my Will affect jointly owned property? No. At death, any interest in jointly owned property passes to the surviving
joint tenant.
Cost of Wills
How much does a Will cost? 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. |
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