In a Montana Last Will, the decedent usually also names a personal representative-or co-personal agents (two or more individuals acting together in this capacity) to handle the estate matters. A personal representative is a person who gathers all the information about the decedent’s financial debt and belongings, pays off any unpaid debts using the assets on behalf of the estate, and makes certain that the decedent’s property is used as written in the last will, making this a duty with a great deal of responsibility. The personal representative decided on is generally a friend or relative the decedent really trusts to bring to completion their last wishes.
When a person dies with no legitimate Montana Last Will (which in most states implies it must be correctly witnessed, not only signed), somebody will generally be designated by the probate court to become the personal agent and cover the decedent’s financial obligations, using assets as necessary to do so. Consequently, the residual assets will be spread amongst the decedent’s beneficiaries in line with the rules of the state the testator resided in.
In some states, if one spouse dies leaving their wife or husband, that surviving spouse will get all the decedent’s assets without a Will saying the contrary. Sometimes, the decedent could have selected a particular beneficiary to receive a life insurance policy, retirement account, or some other asset, and this beneficiary designation will determine who is given those assets even without a Last Will.
The thing to know is the fact that anybody who wishes to designate how their assets will be handled after their death should prepare and correctly finalize a Last Will and Testament to guarantee their wishes are recognized and respected. Without a last will, you might be leaving it up to chance, the laws of the state, or a lawcourt as to just how your last matters will be resolved.