Free Montana Last Will and Testament

 
 

What is a Last Will and Testament?

A Montana Last Will and Testament is a legal instrument that establishes the way your belongings will be dealt with once you perish. The individual who leaves a will is known as testator. After they pass away, they might also be referred to as the decedent. In case the decedent has minor children, the Will might also be used to specify someone they would like to look after their children and who they wish to manage their children’s inheritance and budget until every child attains majority (typically 18, but it is possible to designate a different age) to handle their finances on their own.
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.

Legal Requirements for Last Wills in Montana

What makes a person think over the necessity of creating the Last Will and Testament? No matter how wealthy you are, this document will serve as an official tool, helping to distribute the assets you possessed among your children, closest relatives, or beneficiaries. It is not only a good idea to make the Last Will if you are a pensioner or are fighting with some severe illness. Life is unpredictable — preparing this paper will simplify dealing with your property in an undesirable event.

Depending on where you reside, the rules of executing the Last Will will differ. In the state of Montana, you have to keep up with the following requirements:

  • It is mandatory that the testator is at least 18;

  • You have to be qualified as mentally capable of describing your decisions in the Last Will;

  • Only written issue-related forms will be considered effective;

  • You may choose to leave your assets to any person, even if they are not your relatives;

  • The document must be signed by the testator or someone on their behalf;

  • The document is required to be witnessed by two competent adults.

Once you have signed and witnessed the paper, it has to be proven effective by the probate court. Montana offers both formal and informal probate.

If you have decided to modify the Last Will you already executed, this is no big deal to fix that. A codicil will serve as an additional paper, providing the necessary extra details. In case you wish to completely revoke the document, you may opt for canceling it or executing another one.

But what happens if the deceased person did not have enough time to prepare the Last Will? Montana laws will regulate that the following way:

  • Normally, the surviving spouse receives the whole estate;

  • In case the deceased person and their spouse had shared children, and the spouse has other children as well, he or she will be granted 150,000 US dollars and half the balance;

  • If the deceased person and the spouse had shared children and the decedent also had children from other partners, the surviving spouse gets 100,000 US dollars of the estate and half the balance;

  • If the couple did not have children, but there are parents of the decedent, the assets will be distributed among them and the spouse.

Make sure to understand the difference between the Last Will and Testament and the Living Will. The Last Will is created to simplify financial assets distribution, while the Living Will consists of a set of instructions to the designated agent and medical personnel concerning the executor’s health care preferences. This document will include, for instance, information about whether the patient wishes to receive life-sustaining treatment, be artificially fed, and other related matters.

Last Will Forms for Neighboring States