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What is an Estate?
Your estate consists of all property owned by you at the time of your death, including:
• Real estate,
• Bank accounts,
• Stocks and other securities,
• Life insurance policies, and
• Personal property such as automobiles, jewelry and artwork.
What is Estate Planning?
Estate Planning is one of the most important steps any person can take to make sure that their final property and health care wishes are honored, and that loved ones are provided for in their absence. Though often overlooked, a comprehensive estate plan can resolve a number of legal questions:
• What happens to my home?
• What happens to my Personal Property?
• What happens to my pets?
• What funeral arrangements are appropriate?
• What should the physician do if I am in a coma?
Do I need a Trust or Will?
The determination of whether to choose a Revocable Living Trust or a Will depends on a number of factors. While it is usually less expensive to prepare a Will than it is to create a living trust, this minimal savings is more than offset by the expense and burden of probate for a large estate. However, as with most things that deal with your legal rights, your unique present and future state of affairs will dictate how you should best plan your estate. You should consult an attorney or qualified estate planner to review your particular circumstances and decide on the best estate plan for you and your family.
What is a Living Will?
Describes how you (or someone selected by you) can choose to administer your medical treatment should you have an incurable and irreversible condition leading to death.
What is Probate?
A process whereby a court reviews a Will to make sure that it is authentic, and allows others to make legal challenges to the Will.
What happens if I die without a Will?
Intestate is a term used when a person dies without a Will. If you die without a valid Will, your estate passes to your heirs based on the Montana’s laws of descent and distribution.
Can I make provisions in my Will or Trust for my pets?
You can and should make provision for the care of your pets in case you become very ill, physically incapacitated or pass away.
What is an AB Trust?
A trust designed to make sure the personal estate tax exemption of each spouse is used to the fullest extent possible, while allowing the surviving spouse to have use of the assets of the deceased spouse during the remainder of the surviving spouse's lifetime.
What is a Revocable Living Trust?
A Revocable Living Trust established during a grantor's lifetime that is used for the placement of some or all of the grantor's property. In a situation involving a married couple, a basic living trust does not effectively use the personal estate tax exemption of either spouse (the amount of a deceased person's estate that may pass to his or her heirs without estate taxes, currently $1.5 million). Because of this deficiency of a basic living trust, an AB Trust (discussed above) is often recommended instead to married couples with substantial assets.
What is an Irrevocable Life Insurance Trust?
An irrevocable life insurance trust (an "ILIT") is an irrevocable trust created for the principal purpose of owning a life insurance policy. One of the primary reasons for executing a life insurance trust is estate tax considerations. If an ILIT is properly structured, the death benefits paid to the trust will be free from inclusion in the gross estate of the insured. In addition, the ILIT can also be structured so that the trust will provide benefits to the insured's surviving spouse without being included in the surviving spouse's gross estate either.
What is a Durable Power of Attorney for Health Care?
A written document in which an individual designates another person to make health care and health-related decisions in the event that the individual becomes incapacitated.
What is a Durable Power of Attorney for Property or Financial?
A written document in which an individual designates another person to make his or her property and property-related and/or financial decisions in the event that the individual becomes incapacitated and is unable to do so.
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