Assets Value: $400,000

Married With Children:  Example 9A

Example 1

All children from previous marriage are living.

Assume you pass away without a written will. You have assets valued at $400,000.

Your spouse receives a total of $275,000. Your spouse receives the first $150,000 plus 1/2 of the remaining balance. [$400,000 - $150,000 = $250,000; $150,000 + $125,000 (1/2 the remaining balance of $250,000) = $275,000].

Your two children from your previous marriage split the remaining balance of $125,000. Each receives $62,500. ($400,000 - $275,000 = $125,000 ÷ 2 = $62,500).

Your spouse may also have a right to the elective share,the homestead allowanceexempt property, and the family allowance which is protected from creditors.

If this is not the division you desire, then you need to write a will.

Montana State University Extension has additional information about estate planning. You may download and print out all MontGuides free at this site:  www.montana.edu/estateplanning/eppublications.html

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