Dying Without a Will in Montana

Assets Valued at $500,000

 

Example 1

Both parents are living.

Assume you pass away without a written will with assets valued at $500,000.

Your surviving spouse receives a total of $450,000. The first $300,000 of assets plus 3/4 of the remaining balance. [$500,000 - $300,000 = $200,000; 3/4 the remaining balance of $200,000 = $150,000 ($300,000 + $150,000) = $450,000].

The remaining balance ($50,000) is divided equally between your parents. Your father receives $25,000 and your mother receives $25,000 ($500,000 - $450,000 = $50,000 ÷ 2 = $25,000).

Your spouse may also have a right to the elective share, the homestead allowance, exempt 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

To explore another family situation, follow this link...