Dying Without a Will
Married, No Living Children, No Living Grandchildren, Living Parents, Situation #2 Example 2
Asset Value $500,000
Example 2
One parent is living.
Assume you pass away without a written will. You have assets valued at $500,000.
Your surviving spouse receives $450,000. The first $300,000 of assets plus 3/4 of the remaining balance. [$500,000 - $300,000 = $200,000; 3/4 of the remaining balance of $200,000 = $150,000 ($300,000 + $150,000 = $450,000)].
The remaining balance ($50,000) passes to your mother ($500,000 - $450,000 = $50,000).
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...