We all have an estate of some kind, and that’s why everybody needs an estate plan of some kind. A detailed plan involves more than just a will or a revocable living trust. Some of the other legal concerns that should be addressed might be a living will, a health care power of attorney and a durable power of attorney. More sophisticated plans might involve generation-skipping trusts, gift tax planning, family limited partnerships or even business succession.
The Law of Intestate Succession
Many people believe that if they die without a will, the State of Montana will take their estate. That only happens in a tiny minority of cases. Montana already has an estate plan set up for you if you die without a will. It’s called the law of intestate succession, and it’s found at Montana Code Annotated 72-2-111, et seq. An estate lawyer in the Great Falls, MT, area, will tell you that two important issues can arise with Montana’s intestate succession laws though. First, people can be awarded property from your estate who you never wanted to give anything to, even when you were alive. Next, a probate court judge might appoint an executor who you never met before in your life.
Express Your Wishes While You’re Alive
A will or revocable living trust can eliminate the above issues for you. A properly managed revocable living trust might even eliminate probate court too. A detailed estate plan can operate to effectively convey your wishes both before and after you pass away. In addition, all of your medical and financial needs can be attended to in accordance with your personal directives, and upon your death, your assets can be distributed pursuant to your wishes.
Get in touch with a reputable and reliable estate lawyer in Great Falls, MT, for a consultation and to discuss your estate planning needs with a qualified attorney.
