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Wills, Living Wills, End of Life Registry, Advance Directives, POLST April 5, 2012

Wills, Living Wills, End of Life Registry, Advance Directives, POLST April 5, 2012. 2. 2. Presenters: Marsha Goetting Joel Schumacher. Extension Economics Specialists Department of Agricultural Economics & Economics. 3. Sponsors. 4. Solid Finances Web site.

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Wills, Living Wills, End of Life Registry, Advance Directives, POLST April 5, 2012

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  1. Wills, Living Wills, End of Life Registry, Advance Directives, POLSTApril 5, 2012 2 2

  2. Presenters:Marsha GoettingJoel Schumacher Extension Economics Specialists Department of Agricultural Economics & Economics 3

  3. Sponsors 4

  4. Solid FinancesWeb site www.msuextension.org/solidfinances 5

  5. Future Session 6

  6. Wills 7

  7. Question What % of Americans die without a written will? 8 8

  8. Question A: % die without will • 90% • 80% • 70% • 60% • 40% • 30% 9 9

  9. 7 out of 10 do not have a will 10 10

  10. What is a will? A written document describing how its maker wants property distributed after his or her death 11

  11. Montana Requirement Age 18 or more years of age 12

  12. Montana Requirement Sound mind Know nature of property Know those to whom he/she would give property 13

  13. “Being of sound mind I spent it all.” Here is your DAD’S will 14

  14. Holographic Wills Signature & material provisions in handwriting of the testator No witnesses are necessary 15

  15. Canadian Farmer 1948 Used small knife to carve into tractor fender In case I die in this mess, I leave all to my wife, Cecil Geo. Harris 16

  16. Minor Children Nominate: Guardian Takes care of child Health decisions, home Conservator: Handles the assets 17

  17. Adopted Children Have same rights as your biological children 18

  18. “To my son I leave the pleasure of earning a living. For 25 years he thought the pleasure was mine. He was mistaken.” Dad’s Will 19

  19. Age 18 Child has right to his/her inheritance without regard to financial competency 20

  20. Testamentary Trust Established by a written will 21 21

  21. Why Testamentary Trust? Minor Children Manage assets until they reach certain age 22 22

  22. Why Testamentary Trust? Financially incapacitated/ incompetent heir: Can’t manage money Addiction problems 23 23

  23. Discretionary Standard: Trustee judgment Health Education Maintenance Support 24 24

  24. Trustee Decision Chris wants to take a trip during the summer to Europe “It would be a very educational experience,” says Chris 25 25

  25. Question B:You are the trustee…will you provide funds for Chris from the Trust? • Yes • No 26 26

  26. Distribution of Trust Income or Principal Use percentages instead of dollar amount in case values of assets change % 27

  27. Percentages 75% to my son, John Jones 25% to MSU Extension 28

  28. Separation decree Is not considered as a divorce under Montana Uniform Probate Code Any bequest to spouse is still effective 29

  29. Heinrich Heinemade his wife sole beneficiary on the condition that she remarry because then “there will be at least one man to regret my death” 30

  30. Non-Titled Property Owner is not identified with a written document 31

  31. Personal Belongings Wedding photographs Baseball glove Books Christmas decorations Jewelry 32

  32. Montana Law:Separate Listing Tangible Personal Property 33

  33. Separate Listing Item my Grandma Ray’s Opal Ring my niece, Bethany Buczinski my Montana Sapphire Ring my friend, Barbara Miller Date Signature 34

  34. Paragraph in will “I have a separate listing of tangible personal property……” 35

  35. Jack’s coin collection? Safe deposit box with John as joint tenants with right of survivorship Separate listing with will leaving coin collection to Susan 36

  36. Question C: Who receives Jack’s coin collection? • John as JT on Safe deposit box • Susan Separate Listing 37 37

  37. Conflict between two Montana statutes: Should safe deposit box be in joint tenancy? 38

  38. Question D: Does Montana law allow you to disinherit your spouse? • Yes • No 39 39

  39. Can I disinherit my spouse? NO! Spouse has right to an elective share Based on number of years married 40

  40. Right to an Elective ShareMarried up to & including 7 years 41 41 41

  41. Right to an Elective ShareMarried 8 – 15 + years 42 42 42

  42. Personal Representative Person selected to carry out plan for settlement of your estate Formerly executor 43

  43. Personal Representative Does not have to be a resident of Montana 44

  44. Self proved will Additional statement that the testator and witnesses signed & acknowledged that this was the will Sign in front of notary 45

  45. Where to keep a will? Clerk of Court office Attorney’s office Safe deposit box Don’t store original at home 46

  46. Where is the will? Inform family members and/or personal representative 47

  47. Montana Rights of the Terminally Ill 48

  48. Question E: Do you have a declaration (living will)? • Yes • No 49 49

  49. Montana law • Allows an individual who is of sound mind to write a declaration (living will) 50

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