FUNDING & PROJECTS - My Risk Library Entry

The Financial Risks of Dying Without a Will in Montana
 
Award Amount: $40,000 
Regional Center: Western Center for Risk Management Education
Grant Program: 2006 Competitive Grant Program

Project Directors: Marsha Goetting
Email: goetting@montana.edu
Msu Extension Service--Dept Agricultural Economics & Economics
Download Full Report .pdf  The Financial Risks of Dying Without a Will in Montana

 

Summary Results Project Steps Materials Delivery Area Comments
PROJECT SUMMARY
Sale of land is a major financial risk for farmers who die without a will because of intestacy distributions to spouse and children, some of whom may lack interest in farming/ranching and demand their inheritance in cash. Many of the 842 participants during 2004-2005 estate planning programs indicated that “Montana law and property distribution” was the most valuable topic. Our objective was to continue participants´ education by developing a Website and interactive CD illustrating how property passes under Montana law when a person dies without a written will. We found that those who use the CD and Website became motivated to write a will. The CD/Website format could be easily be adapted in other states. The project could serve as a proto type for explaining the distribution of restricted/trust land on reservations and distribution of Individualized Indian Money (IIM) accounts under the American Indian Probate Reform Act.
NUMBER OF PARTICIPANTS: 3644
TOPICS COVERED
  • Plans and tools to address succession, estate planning, health, and well being
  • Interpersonal, family and business relationships
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