1 National Risk Management Education Conference Phoenix, AZ April 17 & 18, 2007

2 The Financial Risks of Dying Without a Will in Montana

3 Marsha A. Goetting Ph.D., CFP ®, CFCS Professor & Extension Family Economics Specialist Department of Agricultural Economics & Economics

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5 Project Collaborators MSU Extension Montana Grain Growers Association Montana Department of Agriculture State Bar of Montana School of Law, U of Montana

6 Historical Progress Prior Grant –Managing Property Title Risks of Dying Without a Will

7 Property Titles Montana Specific –Sole ownership –Joint tenancy –Tenancy in common

8 Dad & Son: Property in Joint Tenancy

9 Both Married Dad has wife Son has wife

10 Truck Accident Dad dies first Son dies 3rd day

11 Team Question Who receives the property?

12 Truck Accident Dad dies first Son dies 3rd day

13 Property Distribution 1/2 dad’s wife 1/2 son’s wife

14 Survivor Lives Beyond 120 Hrs Dad dies first Son dies 6 th day

15 Property Distribution-- son Dies on 6th Day All to son’s wife

16 Survivor Lives Beyond 120 Hrs Dad dies 6 th day Son dies first

17 Property Distribution: Dad Survives Son Beyond 120 Hours All to dad’s wife

18 Consequences of Joint Tenancy All to dad’s wife All to son’s wife 1/2 to dad’s wife & 1/2 to son’s wife

19 Estate Planning for the next Generation

20 Targeted Audience YACC –2006 –2007

21 Web site montana.edu

22 Contents 31 MontGuides FAQ Discussion Club –Book club approach

23 Question What % of Americans die without a written will?

24 7 out of 10 do not have a will

25 Age influence % % % Age Percent

26 Survivors : 3 children

27 Survivors : two children & grandchild Right of Representation

28 Survivors : one child & grandchildren Right of Representation

29 Survivors : One child & grandchildren Right of Representation

30 Survivors : one child & grandchildren Right of Representation

31 Survivors : One child & grandchildren Right of Representation

32 The Financial Risks of Dying Without a Will in Montana

33 Interactive Web site Under construction – dyingwithoutawill/

34 Key Players Keri Hayes—very very KEY –MSU Extension Publications Assistant & Web site developer Joel Schumacher –MSU Extension Economics Specialist: Reviewer Mary Anne Anderson –MSU Student Assistant: Reviewer

35 Family Situations Single –13

36 Family Situations Single –No Living Children –No Living Grandchildren –No Living Great- Grandchildren

37 Family Situations Single –No Living Grandchildren –Have Living Grandchildren –Have Living Great- Grandchildren

38 Family Situations Single –Have Living Children –Have Living Grandchildren

39 Family Situations Married – 22

40 Family Situations Married – – No Living Children

41 Family Situations Married – – Have Living Children – Have Living Grandchildren

42 Family Summary Single = 13 Married = 22

43 Single Example:

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51 Example 1:

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53 Example 2:

54 Married Example:

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62 Example

63 Status Under construction – dyingwithoutawill/

64 Medical Challenges Under Review –Professor School of Law University of Montana

65 Next stage Develop CD for those with “slow” internet service

66 Marketing MGGA Grain News Montana Lawyer YACC Next Generation

67 The Financial Risks of Dying Without a Will in Montana Questions??? Questions???