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University of montana microsoft office download free
University of montana microsoft office download free








If the deceased did not have a will the property is distributed by Montana law to heirs. Then the personal representative distributes the assets according to the will. The personal representative (the person appointed to settle your estate) has no power or duty to administer contractual arrangements unless the estate is the beneficiary. She must then list her daughter as primary beneficiary. If the mother wants her daughter to receive the $100,000 she needs to request a change of beneficiary form from her insurance company. The contract has priority – her son receives the $100,000 in life insurance proceeds because he was named primary beneficiary on the contract, not her daughter. Contracts and WillsĬontractual arrangements take precedence over a person's written will.Įxample 1: If a mother named her son as the beneficiary of her $100,000 life insurance policy and later wrote a will leaving the same life insurance proceeds to her daughter, that part of the will would be considered ineffective. * Starred topics are further explained in other MSU Extension MontGuides. If there is more than one beneficiary on the account, the sum on deposit will pass to them in equal shares. The Montana Multiple Party Accounts Act* allows for payable on death designations on financial accounts at banks, savings banks, and credit unions. There is no federal estate tax on a decedent's assets that are valued at less than $11.4 million in 2019. Probate*, a legal procedure that generally takes place to settle a deceased person's estate, is not required for assets controlled by contractual arrangements.Īlthough probate may be avoided with contractual arrangements, assets that pass to beneficiaries through contractual arrangements are still subject to federal estate taxes as well as creditors' claims against the decedent's estate. The term beneficiary designator refers to the person who designates the beneficiaries on the contractual arrangement. The terms proceeds and assets refer to real and personal property that pass from an owner to his or her designated beneficiaries by contractual arrangements with the financial entity. bank, credit union, insurance company, pension plan, employee benefit plan and other entities that provide contractual arrangements). Throughout this MontGuide, the term financial entity refers to a financial institution, (e.g. Beneficiary deeds for real property in Montana.Transfer on death (TOD) designations for stock, bond, and mutual fund accounts.Payable on death (POD) designations for checking and savings accounts, certificates of deposit, share certificates, United States savings bonds and.Revocable (living) and irrevocable trusts*.Employee benefit plans and Keogh retirement accounts.Qualified and nonqualified deferred compensation plans.The following types of assets provide for the naming of beneficiaries through contractual arrangements: Contractual ArrangementsĬontractual arrangements that specifically provide for the passing of property to a beneficiary are considered as transfers taking effect at death. This MontGuide focuses on contractual arrangements in which owners designate a beneficiary to receive either all or a percentage of their property. Montana intestate succession statutes* ( laws for those who did not have a written will).Can be transferred to their beneficiaries by three methods:










University of montana microsoft office download free