» » Montana Living Trust Forms – Irrevocable & Revocable

Montana Living Trust Forms – Irrevocable & Revocable

The Montana living trust is an alternative to a Last Will and Testament as a method of dividing a person’s estate, the primary difference being that a living trust avoids probate. The person creating the trust will transfer their property and other assets into the living trust’s name and provide instructions as to how the trust is to be handled during their lifetime and after their death. For estates which include multiple properties and complicated financial accounts, putting these assets into a living trust will avoid a lengthy litigation process. If the creator opts for an Irrevocable Living Trust, although they will be unable to alter or revoke the trust, they also benefit from having their estate protected from lawsuits and creditors.

LawsTitle 72 (Estates, Trusts, and Fiduciary Relationships)

Will (Last Will and Testament) – A Last Will and Testament will still often be employed in order to detail the inheritance of any property that is not included in the living trust.

Individual Roles

Grantor – The creator of the trust.

Trustee – The person named as the controller of the trust and given duties as described in the trust document.

Successor Trustee – The person named to become the Trustee if/when the active Trustee is incapacitated or deceased.

Beneficiaries – The individuals named in the trust as the inheritors of the trust estate.

Types

Irrevocable – Protects the estate from estate taxes and creditors while bypassing the probate. Cannot be changed or revoked once it is created.

Revocable – Bypasses the probate process. Can be changed or revoked by the Trustee.

How to Make a Living Trust in Montana

You can create a living trust document as long as you register it with the Securities Department. This document must signify who the Trustee and Beneficiaries are, and provide a list of all the assets and property being put into the trust. Once it is signed and notarized, you will have to transfer all of the property listed in the trust into the trust’s (or Trustee’s) name in order to avoid probate. It is highly recommended that you have your trust notarized before registering it.

Motor Vehicles – In order to place your vehicle(s) into the living trust, you will need to fill out a bill of sale and apply for a vehicle title transfer through your County Treasurer. You may also be asked to fill out a Statement of Fact Form describing the details of the transfer.

Real Estate – To put any real estate in the trust’s name, you will need to fill out a Montana Deed transferring ownership. Once this document has been notarized, you will need to send it to your County Clerk’s Office.

Do I Need a Living Trust?

While there are certain benefits to creating a living trust, a standard Will can often serve the needs of people with smaller estates. A living trust avoids probate, which for larger estates can be an extremely long and costly process. However, for people with estates valued at $50,000 or less, the probate process is simplified and can even be avoided altogether. An eligible successor can apply to avoid probate thirty days after the decedent has died by using a Small Estate Affidavit and providing a death certificate. There are far more incentives for people with very large estates to create a living trust. A living trust avoids a long litigation process, possible estate taxes, and can also protect the estate from creditors. Moreover, a Grantor is able to dictate how their estate is to be managed if their health fails or they should suddenly die. Before making a decision, you should always consult a legal professional.

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