Agreements among family members for the settlement of an intestate's estate will be upheld in the absence of fraud and when the rights of creditors are met. Intestate means that the decedent died without a valid will. The termination of any family controversy or the release of a reasonable, bona fide claim in an intestate estate have been held to be sufficient consideration for a family settlement.
Montana Agreement Between Heirs as to Division of Estate
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Montana law requires that a testator have ?testamentary capacity.? This means that the testator must have been at least 18 years old and must have been ?of sound mind? at the time that they made the will. In other words, the testator must not have been suffering from a mental incapacity.
Under common law, testamentary capacity requires the person to have the following abil- ities: (1) know the nature and extent of their property; (2) know the natural objects of their bounty; (3) understand how the will disposes of their property; and (4) demonstrate the ability to make a rational plan as to the ...
Collection of Personal Property by Affidavit ? This procedure may be initiated 30 days after a person dies, if the value of the entire estate (less liens and encumbrances) does not exceed $50,000.
Testamentary capacity refers to the ability of a person to make a valid will. Most states have both an age requirement (usually 18 years old) and a mental capacity requirement.
The cost of setting up a trust in Montana varies depending on the complexity of the trust and the attorney's fees. A basic Revocable Living Trust generally ranges from $1,000 to $3,000. More complex trusts can cost several thousand dollars more.
Testamentary capacity requires only a narrow analysis whereas contractual capacity requires a more in-depth analysis into a person's mental state and understanding. It is important to note that capacity is examined at the time when the person drafted and executed the document.