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One of the most common ways to avoid probate is to create a living trust. Through a living trust, the person writing the trust (grantor) must "fund the trust" by putting the assets they choose into it. The grantor retains control over the trust's property until their death or incapacitation.
10 tips to avoid probate Give away property. Establish joint ownership for real estate. Joint ownership for other property. Pay-on-death financial accounts. Transfer-on-death securities. Transfer on death for motor vehicles. Transfer on death for real estate. Living trusts.
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.
A will in your own handwriting must be witnessed by two disinterested persons (persons who are not named in the written will). Your will should be signed and dated. If you type your own will or use a computer software program to print your will you must also have two disinterested witnesses sign it.
A Letter of Testamentary?sometimes called a "Letter of Administration" or "Letter of Representation"?is a document granted by a local court. The document simply states that you are the legal executor for a particular estate and that you have the ability to act as such.
Under Montana's probate laws, you can distribute certain types of property and assets without a probate court's approval. They include: Accounts with a named beneficiary, such as life insurance policies and retirement funds. Assets and property that is held in a living trust.
If someone dies without a will in Montana, the estate is under court jurisdiction. The court will elect a personal representative to assist with the proceedings. Often, this person is a spouse or adult child of the deceased. In this case, the court requires a formal probate procedure, which could take a year or longer.