Sample Probate Inventory List

In some situations, probate can be finished within six months. When the formal procedure is followed, the typical time required to complete probate is about ten months.

Under Montana statute, where as estate is valued at less than $50,000, an interested party may, thirty (30) days after the death of the decedent, issue a small estate affidavit to to demand payment on any debts owed to the decedent.

Retirement accountsIRAs or 401(k)s, for examplefor which a beneficiary was named. Life insurance proceeds (unless the estate is named as beneficiary, which is rare) Property held in a living trust. Funds in a payable-on-death (POD) bank account.

A personal representative must be 18 or more years of age. A Montana personal representative need not be a resident of the same county or state as the deceased. For example, he or she may be a resident of Glendive and serve as a personal representative in Helena.

In Montana, you can make a living trust to avoid probate for virtually any asset you ownreal estate, bank accounts, vehicles, and so on. You need to create a trust document (it's similar to a will), naming someone to take over as trustee after your death (called a successor trustee).

Though there is no time limit on the probate application itself, there are aspects of the process which do have time scales. Inheritance tax for example, is a very important part of attaining probate in the first place and must be done within 6 months of date of death.

Joint tenancy with right of survivorship. Property owned in joint tenancy automatically passes, without probate, to the surviving owner(s) when one owner dies. Tenancy by the entirety. Community property with right of survivorship.