Easily Create a Montana Living Trust for Single Individuals with Children

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Under typical circumstances, the surviving spouse would become the sole trustee after the death of one spouse. The surviving spouse would control the shared property, and the personal property of the deceased spouse would be distributed to the beneficiaries.
Individuals may find it challenging to keep up with the constant updates and changes required, leading to potential confusion and complications down the line. Another aspect that draws complaints is the impact of transfer taxes and the need for refinancing when assets are transferred into a living trust.
The goal is this type of trust is to qualify the individual for Medicaid five years after its creation. The trust can continue for the benefit of the individual until his or her death, and then for the benefit of the spouse (if living). In the end, the remainder beneficiaries receive what is left in the trust.
Selecting the wrong trustee is easily the biggest blunder parents can make when setting up a trust fund. As estate planning attorneys, weve seen first-hand how this critical error undermines so many parents good intentions.
Montana provides for a streamlined, less expensive proceeding for estates worth less than $50,000, in which case a trust would likely be more expensive. If you own property in more than one state, a living trust allows you to avoid probate proceedings in all of the states where your property is located.

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10 things you need to do when your spouse dies Get legal, tax and financial advice. Make funeral arrangements. Apply for government benefits. Contact your spouses past and recent employers. File life insurance claims. Call your bank or other financial institutions.

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