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Young Montana farm and ranch couples can receive estate-planning incentive
March 26, 2007
As part of a free Web-based program for young farm and ranch couples, the first 40 couples who work through an estate planning process can receive $100 off of any follow-up attorney fees.
"We targeted young couples because we wanted them to work with older couples in the estate planning process," says Marsha Goetting, Montana State University Extension family economics specialist. Getting younger people talking with the older generation about estate issues helps the surviving family in times of tragedy, she said.
"Having to go through the loss of a loved one is traumatic enough, but what happens when Mom and Dad die in a car accident and they didn't have an estate plan," said Mary Anne Anderson, MSU Extension assistant on the project. Answering questions about how the family farm will be divided can be difficult even without the emotions following a death.
Issues such as whether siblings want their shares in cash and where the child who wants to keep the ranch can find the cash to buy out a sister and brother are issues that are best worked out when you're not under pressure, Goetting said.
To get the process started, MSU Extension has put easy-to-use estate planning materials on the Web. The Next Generation Estate Planning project guides couples through estate planning, enabling them to make informed decisions by explaining basic terms and how to pass along property without probate costs. It describes how property can be dispersed when there is no will and gives details of the probate process, including establishing custodial accounts for children under 18.
All materials and forms are available free of charge and help prepare young couples for a visit to an estate planning attorney. The first 40 couples to complete the form before June 15 can receive a $100 certificate to be used toward attorney expenses, which the attorney returns to Goetting for payment.
For more information, log onto www.nextgeneration.montana.edu and view the cover letter.
This project is available as a result of a grant from the Western Center for Risk Management Education. Collaborators include MSU Extension, Montana Grain Growers Association, Montana Department of Agriculture, and the State Bar of Montana.
Contacts: Mary Anne Anderson, MSU Extension Assistant, Marsha Goetting, MSU Extension Family Economics Specialist (406) 994-5695 or goetting@montana.edu
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