BOZEMAN, Mont. (NMB) – Montana State University Extension says that during the COVID-19 pandemic, more people might be giving serious thought to estate planning affairs should they fall sick.
MSU-Extension educators say the process is not difficult and professionals such as attorneys, accountants and life insurance agents can help.
When first visiting an attorney or estate planning professional, it is important to have necessary information and documents on hand.
That should include personal information; real estate and personal property paperwork; checking and savings account information; stocks, bonds and securities; life insurance; trusts; mortgages and other accounts receivable; real estate debts; liens against personal property; liabilities; retirement benefits; taxable gifts; and locations of important documents.
A properly designed plan can help save money in income taxes and estate settlement costs both before and after death, as well as protect a family from disagreements by providing for contingencies and preventing the forced sale of a farm, ranch or family business.
If a person has no plan, law allows the state of Montana to make decisions on their behalf.
For more information, visit the MSU-Extension website.