BOZEMAN, Mont. (NMB) – Montana State University Extension educators say it is important for people to understand how titling personal property that is owned in joint tenancy with right of survivor-ship could have unintended consequences
Factors like property title laws and intestacy statutes can impact how property is distributed after a person dies.
Joint tenancy with right of survivor-ship, according to Montana law, takes priority over a written will. Property held in joint tenancy with right of survivor-ship passes to the surviving joint tenant.
By titling property in joint tenancy with right of survivors-hip and by not writing a will, property could pass to unintended heirs. A will could assure that assets do not pass to one set of heirs simply because one person outlived the other by a few hours.
Working with an attorney can provide the appropriate wording to accomplish the will writer’s wishes.
For more information, request the MSU Extension MontGuides “Property Ownership” and “Wills” at www.montana.edu/estateplanning/eppublications.html. For those who do not have computer access, copies are available from county Extension or reservation offices.
