Assets Value:  $425,000

Married With Children:  Example 5

Example

Survivors are your spouse, your child from a previous marriage whom your spouse has not adopted, your children together, and your spouse's child from a previous marriage whom you adopted.

Assume you pass away with $425,000 in assets. Your spouse receives $287,500.  Your spouse receives the first $150,000 plus 1/2 the remaining balance ($425,000 - $150,000 = $275,000; $275,000 ÷ 2 = $137,500.  $150,000 + $137,500 = $287,500.

Your children include one from a previous marriage whom your spouse has not adopted, two from your present marriage, and your spouse's child whom you have adopted. They equally split the remaining balance of $137,500 ($425,000, - $287,500 = $137,500 ÷ 4 = $34,375). Each child receives $34,375.

Your spouse may also have a right to the elective share,the homestead allowance, exempt property, and the family allowance which is protected from creditors.

If this is not the division you desire, then you need to write a will.

Montana State University Extension has additional information about estate planning. You may download and print out all MontGuides free at this site: www.montana.edu/estateplanning/eppublications.html

To explore another family situation, follow this link...