INSTRUCTIONS: MONTANA USING A BYPASS TRUST TO PROVIDE FOR CHILDREN FROM PRIOR MARRIAGE

This article discusses the instructional document provided by the website of the Montana State University Extension to help people use a bypass trust to provide for children from a previous marriage.

Montana Using A Bypass Trust To Provide For Children From Prior Marriage Step 1: The first three paragraphs outline an example scenario in which a couple operate a farm owned solely by the wife which is valued at $950,000 and share assets valued at $300,000. Both parties have an adult child and wish for the wife's child to inherit the farm, while for both children to share the shared assets equally. The couple do not yet have a written will.

Montana Using A Bypass Trust To Provide For Children From Prior Marriage Step 2: The next two paragraphs outline what will occur if the wife dies first and there is no will in place.

Montana Using A Bypass Trust To Provide For Children From Prior Marriage Step 3: The next two paragraphs outline what will occur if the husband dies first and there is no will in place.

Montana Using A Bypass Trust To Provide For Children From Prior Marriage Step 4: The next two paragraphs outline the process of developing an estate plan.

Montana Using A Bypass Trust To Provide For Children From Prior Marriage Step 5: The next four paragraphs outline what will occur if an estate plan is created using two wills.

Montana Using A Bypass Trust To Provide For Children From Prior Marriage Step 6: The next three paragraphs outline what will occur if an estate plan with a bypass trust is created.

Montana Using A Bypass Trust To Provide For Children From Prior Marriage Step 7: The last paragraph on the second page says that the hypothetical couple's lawyer encouraged them to discuss their options.

Montana Using A Bypass Trust To Provide For Children From Prior Marriage Step 8: The third page contains links to other resources that can be consulted to develop a better understanding of estate trusts. Additionally, this page contains an acknowledgment of thanks to those who reviewed this article, a note of the support provided, and a disclaimer. This page also contains contact information for follow-up requests.