Montana Trusts Lawyer

Tanko Law Office has helped numerous clients in both Montana and Nevada plan and protect their most important assets through the use of Trusts. Trusts are often used to avoid the probate process. A Trust involves a property owner giving legal ownership of the property to someone else. The person receiving ownership is called a trustee. It is the trustee's job to manage the property in a way that benefits the Trust's beneficiary. The beneficiary is named by the property owner at the time the Trust is formed. The property owner can name anyone, even himself, as a beneficiary.

Kalispell, Montana, Trusts Attorney

Some types of trusts that Tanko works with include:

  • Revocable/Living Trusts: This type of Trust is the most common. The property owner puts the assets into a Trust, but still maintains control of the assets. Revocable Trusts may be modified or amended at any time.
  • Irrevocable Trusts: In an irrevocable Trust, the property owner places property in a Trust, and no longer controls the asset. This type of Trust cannot be modified or amended after creation. Special types of irrevocable Trusts exist, including:
    • Life Insurance Trusts
    • Testamentary Trusts
  • Special Needs Trusts: These Trusts allow disabled persons to retain eligibility for government assistance programs, while still having money set aside to improve their quality of life. Special Needs Trusts may be either revocable or irrevocable.

Nevada presents its own challenges to those who want to protect their assets in a Trust. The majority of Trusts in Nevada are creditor friendly, meaning creditors often have the ability to reach the Trusts' assets. One notable exception that exists in Nevada is:

  • Nevada Asset Protection Trusts: This type of Trust is sometimes called a spendthrift Trust. Clients can take assets they own and put it into this type of irrevocable Trust. The client will then be a co-trustee, capable of management of the assets in the Trust. This means that the client retains control of the asset, and may do things such as buy and sell stock. However, the client may not take assets out of the Trust on his or her own. Because the client cannot take assets out of the Trust carte blanche, assets in the Trust remain out of the reach of creditors.

Under certain circumstances, residents of Montana may be able to take advantage of the special protections offered by Nevada Asset Protection Trusts. Contact Tanko Law Office to find out more or have him draft a Trust for you.

Contact the Firm

Tanko Law Office maintains flexible hours to accommodate its clients in both Montana and Nevada. Call our Kalispell location at 406-257-3711 or our Columbia Falls location at 406-897-7133, or use the online contact form to schedule a free initial consultation with a lawyer at a time that is convenient for you.

Frequently Asked Questions

What is the difference between a revocable and an irrevocable trust in Montana?

A revocable trust (also called a living trust) allows you to maintain full control of your assets during your lifetime. You can modify, amend, or dissolve the trust at any time. When you pass away, the assets in the trust transfer directly to your named beneficiaries without going through Montana's probate process. An irrevocable trust, once established, generally cannot be changed or revoked. In exchange for giving up control, irrevocable trusts can offer stronger asset protection and potential tax benefits. A trust attorney familiar with Montana law can help you determine which type or a combination best fits your estate planning goals.

Can a living trust help me avoid probate in Montana?

Yes, one of the primary benefits of a living trust in Montana is probate avoidance. Assets held within a properly funded revocable living trust pass directly to beneficiaries upon your death without going through probate court. Montana's probate process can take several months to over a year, depending on the complexity of the estate, and it becomes a matter of public record. A living trust keeps your asset distribution private and typically allows for much faster transfers to your beneficiaries. However, the trust must be properly funded, meaning your assets need to be formally transferred into the trust for it to be effective. A Montana trust attorney can ensure your trust is set up and funded correctly.

Do I still need a will if I have a trust in Montana?

Yes, most Montana estate planning attorneys recommend having both. Even with a comprehensive living trust, a "pour-over will" serves as a safety net for any assets that weren't transferred into the trust during your lifetime. The pour-over will directs those remaining assets into your trust upon your death so they're distributed according to your trust's terms. A will is also the only legal document where you can name a guardian for minor children in Montana. Working with both a trust and a will provides the most complete protection for your family and assets.