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National Risk National Risk Management Management Education Education ConferenceConference

Reno, NVMarch 31, 2009

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Marsha A. Goetting Marsha A. Goetting Ph.D., CFPPh.D., CFP®®, CFCS, CFCS

•Professor & Extension Family Economics Specialist•Department of Agricultural Economics & Economics

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The Financial The Financial Risks of Risks of Dying Dying Without a Without a Will in Will in MontanaMontana

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Project Collaborators

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Project Collaborators• Montana State University Extension • Montana Grain Growers Association

(MGGA)• Montana Department of Agriculture• State Bar of Montana• School of Law, University of

Montana

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7 out of 10 die without a will

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Have will

• 50 - 54 44%• 70 - 74 75%• 80 + 85%

Age Percent

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Prior RMA Projects•Majority indicated that “how Montana law distributes property” was the most valuable topic

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Interactive Web site

•www.montana.edu/dyingwithoutawill

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CD•For those with “slow” or no internet service

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Family Situations

•Single –13

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Family Situations•Single –No Living •Children•Grandchildren•Great grandchildren

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Family Situations•Single –Have •Living children•Grandchildren•Great grandchildren

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Family Situations•Single–No Living grandchildren–Have •Living grandchildren•Great grandchildren

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Family Situations

•Married– 22

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Family Situations•Married – – No Living •Children•Grandchildren • Great grandchildren

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Family Situations•Married – – Have Living• Children• Grandchildren• Great grandchildren

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Married Example:

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Example

33 factsheets

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Marketing•MGGA Grain News•Montana Lawyer•Media: – Montana newspapers– Radio

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Marketing•Annual Young Ag Couples Conference•Helena, 2007 - 2009

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Specialist PresentationsYear # Locations2006 854 282007 847 632008 1,623 662009 (Jan-March)

3203,644

16173

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Web site “hits”Web Trends 8,140 April – May 2008

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CDs mailed • As of March 2009– 815

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Evaluations •62 responses–CD 56% –Web 40%

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About participants •Gender–Female 48% –Male 40%–No response 11%

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AgeAge CD%CD% Web%Web%• 26 - 36 6 0• 37 - 47 9 16• 48 - 58 24 44• 59 - 69 27 28• 70 – 79* 18 8• 80 & over 12* 0*More likely to use the CD

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Usefulness (5 high)•Both methods 4.24–Mailed CD 4.11–Web site 4.42

1 2 3 4 5

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•Both methods 94%–CD 97%–Web 90%

Able to find family represented

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Actions taken • Family discussions 38%•Draft will (1st time) 37%•Revise current will 22%• Software, book, or

mail order form 13%

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Actions taken •Contact attorney 25%•Draft/revise will in

own handwriting 12%•No action 8%

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Suggestions •Make forms easily available•More family configurations

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Suggestions •Explain distribution if both husband & wife die at the same time, as in an accident

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Suggestions •Good beginning info, but where do I go from here…and don’t say see an attorney

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Yes, recommend others CD Web91% 89%

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Share with others • Spouse/partner 58%• Children 49%• Other family members 27%• Friends 29%• Colleagues work 7%• No one 7%

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How found Web site • Article newspaper 48%• Extension Agent 12%• State Bar Website 4%• Montana Market Manager 4%• Other, credit union newsletter, MSU

homepage article, CREES newsletter 32%

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Most important gained • Explanation of MT laws• Knowledge of MT laws• Clarification of MT law• Understanding how my

assets would be handled if I didn’t have a will

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The Financial The Financial Risks of Dying Risks of Dying Without a Will Without a Will in Montanain Montana Questions???Questions???