National Risk
Management
Education Conference
Reno, NV
March 31, 2009
1

Marsha A. Goetting
Ph.D., CFP
®
, CFCS
• Professor & Extension Family
Economics Specialist
• Department of Agricultural
Economics & Economics
2

3

Project Collaborators
4

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
5

7 out of 10 die without a will
6

Age Percent
• 50 - 54 44%
• 70 - 74 75%
• 80 + 85%
7

Prior RMA Projects
• Majority indicated that “how Montana law distributes property ” was the most valuable topic
8

Interactive Web site
• www.montana.edu/ dyingwithoutawill
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CD
• For those with
“slow” or no internet service
10

Family Situations
13
11

Family Situations
• Single
– No Living
• Children
• Grandchildren
• Great grandchildren
12

Family Situations
– Have
• Living children
• Grandchildren
• Great grandchildren
13

Family Situations
• Single
– No Living grandchildren
– Have
• Living grandchildren
• Great grandchildren
14

Family Situations
22
15

Family Situations
• Married –
– No Living
• Children
• Grandchildren
• Great grandchildren
16

Family Situations
• Married –
– Have Living
• Children
• Grandchildren
• Great grandchildren
17

Married
Example:
18

19

20

21

22

23

24

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Example
33 fact sheets
26

• MGGA Grain News
• Montana Lawyer
• Media:
– Montana newspapers
– Radio
27

• Annual Young
Ag Couples
Conference
• Helena, 2007 - 2009
28

Specialist Presentations
Year # Locations
2006
2007
854
847
2008 1,623
28
63
66
2009
(Jan-March)
320 16
3,644 173
29

 Web Trends
 8,140
 April – May 2008
30

•
As of March 2009
– 815
31

Evaluations
• 62 responses
– CD
– Web
56%
40%
32

About participants
• Gender
– Female
– Male
48%
40%
– No response 11%
33

Age CD% Web%
• 26 - 36
• 37 - 47
• 48 - 58
• 59 - 69
6
9
24
27
• 70 – 79* 18
• 80 & over 12*
*More likely to use the CD
0
16
44
28
8
0
34

Usefulness (5 high)
• Both methods 4.24
– Mailed CD 4.11
– Web site 4.42
1 2 3 4 5
35

Able to find family represented
• Both methods 94%
– CD 97%
– Web 90%
36

• Family discussions 38%
• Draft will ( 1 st time ) 37%
• Revise current will 22%
• Software, book, or mail order form 13%
37

• Contact attorney 25%
• Draft/revise will in own handwriting 12%
• No action 8%
38

• Make forms easily available
• More family configurations
39

• Explain distribution if both husband & wife die at the same time, as in an accident
40

• Good beginning info, but where do I go from here…and don’t say see an attorney
41

Yes, recommend others
CD Web
91% 89%
42

Share with others
• Spouse/partner
• Children
58%
49%
• Other family members 27%
• Friends 29%
• Colleagues work
• No one
7%
7%
43

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%
44

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
45

The Financial
Risks of Dying
Without a Will in
Montana
Questions???
46