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While a will is a document that expresses the creator's wishes regarding the distribution of their property, a trust is an arrangement that allows a third party to hold and direct the creator's assets in the trust fund.

Who Should Get a Living Trust in Montana? Residents with large or small estate plans can benefit from forming a living trust, although it may be easier to use the probate process. The probate process will be even simpler for decedents with a net worth of less than $50,000.

To make a living trust in Montana, you: Choose whether to make an individual or shared trust. Decide what property to include in the trust. Choose a successor trustee. Decide who will be the trust's beneficiaries?that is, who will get the trust property. Create the trust document.

How to Create a Living Trust in Montana Select an individual or joint trust. ... Take inventory of your property to determine what to store in your trust. Select a trustee to manage your trust. ... Create a trust document by hiring a lawyer or using a computer program. Sign the document in front of a notary public.

A trust can distribute assets immediately after your death if you wish, whereas assets passed by a will must wait for probate to conclude. Probate often takes many months and incurs the fees of an executor and attorney as well as court costs.

While a trust sounds appealing, there are drawbacks. A living trust is more expensive to set up than a typical will because it must be actively managed after it is created. Most importantly, however, a living trust is useless unless it is funded.