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National Risk Management Education Conference

National Risk Management Education Conference. Reno, NV March 31, 2009. Marsha A. Goetting Ph.D., CFP ® , CFCS. Professor & Extension Family Economics Specialist Department of Agricultural Economics & Economics. The Financial Risks of Dying Without a Will in Montana.

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National Risk Management Education Conference

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

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

  3. The Financial Risks of Dying Without a Will in Montana

  4. Project Collaborators

  5. 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

  6. 7 out of 10 die without a will

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

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

  9. www.montana.edu/dyingwithoutawill Interactive Web site

  10. For those with “slow” or no internet service CD

  11. Family Situations • Single • 13

  12. Single No Living Children Grandchildren Great grandchildren Family Situations

  13. Single Have Living children Grandchildren Great grandchildren Family Situations

  14. Single No Living grandchildren Have Living grandchildren Great grandchildren Family Situations

  15. Married 22 Family Situations

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

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

  18. Married Example:

  19. Example 33 fact sheets

  20. MGGA Grain News Montana Lawyer Media: Montana newspapers Radio Marketing

  21. Annual Young Ag Couples Conference Helena, 2007 - 2009 Marketing

  22. Specialist Presentations

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

  24. As of March 2009 815 CDs mailed

  25. 62 responses CD 56% Web 40% Evaluations

  26. Gender Female 48% Male 40% No response 11% About participants

  27. 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 AgeCD%Web%

  28. Both methods 4.24 Mailed CD 4.11 Web site 4.42 Usefulness (5 high) 2 4 1 3 5

  29. Both methods 94% CD 97% Web 90% Able to find family represented

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

  31. Contact attorney 25% Draft/revise will in own handwriting 12% No action 8% Actions taken

  32. Make forms easily available More family configurations Suggestions

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

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

  35. CD Web 91% 89% Yes, recommend others

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

  37. Article newspaper 48% Extension Agent 12% State Bar Website 4% Montana Market Manager 4% Other, credit union newsletter, MSU homepage article, CREES newsletter 32% How found Web site

  38. 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 Most important gained

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

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