Life insurance trusts are sometimes used to assure desired use of insurance proceeds and for estate tax savings. Joint tenancy is a form of property ownership in which a husband and wife or others own property jointly with the rights of survivorship. This means that when one joint tenant dies, the property will pass automatically to the surviving joint tenants, subject to filing an inheritance tax return and paying inheritance tax liability, if any. Your will has no control over property which you own as a joint tenant with others. This may be a good estate planning device, but it does not substitute for a will.
Joint tenancy disposes only of that particular property it makes no provision for anything else.
A previous choice may no longer be appropriate. By signing a durable power of attorney, you can appoint someone to act for you without the time or expense of a court proceeding. There are limitations, however. Whatever your choice, it may be a great comfort to your loved ones to tell them of your wishes. Under Montana law, instead of listing these in your will, you may refer in your will to a separate written statement or list which describes the items and names the person who is to receive each item.