1 National Risk Management Education Conference Reno, NV March 31, 2009.
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Transcript of 1 National Risk Management Education Conference Reno, NV March 31, 2009.
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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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25
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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)
320
3,644
16
173
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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 Web
91% 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???