Montana Code 70-32-103. From whose property homestead may be selected — revocable trust disregarded
70-32-103. From whose property homestead may be selected — revocable trust disregarded. (1) If the claimant is married, the homestead may be selected from the property of either spouse. When the claimant is not married, the homestead may be selected from any of the claimant’s property.
Terms Used In Montana Code 70-32-103
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- Property: means real and personal property. See Montana Code 1-1-205
- Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
(2)A homestead may be selected from property contributed by the settlor to a revocable trust when the property would otherwise qualify under this chapter if it were not for the transfer of property to the revocable trust. For the purpose of this chapter, the claimant is the husband, wife, or unmarried person that is the settlor of the revocable trust. All provisions of this chapter apply to the settlor claimant in the same manner as an individual claimant, regardless of trust status.
(3)For the purposes of this section, “revocable” and “settlor” have the same meaning as provided in 72-38-103.