The estate planning process exists to help people in Missouri and elsewhere protect their assets and provide for their loved ones. It also enables an individual to issue instructions regarding end-of-life care or grant authority to another person to make decisions on his or her behalf if the individual becomes incapacitated. Most estate plans include a last will and testament, which one may challenge in court if they believe that the testator (person who signed the will) lacked testamentary capacity. When an adult of 18 or older signs a last will and testament in Missouri, the assumption is th ..read more

Probate is a court action in which a judge will determine the validity of a will and resolve other issues related to your estate after you die. Of course, there are ways to avoid probate to ensure that your affairs can be settled promptly without anyone having to venture into a Missouri courtroom. Put assets in a trust Perhaps the easiest way to avoid probate is to put your belongings into a trust. As everything in the trust is held outside of your estate, it can exist after your pass. Ultimately, there is no need to distribute items held inside of it unless you instruct the trustee to do so ..read more

You might be one of many Missouri parents who take care of a child that lives with a disability. Whether your son or daughter has a physical impediment, such as paralysis or another issue where mobility is only possible with a wheelchair, or a condition such as Down Syndrome or autism, you might find yourself worrying about providing care for him or her after you’re gone. As you navigate the estate planning process, it’s a good idea to explore options that can help protect assets for your loved one with special needs.   If your son or daughter receives government-based financial assi ..read more

The executor of an estate must perform many critical responsibilities during probate. When an executor makes mistakes, probate in Missouri could become more complicated. Certain errors may recur more frequently, so estate planners need to select an executor who is less inclined to make such mistakes. Otherwise, probate could drag out and create stress for beneficiaries. Common executor errors There are three common errors that an executor of the estate could make. Lack of communication ranks high on the list of things that could upend the probate process. Not communicating with the beneficiari ..read more

Being named the executor of an estate in Missouri is a privilege. You get the honor of being the one whom the founder considers to be the most reliable and trustworthy. However, you can also be exposed to a great deal of hassle. Here are some issues that you may face as the executor of an estate. Issues with the beneficiaries Estate administration involves a lot of different people. One of the biggest potential issues that an executor can face is dealing with the beneficiaries’ interpersonal issues. They may quarrel over certain assets or whether or not another party is part of the trust. If n ..read more

As parents grow older, their adult children may have to make some difficult choices and equally difficult discussions about elderly care for their moms and dads. Advanced care planning is a legally complex and emotionally-charged step to ensure safety and security. The process involves in-depth conversations to determine and implement treatment directives. The process starts with a living will and a health care proxy. The latter step involves a trusted family member making medical decisions, including both emergencies and end-of-life care, when parents can no longer process or communicate thei ..read more

When a Missouri resident passes away, their assets are usually distributed to their heirs through a legal process known as probate. However, some assets can be transferred outside of probate through certain methods. Joint tenancy with right of survivorship When two or more people own property together as joint tenants with right of survivorship, the property automatically passes to the surviving owners when one owner dies. This is a common way that married couples own property, as it ensures that the surviving spouse will automatically inherit the property without the need for the time-consumi ..read more

Choosing a trustee to manage your estate is a crucial decision with long-lasting consequences for your family and loved ones. The right person will have the responsibility of carrying out your wishes and managing the assets in the best interests of the beneficiaries, so it is essential to choose the correct person. Evaluating trustworthiness and integrity The primary quality to seek in a trustee is trustworthiness. The chosen individual will have access to your assets and be responsible for making decisions that impact your beneficiaries. It is important to select someone who has demonstrated ..read more

Many estate plans are set up to avoid Missouri probate court. Probate court can complicate things for your beneficiaries and lengthen an already painful process. One of the better estate planning tools to help avoid probate court is a revocable trust. Trusts of all types can help protect your assets from ending up in probate court and make it easier for you to pass wealth down to your beneficiaries. How trusts generally work Trusts allow assets to be directly passed down to beneficiaries without having to go through probate court. This is because once assets are put into a trust agreement, the ..read more

Trusts are powerful estate planning tools that you can use in tandem with a will. Trusts differ from wills in that your chosen trustee assumes the responsibility of distributing assets placed within the trust to your beneficiaries, rather than leaving the process to the probate court and an executor. A living trust is one that you create during your lifetime and is typically revocable, meaning that you can change or even cancel the trust at your own discretion. The question might remain, though, as to which assets you should place in a living trust rather than in a will. What assets are suitab ..read more