Topic: Wills and Estate Planning
Key Points:
- We previously discussed probate and its purpose in settling estates. (Episode 1: Avoiding Probate!)
- This episode focuses on Wills and why having a Will, though requiring probate, is still valuable for estate planning.
What is a Will?
- A last Will and Testament is a legal document outlining a person's wishes for their assets after death.
- It provides specific instructions on distributing your possesions.
Why You Need a Will:
- Avoids intestacy: If you die without a Will, the state determines how your assets are distributed.
- You choose beneficiaries: A Will allows you to designate who inherits your assets.
- Appoint a guardian for minor children: In the absence of a Will, the court appoints a guardian.
What a Will Doesn't Do:
- Bypass probate: Assets in your sole name at death will still go through probate.
- Transfer certain assets: Assets with beneficiary designations (life insurance, retirement accounts) or jointly owned property won't be affected by your Will.
Wills as Part of an Estate Plan:
- A Will is just one piece of your estate plan. Consider a Revocable Living Trust to avoid probate for some assets.
Important Reminders:
- Wills must meet state-specific requirements for validity. (We discuss Missouri specifics).
- Keep your original Will safe and inform close family members of its location.
- Avoid making copies of your Will to prevent confusion about the original's status.
Missouri Specifics:
- Age of majority to create a Will: Eighteen (18).
- Will signing requirements: Signed by the testator (or someone by their direction). Witnessed by two (2) disinterested people over eighteen (18).
- Self-proved Wills: witnessed signatures are accepted by the court without requiring witness testimony.
- Oral Wills (rare): only valid under specific circumstances with imminent peril of death.
- Divorce revokes any gifts to the former spouse in the will.
Consult with an Estate Planning Attorney to ensure your Will is valid and complements your overall Estate Plan.
wheelanlaw.com
This podcast episode contains general information for discussion purposes only. Each case is different and must be judged on its own merits. Missouri rules generally prohibit lawyers from advertising that they specialize in particular areas of the law. This article should not be construed to suggest such specialization. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create an attorney-client relationship, and the listening or viewing of this podcast does not constitute an attorney-client relationship. The choice of a lawyer is an important decision and should not be based solely upon advertisements.
