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Estate Planning FAQs

 

Q: What is estate planning?

A: Estate planning is the process by which you determine how your personal assets and property will be managed following your death in such a way as to reduce taxes and settlement costs. Your estate includes everything from real estate, checking accounts, savings accounts, retirement plans, businesses, investments, life insurance, and so forth.

Q: Why should I establish an estate plan?

A: Many people believe that they do not need an estate plan if, in their view, they don’t have a lot of assets. People from otherwise average households assume their assets will be divided between their loved ones. The truth is much more complicated. Without legal arrangements, your assets will most likely fall into the state’s intestacy laws, meaning for Missourians, that Missouri law will determine who inherits what. This process, called probate, is a public court-supervised proceeding that can tie up your assets for a long time. This can place a lot of stress and financial hardship on your family.

Q: What is involved in an estate plan?

A: Your particular estate plan will depend on your personal circumstances, including the nature and value of your assets, properties, accounts, and so forth. You will also likely wish to minimize estate taxes as much as possible. You will provide answers to crucial questions, including who will oversee your estate in the event you become incapacitated and who will receive your assets upon your death.

Q: What constitutes an, “estate”?

A: An estate is, in essence, everything. Your home and any additional property, your business interests, belongings, financial assets, bank accounts, insurance accounts, investment accounts, and so forth.

Q: Is a will all I need?

A: Not if you want your estate to be administered outside of probate. While a will provides instructions to the probate court of the administration of your estate, it must be, “probated” or a administered by the Probate Court.

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Contact Us

Appleby Healy Attorneys at Law

Since 1924, Appleby Healy has served families throughout southwest Missouri. You can find us at our office, located in Ozark, or meet with us in Bolivar by appointment. Let us know how we can help you.

OZARK

119 N 2nd Street
Ozark, MO 65721
TEL 417. 581. 2411
FAX 417. 581. 2447

BOLIVAR

By Appointment Only
Bolivar, MO
TEL 417. 581. 2411
FAX 417. 581. 2447

Legal Disclaimer: This Website is provided by Appleby Healy, Attorneys at Law, P.C.. This Website is for informational purposes only. The information available through the Website is the property of Appleby Healy, Attorneys at Law, P.C and all rights are reserved. The information presented at this site should not be construed to be formal legal advice. Always consult with qualified legal counsel prior to implementing any estate plan.

Free Consultation Info: FREE CONSULTATION APPLIES TO ESTATE PLANNING APPOINTMENTS ONLY.

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