Life is unpredictable and probate court is expensive.
Even if you think your estate is small, probate costs add up fast. The cost to probate an average home in Southwest Missouri can quickly exceed $10,000.
An Appleby Healy estate plan can help to reduce the potential for unnecessary stress, conflict, and expense by making your wishes clear and binding. Our estate plans also give you the peace of mind that your loved ones will be cared for after you are gone.
Frequently Asked Questions
What is estate planning?
Estate planning is the process of arranging how your assets will be managed during your lifetime in the event of your incapacitation, and distributed upon your death. It involves creating legal documents to ensure your wishes are carried out and can help minimize taxes and avoid legal hurdles for your beneficiaries.
What documents are included in a Missouri estate plan?
A comprehensive estate plan in Missouri typically includes a combination of the following documents, tailored to your specific needs:
- Last Will and Testament: Outlines how your assets will be distributed and allows you to name guardians for minor children.
- Revocable Living Trust: A mechanism to manage assets during your lifetime and transfer them to beneficiaries outside of the probate process, offering privacy and potential cost savings.
- Durable Power of Attorney: Grants a trusted person (your “agent”) the authority to make financial and legal decisions on your behalf if you become incapacitated.
- Healthcare Directives: These include a Medical Power of Attorney and a Living Will, which outline your preferences for medical treatment and end-of-life care and appoint someone to make healthcare decisions for you if you cannot.
- Beneficiary Designations: For life insurance, retirement accounts, and other financial accounts. These designations generally override a will or trust.
What happens if I die without a will in Missouri?
If you die without a valid will, Missouri’s intestacy laws will determine how your assets are distributed, which may not align with your wishes. Your estate will also likely undergo probate.
How often should I update my estate plan?
Reviewing and updating your estate plan every three to five years, or after significant life events like marriage, divorce, or changes in family or assets, is recommended.