Estate planning is process of creating a plan for what happens to the things you own when you die. It also includes planning for what happens if you are incapacitated (but alive).  Estate planning can take many different forms and accomplish varied goals depending on the your particular needs.  Regardless of wealth, family size, marital status or particular planning preferences, estate planning in Missouri is crucial. Common goals of estate planning include avoiding probate, providing for family members, minimizing tax burdens,  and streamlining and simplifying the process of these things occuring.

Estate planning is for everybody. The particulars of your estate plan will of course depend on your needs, your goals, your family and the things that you own.  But having robust and thorough estate planning in place is key for everybody

Yes. Being married or having children are certainly not pre-requisites for need a good estate plan.  In some ways, being single actually makes estate planning more important.  It isn't as intuitive to whom you might give assets or whom you might name to be in charge of important decisions.  Similarly, not having kids can make these types of decisions and directives particularly important.

​

Ultimately, people with spouse need estate planning. People without a spouse need estate planning.  People with kids need estate planning. People without kids need estate planning.

Estate planning can involve many different tools. These often include a Revocable Trust, a Will, a General Power of Attorney, a Health Care Power of Attorney and a Health Care Advance Directive.  Documents such as a warranty deed or beneficiary deed can be key for real estate. Some situations require tools such as a Special Needs Trust, Irrevocable Trust, Asset Protection Trust, Life Insurance Trust and other documents.

When you die, the things that you own would go through probate unless some type of purposeful planning has taken place.  In Missouri, probate is the court-supervised process by which your assets would be transferred from you (deceased) to someone else. If you have a Will, its terms would govern most assets. If you do not have a Will, Missouri has particular laws regarding "intestate succession" that would direct to whom your assets would go.  Probate is somewhat time consuming  (generally 7-12 months or longer), there are certain costs associated with it (court costs, attorney fees, personal representative fees) and it is generally something that you aim to avoid having to go through. 

No. While having substantial wealth certainly accentuates the need for thorough estate planning, estate planning is important regardless of wealth. If you own real estate, have investments, own vehicles or have life insurance, you need estate planning.  Even people of very modest means/wealth benefit from simple versions of estate planning. 

A Will directs where your assets go and whom they go when you die. A Will goes through probate. It is generally for one person (a couple would each have a Will).  While generally cheaper to set up, it has some limitations.

​

A Trust also directs where your assets go and to whom they go when you die. However, a Trust avoid probate. Additionally, a Trust allows you to be more flexible, creative and directive about how your assets are used. Further, special provisions within a trust can address unique situations with children or unique types of assets you own.

​

For most people, the decision to create a Trust (rather than just a Will) is based on avoiding probate and often providing assets to beneficiaries in directive and purposeful ways (rather than simple outright tranfers).

Change the text and make it your own. Click here to begin editing.

Yes! There are numerous tools that can be readily put in place to avoid probate. However, advance planning is key. In fact, probate avoidance is often a primary goal of estate planning. A common misconception is that having a Will avoids probate. Unfortunately, this is not the case.  A Will effectively directs where your assets go, but would still indeed go through probate to accomplish this.  In Missouri, tools such as a trust and non-probate beneficiary designations can readily avoid probate. 

Yes.  Estate planning is not only for old folks. Estate planning matters for anyone that could die or become incapacitated (hint: that's all of us). As you age, the need for estate planning only increases, but having a careful, accurate and purposeful estate plan is important for young adults, mid-life folks, those approaching retirement and of course those entering their older years. 

Estate planning is an important investment but it doesn't have to be expensive.  Of course, the particulars of your needs, goals and plan will affect cost . Is a trust included? Are you single or married?  Do you have children with special needs? Do you have unique assets or business interests that require unique planning? Do you have a blended family with separate spousal assets? In most cases, trust-based planning costs around $2,000-$2,500 for a couple and Will-only planning would cost more like $1,000.  Of course unique needs and goals can necessitate planning that could require additional expense.

​

​

​

​

Choosing the right lawyer matters. A lot. For estate planning in Missouri, hiring a lawyer with deep experience, thorough knowledge and strong professional acumen is key.  Estate planning isn't something you want to simply "cost shop."

Look for a lawyer who can thoroughly and clearly answer your questions. They should return your calls, have a strong business presence (office, website, good reviews, etc).