You may create a valid will in Missouri if you are at least 18 years old and considered to be of sound mind. To be valid, your will must be signed by you and two witnesses and the witnesses may not receive anything under the will.
In a will, you can determine how to distribute your property, determine who would be a guardian for your minor children and name an executor who will manage the probate of your will and distribution of your property after death.
Your property may include all assets including physical property, bank accounts, houses, land, furniture, cars, stocks and bonds.
It is important to seriously consider reviewing, and possibly revising your will if you have any major life changes such as marriage, divorce, birth of a child, adoption, new property ownership or a major move to another state.
Living trusts have gained popularity in recent years. Like a last will, a living trust allows you to transfer property to beneficiaries, but a trust, unlike a will, is not usually subject to probate.
Probate can keep cases in court for years and possibly eat up any benefits before beneficiaries ever see them.
Different types of trusts are available for different situations. Trusts are oftentimes set up to care for minor children or disabled adult relatives. A special needs trust or supplemental needs trust can be set up to provide benefits for a disabled person. Trusts may be set up to help supplement, not replace benefits for disabled people, but the wording must be precise so the person is not disqualified from their usual benefits.
If you need to create a will or trust or revise one that is already created, you need a Troy, Missouri estate planning lawyer to help make sure you have everything in order. A Missouri lawyer with experience creating wills and trusts can review all of your options and help you decide if your current plan will best meet your needs. Contact your Missouri will lawyer at the Law Office of Kathryn J. Synor, LLC today to find out how we can best help you prepare for the future.