What Exactly Is A Will?
A will is a document containing the wishes of a person (Testator) that wants the Court to distribute his/her property in a certain way in the event of death.
Does A Person Have To Have A Minimum Amount Of Assets To Create A Will?
No minimum amount of assets is needed in order to create a will. Often Wills are left as a symbol for the Testators’ children containing sage advice, or intended with specific instructions for the care of certain heirs left behind.
What Is The Difference Between An Estate Plan And A Will?
An estate plan is a compilation of documents intended to achieve the best financial position, which should include a will amongst other things. Estate plans are used to take advantages of tax laws or avoid excessive estate taxes. In addition, estate plans normally include documents that avoid the probate process.
What Happens If I Die Without A Will?
Most states have mandatory or statutory wills called “Intestate Wills” Intestate simply means without a will or without a writing. These statutes have mandatory dispositions to the heirs. For example, in Missouri, the spouse will get a mandatory ½ share and the children will get the rest. The problem here is that the Testator may not have wanted the division to go in that way. Many family problems arise as a result of intestate succession.
Who Should Make A Will?
Everyone should make a will even if it simply contains moral support phrases. Most will have a clause called the “residuary clause.” At the time of the drafting of the will, the Testator may not have an asset but later comes into possession. That asset will go to the person the Testator designate as the person(s) to receive everything else. That portion of the will can be small or eventually very large.
What Makes People Avoid Making A Will? Fear Of Mortality? Laziness?
All of the above are reasons people don’t get around to making a will. We believe it’s just a lack of understanding how wills work and the probate process.
What Can Or Should All Be Addressed In A Will?
The simple answer is everything should be addressed in a will such as guardianships of minor children, or children with special needs; Conservatorship (Control over the money) if there are minor children or special needs children as mentioned. The will can appoint a Trustee to be over these factors. If not, the Court will appoint someone and that person may not be the one intended or best for your circumstance. Gifts also called “bequests” can be addressed in a will. Many times, the Testator desires for charitable gifts to organizations such as the church or other benevolent organizations for good causes. A testator can “punish” someone that contest the will. This is often used to keep family fights to a minimum.
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Does A Will Address Having A Customized Plan Should Someone Become Incapacitated? Does It Address Other Medical Issues?
A well drafted will should contain some language of preference for the event of incapacitation. Often wills are joined with Durable Powers of Attorney, Living Wills (Health Care Directives), and Medical Health Care Powers of Attorney to insure covering these life issues.
For more information on Wills In Missouri, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (314) 786-3536 today.
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