
5 Estate Planning Considerations
Estate planning might sound complicated, but it’s really just about making decisions for the future. Whether you’re helping a loved one or planning ahead yourself, here are five simple things to know about estate planning in Missouri. Let’s break it down.
1. The Role of a Will
A will tells everyone what should happen to someone’s belongings after they pass away. Without a will in Missouri, the state decides who gets what through intestate laws. This could mean someone’s property goes to family members they didn’t intend to leave it to. A will gives you control over your property, no matter how much or little you have.
2. Power of Attorney: Who Can Step In for You?
A power of attorney (POA) allows someone you trust to make decisions for you if you can’t. In Missouri, this could cover financial matters, like paying bills, or healthcare decisions. It’s like naming a backup decision-maker for emergencies. Choosing someone reliable ensures your affairs are handled as you’d want.
3. Making Healthcare Choices with a Directive
A healthcare directive, or living will, lets you share your wishes about medical care if you’re ever unable to speak for yourself. In Missouri, you can also name a healthcare proxy—someone to make decisions for you. It’s a good way to ensure your preferences are clear and followed during tough times.
4. What Happens Without a Plan?
Without an estate plan in Missouri, state laws decide how your property is divided. This might not reflect your wishes. For example, if you’d prefer your savings to go to a close friend but don’t have a will, it might legally go to a distant relative. Planning ahead ensures your belongings go exactly where you want them to.
5. Start the Conversation Early
Estate planning isn’t just for older people. It’s for anyone who wants to make sure their decisions are honored. Talking about it with family can avoid confusion and conflict later. Missouri also allows non-probate transfers, like naming beneficiaries for bank accounts, which can simplify things even more.
Final Thoughts
Estate planning is about preparing for the future and making sure your wishes are respected. Missouri has specific rules and options to explore, so it’s worth learning about them now. If you’re unsure, talk to an attorney or start a conversation with your family. A little planning goes a long way in ensuring peace of mind.
If you need a referral, please reach out to our office, and we can provide you with the names of attorneys we have worked with over the years.