Topic: Wills and Estate Planning

Key Points:

• We previously discussed probate and its purpose in settling estates. (Episode 1: Avoiding Probate!)
• This episode focuses on Wills and why having a Will, though requiring probate, is still valuable for estate planning.

What is a Will?

• A last Will and Testament is a legal document outlining a person's wishes for their assets after death.
• It provides specific instructions on distributing your possesions.

Why You Need a Will:

• Avoids intestacy: If you die without a Will, the state determines how your assets are distributed.
• You choose beneficiaries: A Will allows you to designate who inherits your assets.
• Appoint a guardian for minor children: In the absence of a Will, the court appoints a guardian.

What a Will Doesn't Do:

• Bypass probate: Assets in your sole name at death will still go through probate.
• Transfer certain assets: Assets with beneficiary designations (life insurance, retirement accounts) or jointly owned property won't be affected by your Will.

Wills as Part of an Estate Plan:

• A Will is just one piece of your estate plan. Consider a Revocable Living Trust to avoid probate for some assets.

Important Reminders:

• Wills must meet state-specific requirements for validity. (We discuss Missouri specifics).
• Keep your original Will safe and inform close family members of its location.
• Avoid making copies of your Will to prevent confusion about the original's status.

Missouri Specifics:

• Age of majority to create a Will: Eighteen (18).
• Will signing requirements: Signed by the testator (or someone by their direction). Witnessed by two (2) disinterested people over eighteen (18).
• Self-proved Wills: witnessed signatures are accepted by the court without requiring witness testimony.
• Oral Wills (rare): only valid under specific circumstances with imminent peril of death.
• Divorce revokes any gifts to the former spouse in the will.

Consult with an Estate Planning Attorney to ensure your Will is valid and complements your overall Estate Plan.

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