February 2014 Archives

Philip Seymour Hoffman leaves behind will and trust

A person's will and trust are extremely important to those they leave behind. Probate law applies after a person's death and the court identifies the deceased person's possessions, determining taxes and other administrative expenses, and finally allocating the property to legal heirs as directed in the will. If there is no legally binding will, the estate is divided according to state laws. Probate litigation means that the will is contested. Recently, Philip Seymour Hoffman's death revealed that he had prepared a will and trust.

What is a living will?

Contrary to what the name might suggest, a living will is actually not a will in the traditional sense. Missouri residents may hear the word "will" and think of a document that designates beneficiaries and determines how assets are to be divided. A living will does none of this. Its sole purpose is to set forth a person's health care wishes so that they can be carried out should that person fall into a state in which they are no longer able to make decisions about such matters.

Paul Walker shows that estate planning is important for everyone

There are a number of estate planning myths that seem to stick in the minds of many Missouri residents. For young people, it is commonly held that estate planning is something that can be put off -- with the thinking that it is not necessary for anyone who is not approaching retirement age. This is perhaps the most common estate planning myth. The second is that estate planning is only for the wealthy. It is often believed that estate planning is only for people who have a great number of assets. This is not so. No matter how large the estate, family members at all income levels and those who wish to have their final wishes carried out can greatly benefit from estate plans.

Missouri residents of all ages should consider estate planning

For many Missouri residents, thinking about mortality is not the most pleasant way to spend an afternoon. Though thinking of death may not always be pleasant, it is often worth it. Estate planning requires that people think about uncomfortable topics -- namely death -- but it is really a positive process that does much to protect the interests of loved ones. What's more, estate planning is not something that should be reserved for the elderly and retired. Though it is very important for these people, estate planning can be beneficial to adults of all ages.