September 2014 Archives

Tom Clancy's $83 million estate in probate dispute

Many people in Missouri may be fans of the immensely popular thriller writer, Tom Clancy. Clancy died in October 2013 at the age of 66 years and is survived by his wife and a daughter, in addition to four other grown children from a previous marriage. According to Clancy's estate plan, his wife is the beneficiary of two-thirds of his estimated $83 million fortune with the remaining amount being shared by his four other children.

Why estate planning is so important for Missouri residents

Many Missouri residents enjoy living comfortable lives, which may include ownership of automobiles and homes and a substantial investment portfolio, along with other financial assets. But, not every resident has the wisdom to keep these financial matters well-organized so that at a critical or unexpected moment they aren't left scrambling to compile a coherent picture of possessions and assets. This scenario can, thankfully, be avoided by going through with estate planning.

How does a revocable living trust work in Missouri?

The assets a person accumulates during his or her lifetime can often be a subject of concern during old age. Even where the person has built a family without much friction or strained relations, the question of what happens to one's property upon death tends to trouble many. As residents of Saint Louis, Missouri, might know, while property can pass on to a person's heirs -- his or her spouse and children, for instance -- it is always preferable to seek alternatives to simplify the process of transferring assets.

How does probate work for wills that are contested in Missouri?

As residents of St. Louis may know, a person can make different kinds of arrangements to ensure that ownership of any property or asset is smoothly conveyed to heirs upon death. While some people set up joint ownership accounts or mechanisms to automatically transfer ownership, the most straightforward route involves writing a will to specify how assets and liabilities may be divided or disposed of, as the case may be.