July 2015 Archives

The importance of wills in estate planning

Many Missouri residents think of finances as an immediate concern. Thus, mortgages, loans and other financial obligations are often of great concern and require planning. However, it should be noted how important it is for a person to plan for the future, including after the person's death. Careful planning will help the person's loved ones tremendously once the person is no longer living.

Trusts and taxation and the effect on beneficiaries

Many Missouri residents create a trust in order to bequeath their assets, properties and other wealth to their beneficiaries. In many cases, the beneficiary may be a descendant of the benefactor or a charitable organization which the benefactor supports.

Living wills can help the testator

Living wills are drafted and executed by a Missouri resident in order to help that person to make provisions when the person is alive but incapacitated. It is common for a person who has been diagnosed with a prolonged, chronic or terminal illness to have a living will created.

Key points to keep in mind when drafting the final will-Part II

Estate planning is something that many people in Missouri as well as in the rest of the country know to be important but ignore, intentionally or unintentionally, because it is not pleasant. However, estate planning is often the key to maintaining peace among the heirs after the person dies. In order to achieve that, it is important for people to have a solid plan in place. A previous post on this blog discussed two key points that can help a person to draft a comprehensive will.

Key points to keep in mind when drafting a final will-Part I

Most Missouri citizens understand that preserving personal property and assets for generations to follow requires having a comprehensive estate plan. Although various estate planning tools are available to state residents, the most common is a will that directly leaves a person's estate to specifically chosen people or entities. A person can draft a will and change it as needed over time, but the last legal will in place before a person's death is the will that matters.