Estate Administration Archives

Advanced healthcare directives that can be part of an estate plan

Most Missouri residents know that a will is a very important component of a good estate plan. But there are additional healthcare documents that can be included in the plan that can help cover a variety of different medical situations. So here is a look at the advanced healthcare directives that can be used in Missouri.

What about someone's credit after that person is no more?

Many people in Saint Charles, Missouri and the rest of the country may think about what will happen to their estates after they pass away. While this may be a common concern, there may be some people who have also thought about what will happen to a person's credit record after the death of that person. People who think that credit reports after death are not important should think again because, nowadays, the existence of identity theft and fraud is extremely prevalent and that can impact the situation.

What does the Missouri Anatomical Gift Act entail?

Anatomical gifts are by definition bequeathing one's bodily organs to medical science under the testator's will. In simple words, one may express his or her wish to be an organ donor after one's death in his or her will. In some instances, the testator may consult professional legal attorneys in order to make a will that expresses the desire for donating one's organs after their death so others may be able to live a fulfilling life.

Missouri residents may need help with estate administration

After grieving the passing of a beloved family member, loved ones may be left wondering what comes next and that would be estate administration. At first look, it may seem like an easy task for any St. Charles, Missouri resident in this situation. However, collecting and managing the assets of a deceased individual's estate; paying off debt and taxes and finally distributing the remaining assets according to the last will and testament, or passing the estate through probate, can be a fairly complicated task because of the various legalities of estate administration.

Who can be guardian and conservator according to Missouri law?

Estate planning could be considered a necessity in cases where a large estate needs to be looked over in detail. It is especially important in cases when the heir is a minor or a disabled person, and not necessarily capable of managing or dispensing the duties and responsibilities associated with a large estate. Therefore, in place of the minor or the disabled overseer, Missouri law may require that a guardian or conservator be appointed to oversee the administration of the estate.

The advantages of revocable living trusts

The foundation of any estate trust, whether created in Missouri or elsewhere, is an agreement. It lays down the method of estate management, planning and distribution while the settlor is alive and even after death. A revocable living trust is established during the lifetime of the settlor. These types of trusts are unique because settlors reserve the amendment and revocation rights regarding the trust during their lifetime.

Besides heirs, do "interested persons" have rights in Missouri?

In Missouri, a personal representative of an estate is ordinarily nominated in the will and appointed by the court after the testator's death. The court issues letters testamentary to the personal representative, which are the basis for the personal representative's authority to administer the estate. Within 20 days after a person passes away, if no application for letters testamentary is filed by the person who has the right to do so under the probate code, other people can file an application for the same purpose. In such a case, any person who is interested can file a petition with the circuit court's probate division.

What are the various aspects of estate management?

Estate planning refers to distribution of personal assets after death. A St. Charles, Missouri resident may choose to bequeath assets and estate holdings through a will. A trustee may be appointed to act as a fiduciary for the benefit of the descendants and execute the deceased individual's will.

Doubts may discourage Missouri residents from estate planning

Estate planning is not only for the rich, but for any person who wants to distribute his or her property to his loved ones or to charity. As such, it is recommended that every person, from Missouri or elsewhere, create an estate plan.

Every person has different objectives for estate planning

Nobody knows what will happen from one minute to the next in life. Life is unpredictable and cannot be totally planned. However, everybody dreams of a long and fulfilling life. Many people in Missouri want their future to be better than their present and they work hard to achieve their goals. Numerous people take one goal at a time and save money and other assets for themselves and for their heirs. Since each person has a different plan for their property and assets, their estate planning is also different from other people's estate plans.