For a St. Charles, Missouri, resident, formulating an estate plan involves reviewing financial objectives, addressing future healthcare needs and managing retirement funds for surviving spouses and heirs. The right steps must be taken to protect these funds from probate taxes. However, while people usually address the initial requirements for a fool-proof estate plan, many forget that an estate plan must be updated to address life's changing circumstances, including marriage, divorce, the birth of a child, the start of a new business or changes in tax laws.
The legal aspects of growing old are sometimes not visible once age sets in. Often, it is the descendants who are left to deal with such affairs as estate planning, which can lead to protracted battles over who inherits what. In some unfortunate cases, there is the possibility of fallouts over such remittances, which only complicates the legal dispute. And then there are cases where, even though living, the elderly are incapacitated to such a degree that they can only watch while their estate planning is debated and divided in faraway courts.