Missouri residents are always advised by experienced attorneys to make a will and to continue to update the various aspects of the will regularly. Such vigilant monitoring often requires the testator to change the existing will at some point. The testator has various options available to that person in order to help explore the various options to change the will legally. Experienced attorneys can often help the testator in such cases.
A Missouri resident is not only encouraged to create a will to protect family after the person dies but the person should also be vigilant about the will that already exists. That person can accomplish that with the help of an attorney. Life is constantly changing and the will should also reflect the changing circumstances in the person's life.
A Missouri resident who is compelled to face that person's own mortality often finds it beneficial to consult an attorney in order to create a legal will that will protect the family and loved ones, even after the person has passed away. Many people consider making a will the ultimate form of responsibility since it involves taking care of the person's loved ones and dependents.
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.
When people realize that death is imminent because of a health condition, they may want to get their affairs in order and make sure their estates are administered and distributed as they intend. To address this concern, Missouri law allows these people to make nuncupative wills -- that is, oral wills -- in the days, hours or minutes before their death.
Financial inventory is a very important document in estate planning. It provides the executor with all information required for proper will execution, thereby saving time and money. It also helps the estate owner with financial planning since it presents a concise view of one's own finances on a given date. Every Missouri resident executing a will should consider preparing a financial inventory in advance.
The previous post on this blog discussed some of the basics of the will contest procedure in Missouri. Once the matter has entered probate court, it does not end. The state's probate laws require that a petitioner comply with certain rules and regulations before a final judgment is made.
According to Missouri probate laws, a will is considered binding if it is not challenged within a period of six months from either the date of probate, the date when a probate court rejects the petition or the date when the court issues the first notice of granting letters on the deceased person's estate, whichever is the latest.
Probate laws vary from state to state. For example, in Missouri, the law allows any individual to completely avoid probate by creating a living trust. Along with many other legal instruments, wills form an essential part of estate planning. In certain cases however, an improperly planned estate might run into expensive legal proceedings.
A person would never want his or her family to suffer after that person is gone. The execution of a will enables the family to live a comfortable life after that person is no longer around and it saves the family from legal hassles and suffering.