In Missouri and throughout the entire United States more people are living in "blended" families. Divorced couples are re-marrying and bringing their children from previous marriages into their new lives. Estate planning is essential for such families to determine how the property will be divided among the heirs when either parent passes away.
Many people are in a dilemma when it comes to preserving assets for his or her heirs. One option that you may consider to protect your estate is to leave your assets in a trust. You can enunciate your wishes in a will, but that means the estate would pass through probate court and in the process, receive unwanted attention and publicity. Considering that fact, you may choose to put your money in a trust. Trusts can be of various types and can be used for various purposes.
Many people build their estate to ensure that their heirs can lead a better life. They will create a will and leave the money to their heirs. There is no control on this money and it may be used by the heir immediately. Hence, a trust may be used. The person creating the trust may include well-thought-out terms to it. Creating trusts may also help the person ensure that the property is not squandered.
Most Americans, including those in Missouri, prefer to control their assets during their lifetime. However, some people do not specifically plan what to do with these assets after they pass away. That is when disputes can arise between family members and loved ones who want a share of these assets.
Missourians are aware that the division of a deceased person's assets can turn into a bitter and prolonged court battle, even if a valid will exists. Adding specific direction for dispensation of a will's assets can be achieved through a trust, created in advance, so that inheritors are already familiar with how assets may be apportioned. It is, of course, necessary that the person setting up a trust also name a successor to ensure that any good work is not undone after his or her death.
It is astonishing that although most American adults contemplate creating an estate plan, a recent survey concluded that only 44 percent have actually acted upon it. Unplanned estates may be subject to unnecessary probate litigation and may be divided according to state laws and not according to the wishes of the deceased. Planning an estate is absolutely crucial to ensuring desirable asset distribution. Several mechanisms, for instance, living trusts and financial and health care powers of attorney, are indispensable in estate planning.
There are a number of estate planning myths that seem to stick in the minds of many Missouri residents. For young people, it is commonly held that estate planning is something that can be put off -- with the thinking that it is not necessary for anyone who is not approaching retirement age. This is perhaps the most common estate planning myth. The second is that estate planning is only for the wealthy. It is often believed that estate planning is only for people who have a great number of assets. This is not so. No matter how large the estate, family members at all income levels and those who wish to have their final wishes carried out can greatly benefit from estate plans.