What if I Leave an Asset Out of My Estate Plan?

Over the years, you may have allocated a lot of assets. Some may be more at the top of your mind than others. You would be surprised to learn how many individuals forget to mention pivotal assets in their estate planning documents. And once you establish your plan, you may realize that you fell for the same mistake. If so, please continue reading to discover how to address an asset you left out and how one of the experienced St. Louis wills & trusts lawyers at Stobie Family Law Group can help you rectify the situation at hand. 

What if I forget to include an asset in my estate plan?

Say that you forgot to include an asset in your estate plan, but you do not realize it before your unfortunate passing. Rest assured, it is still possible to get this asset distributed to one of your loved ones. It may simply be administered according to Missouri’s probate laws, rather than what your personal wishes might have been. 

Otherwise known as intestate succession, the Missouri probate court may prioritize your surviving spouse and children. Specifically, your surviving spouse may receive the first $20,000 worth of this asset, plus the remaining half of the asset, and your surviving children may split the rest of the asset evenly, if applicable. 

But your spouse may inherit 100 percent of the asset if you have no children. If there are only children, they may divide the missing asset equally. And in the event your children are from a different relationship, they may share half of the given asset in equal parts while your spouse gets the other half. Lastly, with neither a spouse nor children, the court may look into your surviving parents, siblings, deceased children’s descendants, etc.

Is it too late to address the asset I left out of my estate plan?

While you may feel better knowing your forgotten asset will not necessarily go to waste, you may still prefer to correct the mistake you made in your estate plan. So, when you remember an asset, you may update your will via a codicil (i.e., a supplemental, legally-binding, amending document). Or, you may legally revoke your existing will and establish an entirely new one. 

Then, provided your trust document is not irrevocable, you may update your trust with an amendment or restatement. Importantly, if you would like to take an extra precaution to ensure such an error is not made again, you may incorporate a residuary clause in your updated will. With this, any remaining assets not specifically gifted to beneficiaries may be distributed in your preferred manner. 

Before it is actually too late, we encourage you to pick up the phone and call one of the skilled St. Louis estate lawyers from Stobie Family Law Group. Even if we were not the ones who assisted you in your initial estate planning, we are more than happy to step in now. We look forward to hearing from you.