For many, estate planning can be incredibly overwhelming. Not only does this process require you to think about death, which can be unpleasant, but it also requires you to make tough decisions regarding how you want your property managed after your passing. While it may not be fun to think about, taking the time to create a last will is one of the most important things you can do to help achieve peace of mind for the future. If you’re unsure why creating a will is critical or what information to include in this document, you’ll want to keep reading. The following blog explores these matters in further detail and explains why connecting with St. Louis wills & trusts lawyers is in your best interest during this matter.
What Is the Function of a Last Will in Missouri?
A last will is a legal document that explains your wishes regarding how your assets and property should be handled upon your passing. Generally, this includes how the assets should be distributed to which beneficiaries and who you would like to serve as the guardian for your minor children. After your passing, your will is submitted to a probate court, which oversees the distribution of your estate in accordance with your last will.
If you do not have a will, your estate will be left to the state of Missouri. As such, the state will distribute your assets by following the intestate line of succession, which depends on your surviving relatives. This means your assets could be left to an estranged relative or distributed in a way that does not align with your wishes.
What Information Do I Need to Include?
Typically, you’ll begin planning your estate by listing all your assets and property, from your home and bank account to family heirlooms and business. You should also consider your digital assets, which represent things like online accounts, rewards programs, and cryptocurrency.
After you’ve identified all your assets, you’ll need to leave detailed instructions on how you would like these matters handled after your passing. This includes clearly explicating how each asset should be divided or who you want to leave assets to.
In addition to exploring how you would like your assets divided, you’ll need to appoint someone to serve as the executor of the will. This is an incredibly important role, as this individual is responsible for overseeing and managing your estate as per the instructions left in your will. As such, you should choose someone responsible and trustworthy to act on your behalf. Generally, this person should be familiar with your wishes, as this can help ensure your estate is distributed smoothly.
When you are ready to create your will, doing so under the guidance of an experienced attorney is in your best interest. Unfortunately, this process can be incredibly complicated, and making errors can have a significant impact on the outcome of your estate. As such, the team at Stobie Family Law Group is ready to assist you. We can help you explore all your options so you feel confident in the decisions you are making to protect your beneficiaries and assets. Contact our team today to learn how we can assist you.
