If you read my monthly articles regularly, you know the cornerstone of any estate plan is a Last Will and Testament, (hereinafter, “Will”). But a Will has many limitations and should never stand alone as a plan for your future. The following are a few of the limitations for Wills: A Will does not completely…
Intestate succession refers to the legal process of distributing a deceased person’s assets when they have not left behind a valid will. Each state in the U.S. has its own set of laws that dictate how intestate succession works. In Missouri, these laws are found in the Missouri Revised Statutes, specifically in Chapter 474. Here…
In the realm of estate planning, a Last Will & Testament often stands as a testament to one’s final wishes. Yet, the process is not always straightforward, particularly when disputes arise over the validity of a will. In Missouri, as in many other states, contesting a will involves navigating a complex legal landscape. Understanding the…
Estate planning is often considered a topic reserved for married couples or those with children. However, it is even more important for unmarried individuals to have a well-thought-out estate plan in place. Without one, the state will dictate how your assets are distributed, which may not align with your wishes. More importantly, people who are…
Recently, I became District Governor Elect of Missouri’s 26-M7 District. An honor I do not take lightly. Since then on many occasions, I have been asked what the Lions Club can do to grow membership and survive the service club avalanche of losses nationwide. The following are my thoughts. The Lions Club, renowned for its…
When it comes to making as estate plan, financial security for loved ones is obviously a top priority. One often overlooked yet incredibly useful tool for this purpose is the Payable on Death (POD) account, available at many banks and financial institutions. POD accounts offer a straightforward and efficient way to transfer assets to beneficiaries…
In the realm of estate planning, ensuring that your assets are transferred smoothly to your loved ones after your passing is a paramount concern. One valuable tool in this endeavor is the beneficiary deed, a Missouri approved legal instrument that allows for the efficient transfer of real estate upon the owner’s death. While beneficiary deeds…
Yes, probate is necessary unless prior to death the decedent established an estate plan that caused him or her to avoid owning property that must be administered through probate. Once an estate is opened or created in the county where the decedent last resided, probate disputes often arise during the administration of a deceased person’s…
Preparing for the end of your life is one of those things you know you should do, but have you done it? According to a recent survey by Caring.com, a senior living referral service, only 4 in 10 American adults have a Last Will and Testament or a living trust. Maybe you are one of…
When created properly, a power of attorney, (hereinafter, “POA”), is a legally binding estate planning document that provides its creator (principal or grantor) the important ability to appoint one or more people to act on their behalf in areas such as managing property, making medical decisions, or addressing financial affairs. Alarmingly, approximately 50% of American…
