The most common pitfall in drafting a will is waiting too late. In our office, we see it all the time; the after math of dying without a will. Loved ones are left scrambling for your estate, questions of guardianship arise, and division of assets can get tricky. Don’t make the mistake of dying without a will. A will is a highly important legal document in settling your estate for your loved ones. It indicates the distribution of your individual assets, appoints an executor to manage your estate, nominates guardians for minors, and provides basic instructions for carrying out your wishes.
If you don’t write a will, the state will decide how to divide your assets. Not only can the process can be lengthy, but it often leads to family disputes and unwanted outcomes. If you want to ensure that your wishes are followed regarding your estate when you die, you need a will.
If you die and have a will
If you die with a will, it will be presented to a local probate court. The court will review it and accept it as a valid public document. The executor (appointed by you) will then be authorized by the court to distribute your assets as stipulated.
If die without a will
Dying interstate, or without a will, means a court will distribute your assets according to your state’s intestacy laws. These laws vary from state to state, but typically, your spouse or partner, children, parents, siblings or other relatives receive your property. Ultimately though, the court decides who gets what and how much. For example, in Missouri, if you die without a will and you have no children or descendants, your spouse gets your estate in its entirety. The same is true if you die without a spouse but have children/descendants; they would get your estate between them (MO Trusts and Estates Descendants Rules). However, if you die and leave children/descendants and a spouse, your spouse inherits the first $20,000 of your intestate property, plus 1/2 of your balance and your descendants inherit everything else (MO Trusts and Estates Descendants Rules).
The court will also decide the order of who gets paid, i.e. the funeral home first, then spouse, then children, etc. Each state has an order on who gets paid. Additionally, the state will decide who gets legal guardianship over any minors.
Importance a lawyer
Consulting a lawyer is not only necessary, but immensely helpful in determining the best way to set your loved ones up for inheritance. While a will is absolutely necessary in laying out your estate, there are other documents and ways to ensure your plans are executed the way you want. I.e. living trust, naming a beneficiary on a life insurance policy, or writing a beneficiary deed.
Talking with a lawyer will also clear up questions on what to include in your will. A lawyer with knowledge and requisite experience will help you avoid pitfalls and mistakes while complying with all legal requirements. Your will is your last way of dictating your wishes and your estate to those you love once you pass. Get it done correctly.
Questions or comments? Want to visit us and draft your will? Contact us! We’ve been helping St. Louis families for over 40 years. We’re here to help. Click the blue consultation button at the top of this page or right below this article. You can also call us at (314)-645-9500 or email us at lawoffices1011@gmail.com.
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