In addition to the many stages of the grieving process that come with the loss of a close family member, some individuals experience tension between other family members regarding the deceased family's estate planning. One common way that family disputes arise in Missouri is when a family member fails to clearly outline the details of their will. Surviving family members are often left with a legal mess to untangle, which, needless to say, can spark tension over an already-emotional situation.
Much of estate planning revolves around the family, children and immediate loved ones. Passing assets in a large, closely-knit family seems natural, but if you live alone or aren't in close contact with family members, the future of your estate might not look as clear. What are your options?
One of the reasons why St. Louis residents are encouraged to see to all matters related to their estates while they still are able to do so is to avoid any potential strife and disputes that may arise amongst their beneficiaries once they are gone. Yet as time passes, changes in the management of one's estate may force parties into positions that they never wanted, yet feel compelled to fulfill. Beneficiaries who may have initially been relieved to not be in a position of authority regarding the management of estate assets may end up having to assume such roles, which could lead to conflict with others who also have an interest in an estate.
The loss of any loved one in the family can come with its own set of challenges, including the handling of that family member's will. The process of determining a will is usually simple, but what if the person who died left no trace of planning a last will? Missouri's intestacy laws oversee these types of situations, and assists those who are left with the loss of a loved one and a sea of legal questions.
One of the main reasons why St. Louis residents are encouraged to see to their estate planning matters early on in their lives is so that they can retain control over how their assets are eventually managed and dispersed. Most put this important process off believing that they will have ample time to do it before their deaths. However, death is not the only event that can rob one of control over his or her estate. Being declared incapacitated or unfit may warrant the naming of a guardian or conservator to manage one's affairs. If such a privilege has not already been granted in one's estate planning documents, he or she risks it being given to a complete stranger.
Missouri law gives people the right to refuse life-sustaining medical treatment under certain circumstances. However, at times, medical providers fail to abide by the written documents, and disregard the patient's will.
As a parent in Missouri, the care and well-being of your child or children is of primary concern to you and becomes a vital component of the decisions you will make when creating your estate plan. To that end, the choice of who you might name as a guardian for your children in the event that you should die while they are still minors is perhaps one of the biggest decisions you will ever make. Just how should you make this choice?
When you are thinking about estate planning, you may have many different decisions and be unsure of which option is best. However, it is pivotal to review your different choices carefully and make sure that you move forward with the most advantageous plan, given your personal situation. For some people, living trusts are ideal. If you are thinking about creating a trust, it may be helpful to go over some of the reasons why these type of trusts are beneficial.
Estate planning is a process applicable to anyone, and can seem an overwhelming task at first. Planning for the distribution of one's wealth after death is an important part of home ownership and can prove to be a successful and enriching experience.
Sometimes, when people picture estate planning, they think of middle-aged or elderly folks. However, planning ahead can be beneficial for adults of all ages and at TdD Attorneys at Law, our St. Louis law firm knows how true this is for many adults across Missouri. There are a plethora of situations that can arise which make an estate plan vital. Unfortunately, some younger people do not have such plans in place, which can be problematic.