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When a revocable trust may be better than a will

In many situations it is better for people in Missouri to have a plan for big events. It is good to know when certain things are going to happen at the event, what type of seating will be needed, what type of food may be served and many other aspects of events. This is also true for people as they raise children, progress through a career and many other aspects of life. It is also true for people as they prepare for death as well. Estate planning is important to ensure that people's property goes to the people they want it to.

There are different options available for people as they go through the estate planning process. Two of the more popular options are to draft a will or to create a revocable trust. Many people may have heard these terms, but may not know exactly what each one does for them and when one is preferable over the other. The biggest difference between a will and a trust is that with a will the person retains ownership over their property, while with a trust the trust actually obtains ownership over the property transferred to it.

Reasons why you should update an old will

If you have a will, you are off to a good start when it comes to estate planning. In fact, you are in the minority of American adults. A stunning 60 percent of adults do not have wills. Creating a will is an essential task to ensure your assets go to the ones you love according to your wishes. 

That said, do not feel too confident just because you are ahead of the pack. While writing a will is an important achievement, you must also review and revise it frequently. Here are some vital reasons you should regularly assess your estate planning documents. 

Steps for when you fear your heirs will misuse inheritance

You may have a substantial amount of money and assets to leave behind to your children. However, a conundrum many people find themselves in is that they want to provide for their children, but one or more of their kids are untrustworthy. A child may suffer from a substance abuse problem, and leaving such a person with a large amount of money with no strings attached could exacerbate the addiction. 

There are numerous estate planning tools you can utilize. In the above scenario, the best one to pursue may be a trust. This allows the trustee to disperse the inheritance in various payments and place conditions on how and when the beneficiary receives the payments. This allows you to provide for loved ones without causing any harm. 

What is the basic process for probate?

When people pass away in Missouri, there is always a period of mourning that the family and friends of the deceased go through. However, there is also another aspect that the family will have to deal with after the death as well and that is distributing the assets owned by the deceased at the time of their death. Obviously people cannot take those belongings with them and the possessions cannot just stay in limbo. So, these assets need to be distributed to those who survive them.

In many situations in order to distribute the assets owned by the deceased the estate must go through probate. This is true even if the person had a valid will at the time of their death. The purpose of probate is to ensure that the assets go to the people or entities that the deceased wanted their property to go to or to the appropriate family members if they did not have a will.

Understanding the purpose of an easement

A Missouri resident may spend years of their life looking for the right place to build their home. They may eventually discover it tucked away in the woods, far from the hustle and bustle of metropolitan living. The individual may find the property description of the land to figure out just where their property lines will lay, and in the process they may discover that their desired lot is lacking a location where it touches the local road.

A parcel without a means of ingress or egress may be a difficult plot to develop if no one can get to it. The interested party may have to work with surrounding property owners to attempt to secure an easement to get to their new parcel if they choose to buy it. An easement would give them the right to use another person's property for the specific purpose of getting to their plot.

Avoid these estate planning mistakes

The first mistake you could make is not having an estate plan at all. However, since you are reading this post, you can avoid this biggest issue. Unfortunately, though, there are many more mistakes people make when creating their estate plan.

Estate planning is a complicated, multifaceted process but with careful planning and consideration you can successfully avoid these mistakes.

You need a plan for your end of life estate

Missouri residents spend much of their lives working hard at their careers to earn income so that they can provide for themselves and their families. It is a common practice for individuals to save what they can for the future so that they may one day be able to quit their jobs and enjoy their retirements. No one wants to spend their entire life working because they want to be able to appreciate the fruits of their labor before they are too old to relish them.

However, even though individuals are good at making plans for their futures, they are not always as good at making plans for an even more definite event: their deaths. Talking about death and what will happen after a person passes away can be a difficult topic for some, but the problems that can arise when a person fails to make an estate plan prior to their passing can cause even more difficulties for their estate as well as the people that loved them.

Zoning can impact where homes are built

Choosing a community in which to build one's dream home can be an exciting step for a person as they anticipate settling down and growing roots in a new place. As they seek out the right spot to construct their new residence they may find different locations that seem to possess different characteristics, benefits, and drawbacks. This is because in Missouri and other locations throughout the nation many communities use zoning to dictate where certain types of structures may be located.

In essence, zoning attempts to group together buildings that have similar uses and purposes. That is why St. Louis residents may see many manufacturing businesses near each other without private homes mixed into the spaces in between. It is why they may see agricultural entities all near each other and outside of the business districts of their cities, and why restaurants, shops, and bars may all be constructed in proximity to each other due to their similar hours of operation and clienteles.

4 ways to keep the peace when writing a will

Occasional fighting in a relationship is normal. Families, large and small, run into such conflicts. Money is often the root cause of disputes. It’s easy to see why dealing with inheritances and estate plans get complicated. To decrease the chances of a family feud, there are some steps you can take to ensure your will addresses common issues.

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