St. Louis Real Estate And Estate Planning Blog

Discussing any stage of estate plans can prove difficult for many families. No matter the point of life at which the planning began, family members can often walk away with more questions than answers. Some Missouri residents grappling with this process may be wondering what specific boxes need checking. Others may be wary of the detailed steps involved. The following pointers provide residents with general information on estate planning, as well as how to avoid potential speed bumps along the way. 

NerdWallet dives into the topic of estate planning, and more specifically, probate. In general, most would prefer to avoid probate in any way possible; NerdWallet explains that most individuals attempt to preserve assets for future family members. Because probate usually occurs when a person dies intestate, the procedure of validating a will may involve an estate executor or attorney. Depending on a person's estate, the process of probate can become time-consuming.

You have likely heard advertisements regarding HUD homes for sale in St. Louis, yet if you are like most of the clients that we here at TDD Attorneys at Law work with, you know little about them or why they are designated as such. In some cases, buying a HUD home may help get you into your dream house at a starter home price. 

What exactly are HUD homes? These are homes that have been foreclosed where the mortgages held by the previous owners were insured by the Federal Housing Administration. The lenders of those mortgages can recoup their losses by filing a claim with the FHA. The U.S. Department of Housing and Urban Development (which operates the FHA) then takes control of the home. The HUD will then try to sell the home, first as an owner-occupied property, and then (if no buyers are found in the first listing round) an investment property. 

As you prepare your will in St. Louis, you no doubt have concerns about how your wishes will be received by your beneficiaries. The last thing that you want to do is cause contention amongst them (given, of course, that they not only share a relationship with you, but also likely with each other). However, you also want your desires regarding your estate to be respected. Some might suggest eliminating the potential for disputes by putting a no-contest clause in your will. Yet many states view such clauses as being unenforceable. Is Missouri among them? 

The state's stance on no-contest clauses in a will is described in Section 474.395 of Missouri's Revised Statutes. Here, it defines a no-contest clause as being language the rescinds a donative transfer or fiduciary appointment to any of your beneficiaries that challenge the validity of all or part of your will. Such a clause can also terminate a beneficiary's interest in your estate due to certain actions (which you must clarify). Enforceability of such a clause is left to the courts to determine on a case-by-case basis. The language of the statute implies that no-contest clauses shall be honored provided that they do not conflict with any applicable laws or public policies. 

When it’s time to downsize the empty nest, it’s common to want to keep it in the family. There’s no better way to preserve the great memories than to make new ones with the next generation.

While a home sale to a family member might seem simple and a good way to avoid the hassles of selling a house on the market, it has its own challenges. It is always a good idea to make sure that a real estate attorney is present to make sure that everything is done properly to avoid problems later on.