Making plans for one's death is not always high on the list for a St. Louis resident to do. In fact, it can be downright depressing to think about how one's assets and possessions should be divided up when the owner is no longer alive and using them. When a person dies their estate will be distributed and managed according to the plan they put in place and in some cases that process can involve the use of the probate system.
Most Missouri parents have attached contingencies to permitting their children to do what they want. For example, a parent may allow a child to watch cartoons if the child first makes their bed and washes the dishes. Contingencies exist in the workforce, too. A prospective employee may get a job offer that is contingent upon that person passing a background check or other assessment.
Probate is usually necessary if a person has died and left property in his or her name or if the deceased person held rights to receive property. However, in Missouri, small estates may qualify for a simplified process that bypasses regular probate procedures.
For some people, being independent and going through life alone is no big deal. No matter how big and scary the world gets, they are fine. For others, they need a little help. That help may come from a secret weapon, their family. It is a natural wonder just how important family can be to some. For those people however, there is one thing that can disrupt all that family harmony. A lack of estate planning.
Everybody wants to see their child succeed in life. As you see your little one grow into a driven, hardworking adult, it's natural that you want to nurture their determination. If your child has plans to start a small business, one of your first inclinations may be to help them get started financially. Take a moment to consider the situation first, however.
Most people have probably heard of probate in the context of it being something they should avoid at all costs. However, not everyone is able to keep their end-of-life estate out of this legal process. Missouri residents who want to avoid probate should talk to their estate planning attorneys about how to accomplish their estate planning goals. This post though, will offer a brief explanation of what probate really is.