Most of our readers understand that it is important for men and women to have personal estate plans in place so that their end-of-life wishes are respected with regard to the distribution of their assets. When does not have a will or other testamentary documents executed before their death, their assets will generally pass through the process of intestate succession. To die intestate is to pass on without having left instructions for what to do with one's own wealth and possessions.
As people grow older in Missouri, the type of responsibilities they have change and their priorities change as well. Many are focusing on retirement and what they need in order to stop working and live the lifestyle they would like to live during it. They also should be planning for what is going to happen to their possessions when they pass on. This can be accomplished through various methods, but one way is to have a will that states which people will receive their possessions after they pass away.
When you have a lot of assets, you have the potential to lose some of what you have worked to amass to estate taxes if their value exceeds a certain level. There are, however, certain things Missouri residents can do to reduce the amount of their estate that their beneficiaries will lose to estate taxes.