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Estate Planning Archives

Reasons to avoid probate

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. 

Are no-contest clauses enforceable in Missouri?

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 benefits of early estate planning

Estate planning is not always an easy topic to discuss, but there can be many advantages to addressing these plans head on. Despite the common assumption that this financial process is only for the elderly and the wealthy, Missouri residents who start sooner than later can save time and money in the long run. Recently, some experts have considered the wide range of benefits of beginning these plans early. 

What are the advantages of a special needs trust?

If you are the parent of a special needs child in Missouri, you have all the responsibilities of other parents, but to a higher degree. You also have the concern of caring for your child throughout his or her adult life. Establishing a special needs trust can help ensure that your child is provided for in later years.

Estate planning the smart way

Taking the steps toward estate planning is often no easy task. The term itself can confuse many Missouri residents; not to mention, it can become an incredibly sensitive topic. There are, however, successful ways to go about solving estate planning problems.

Guardian selections for minor children

Residents in Missouri with small children who develop wills and trusts to protect their financial assets have taken a very important step toward directing the future of their estate. However, dealing with debts and assets is not all that these people should do when preparing an estate plan. Parents of minor children should also identify guardianship plans for their children. This is no easy task but is just as important if not more so than outlining plans for assets.

Avoiding the probate headache

Untangling an estate plan can prove to be a challenging task for any Missouri resident. Maximizing value of an estate, arranging plans for minor children and minimizing taxes are all factors that call for special attention and clarity. Unbeknownst to many, going to probate is not always a must. Instead, those looking to arrange estate plans can establish a trust that prevents this extra hassle. There are other essentials to be aware of when beginning this process, but an experienced professional can ensure that it is done the right way.

Do you need an estate plan for your digital assets?

Almost everyone has some form of digital assets these days, but most do not have anything in their estate plan regarding how they want them handled. A 2011 survey by McAfee found that Americans valued their digital assets at more than $54,000. Digital assets include photos, emails and digital records such as financial statements or tax returns, along with anything else you store online. In addition to these common assets, digital purchases for eBooks, music and movies would also be included, along with the relatively new cryptocurrencies.

Millennial estate plan needs

If you are one of the many millennials in Missouri, the thought of making a will or a trust may seem completely unnecessary to you. Many people today still incorrectly consider these things important for older individuals. However, as NerdWallet explains, setting up an estate plan while you are young is just as important as having one in place when you get into your 50s, 60s or beyond.

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