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.
There are many unexpected things that happen in people's lives in Missouri. These can include problems with their homes, car accidents, illnesses and other things. However, people know that these types of events are possible and therefore they try to plan based on the fact that they know these events could occur. For these types of problems people usually buy insurance to ensure the problems are fixed.
There are many changes that people in Missouri need to work through after a divorce. Separating one shared life into two separate lives is not always an easy task. Homes are separated; time with children is separated; bank, retirement and investment accounts need to be separated and other aspects of their lives need to be separated as well. This is certainly not an easy task and can be very time consuming. However, people should also make another change that is not usually directly discussed during the divorce process and that is their estate plan.
Throughout people's lives in Missouri, there are many things they need to take care of for themselves. This includes daily tasks such as eating, going to work, paying bills, taking care of their children and other daily activities. People also from time to time have to attend to more important issues such as buying houses, opening investment accounts and other larger economic matters. Then once they do make those types of purchases and decisions they must ensure that they pay for the costs and manage them.
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.
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.
A will is an important testamentary document for any Missouri resident who wants a say in what happens to their money and possessions when they pass away. That is because a will is a legal vehicle for communicating one's testamentary intentions to others when they are no longer present to do so on their own. For example, in a will a person may make bequests of property to those who they love, may provide for charities, and may engage in the disposition of other estate property based on their own wishes and intentions.
After the death of a celebrity or wealthy public figure, it is not uncommon for Missouri residents to hear about the details of their end of life estates. They may discover that the decedents elected to give their money to charity, or in the case of recording artist, Prince, that there was no estate plan in place whatsoever. An estate is what a person has at the end of their life and an estate plan is the directional documents that instruct others on how the decedent wanted their assets divided up.
Suffering an accident and not being able to care for one's self may be a nightmare for St. Louis residents who enjoy the autonomy of living on their own and making their own decisions. However, when incapacitating and life-threatening illnesses and injuries occur, individuals may not be able to communicate their healthcare wishes to the doctors and providers who are tasked with treating them. The inability of a person to direct their own medical decision may cause them to undergo treatments or procedures that they would not otherwise have consented to.
If you are reading this, you are seeking answers to questions that too often go unasked. One of the reasons most people don't even think to inquire about estate planning is because they are so busy living their lives they don't think they have an estate to plan for. That's usually not true, which is why it's good to start asking the questions now.