Protect your family’s future
What is a Will?
In a nutshell, a will is a document that distributes your assets upon your death. This all-important piece of paper makes your intent clear such as guardianship for young children, if you become deceased during their younger years. However, a will does not prevent probate and must be recorded with a probate court upon your death in order for your property to be dispersed to your heirs or heir. A will is a crucial component of your estate plan. By creating a will, you are able to have control over your assets after your death. In addition, you can designate an executor whose purpose is to handle the administration of your estate.
Is There a Difference Between a Living Trust or Revocable Trust and a Will?
A revocable trust or “living trust” is a certificate you agree to while you are still alive that establishes you, and afterward someone else, as the fiduciary over your property. The property included in the trust can avert the probate stage, which allows the property to be distributed to your heirs via the trust minus any drawn out and costly probate process. One benefit attributed to a “living” or “revocable” trust is that if you find yourself disabled or incompetent, your appointed trustee can administer your affairs for you.
What is a “living will” or healthcare directive?
A document known as a “healthcare directive” is a document allowing you to designate whoever you wish to make medical decisions on your behalf, if you become incapable of doing so. Moreover, it is a document in which you can define which healthcare regimen you prefer or wish to avoid if you become disabled.
Are Wills Alone Sufficient?
Undoubtedly, wills are a very important document. Basically, a will gives you authority while you are alive and upon your death. It’s a powerful piece of paper that should not be underestimated. However, the drawback to only having a will is that it is only effective in probate court, which can be tedious and expensive. In many cases, arranging a “revocable living trust” together with your will is recommended, as this will make sure that your assets are distributed in the cheapest and most timely manner possible.
What if you don’t Establish a Will?
If you don’t create a will, your estate will automatically go through probate court. Your estate will be handled in accordance with Missouri intestate-succession laws. This places the responsibility on the courts concerning who will be given the assets and wealth you have accumulated during your lifetime. More than likely, the state’s idea of distributing your estate will not be according to your wishes. Consequently, establishing a will allows you to have power over your state of affairs, while offering you contentment knowing that your loved ones are taken care of according to your choosing.
We Can Help
At the Law Offices of BJ Richardson, LLC, when it comes to wills in Springfield Missouri, we create documents suited to your unique wishes and family situation. We understand how important it is for such an important piece of writing to be meticulously crafted so that it stands-up to scrutiny. We will safeguard your legal documents from ambiguities that may lead to future challenges. Our team of experts will take the time to listen to you, comprehend your specific goals, and assist you with establishing a bespoke estate planning package that is perfect for you.
In a Nutshell
Wills are one of the most important documents to have in place. A Will tells the Court who you want to have custody of your children and sets out who you want to be in charge of your estate. The downside to just having a Will is that it only has effect in Probate Court. Probate can be both time consuming and costly. In a lot of cases, we recommend setting up a Revocable Living Trust alongside your Will so that your assets can transfer to whom you want in the most timely and cheapest possible manner.