Who this is for: Missouri residents wondering why estate planning matters and where to start. What it covers: A plain video explanation of why estate planning is crucial for Missouri families of all ages and asset levels. Why it matters: Without an estate plan, Missouri probate courts decide what happens to your assets and who cares for your children. Patrick Nolan is an estate planning attorney at Nolan Law Firm in Kirksville, Missouri.
Why Estate Planning Is Crucial in Missouri
Estate planning is not just for the wealthy or elderly. Every Missouri adult needs a plan. Without one, the state’s intestate succession laws under RSMo Chapter 474 decide where your assets go, a probate court appoints someone to manage your affairs, and a judge chooses a guardian for your minor children. A complete estate plan includes a will, durable power of attorney for finances, healthcare power of attorney, advance directive, and up-to-date beneficiary designations. These documents keep your decisions with the people you trust and out of the courthouse.
Frequently Asked Questions
Why is estate planning crucial for Missouri residents?
Estate planning is crucial because without it, Missouri’s intestate succession laws (RSMo Chapter 474) and probate courts control what happens to your assets, who manages your finances if you are incapacitated, who makes your medical decisions, and who raises your minor children. A basic estate plan keeps those decisions with people you have chosen and trust.
What documents make up a basic estate plan in Missouri?
A basic Missouri estate plan includes a last will and testament naming beneficiaries and an executor, a durable financial power of attorney under RSMo 404.705, a healthcare power of attorney naming a medical decision-maker, an advance healthcare directive or living will, and updated beneficiary designations on retirement accounts, life insurance, and bank accounts.
Who needs an estate plan in Missouri?
Every Missouri adult benefits from an estate plan, regardless of age, marital status, or asset level. Single adults need powers of attorney so trusted friends or family can act in emergencies. Parents with minor children need wills to name guardians. Business owners need succession plans. Anyone with property or dependents has something worth protecting.
What happens without an estate plan in Missouri?
Without an estate plan, Missouri’s intestate succession statute (RSMo Chapter 474) distributes your assets to legal heirs in a fixed order. Your chosen family and friends may be excluded. The probate court appoints an administrator and a guardian for minor children without input from you. Your finances may be frozen during proceedings, and the process can take months.
How do I get started with estate planning in Missouri?
Start by scheduling a consultation with a Missouri estate planning attorney. Bring a list of your assets, the names of people you would trust to make decisions for you, and information about any minor children or dependents. An attorney can prepare a will, powers of attorney, healthcare directive, and beneficiary designation review in one or two meetings at a flat fee.
How often should a Missouri estate plan be updated?
Review your estate plan after any major life event: marriage, divorce, birth of a child, death of a named beneficiary or agent, significant asset changes, or relocation. At minimum, review every three to five years. Outdated documents can be just as harmful as no documents if they name the wrong people or no longer reflect your wishes.
