Creating a Will in Missouri: Essential Estate Planning Tips

Creating a will is a crucial step in the estate planning process, ensuring that your assets are distributed according to your wishes after your passing. In Missouri, crafting a will involves specific legal requirements and considerations. Below are essential estate planning tips to help you navigate this important task.

Understand Missouri Will Requirements

In Missouri, for a will to be valid, it must meet certain criteria. First, you must be at least 18 years old and of sound mind. The will must be written, which can be in either handwritten (holographic) or typed format. Additionally, it's mandatory to sign the will in the presence of two witnesses who are not beneficiaries of the estate. Their signatures confirm that you are of sound mind and that the will was created voluntarily.

Consider Different Types of Wills

There are various types of wills you can create in Missouri, each serving a unique purpose:

• Standard Will: This is the most common type, outlining how your assets will be distributed.
• Holographic Will: A handwritten will that doesn’t require witnesses but must be entirely in your handwriting and signed by you.
• Pour-Over Will: This type works in conjunction with a trust, directing that any assets not placed in the trust during your lifetime go into the trust upon your death.

Appoint Executors and Guardians

Choosing an executor is one of the most impactful decisions you’ll make when creating your will. The executor will be responsible for managing your estate, ensuring debts are paid, and distributing assets according to your wishes. It's crucial to select someone who is trustworthy, organized, and understands financial matters.

If you have minor children, consider appointing a guardian in your will. The guardian will be responsible for their care should both you and your spouse pass away. Discuss your wishes with the person you intend to appoint to ensure they’re willing to take on this responsibility.

Avoid Common Mistakes

To ensure that your will is legally binding and reflective of your wishes, avoid these common pitfalls:

• Not Updating Your Will: Life events such as marriage, divorce, or the birth of a child may necessitate updates to your will. Review and revise it periodically.
• Overlooking Digital Assets: In today’s digital age, consider including instructions for your online accounts, social media, and other digital assets.
• Neglecting to Communicate: Discuss your plans with trusted family members or beneficiaries to minimize disputes and misunderstandings later.

Consider Professional Guidance

While you can create a will without legal assistance, consulting an attorney specializing in estate planning can provide valuable insight. An attorney can help you navigate complex situations or unique assets, ensuring that your will adheres to Missouri laws and effectively executes your wishes.

Store Your Will Safely

Once your will is complete, it’s important to store it in a safe yet accessible place. Consider a safe deposit box or a fireproof, waterproof safe at home. Inform your executor and close family members where the will is stored to ensure it can be easily located when needed.

Creating a will is an essential part of estate planning that helps protect your assets and loved ones. By understanding the legal requirements, avoiding common mistakes, and considering professional guidance, you can ensure that your final wishes are honored.