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A will is an essential estate planning document in which you outline how assets are to be distributed upon your death. It’s important for any adult—regardless of age, income, number of assets or investments, or health status—to have a will in place. If it helps, consider it a precautionary measure that protects your loved ones in the event of an unforeseen tragedy. While writing a will may seem intimidating, a little knowledge goes a long way. To help demystify this crucial starting point in the estate planning process, here’s what you need to know.

Types of Wills

First, you'll need to determine what type of will you want to design. The most common is a simple will; this is best suited to those with straightforward assets who want to determine who inherits them. Testamentary trust wills allow you to put a portion of your assets into the ownership of a trust; then, the trustee who oversees the account ensures the assets are distributed at the appropriate times and in the appropriate amounts as stipulated in the will.

estate planningA living will is for end-of-life care; in it, you state what kinds of medical treatment and life-prolonging measures you do and don't want to receive if it ever becomes impossible for you to make these decisions because of age or infirmity.

Wills & Missouri Law

Missouri estate planning laws establish basic qualifications for a will to be legally valid. The person creating the will must be at least 18 years old or an emancipated minor. They must be of sound mind and body. The document must be signed by at least two witnesses. For maximum legal protection, all wills should be in writing.

In certain circumstances, however, oral wills might be permissible by the courts. At the time of the will creation, the testator must have been in imminent danger of death and died as a result of that danger; two independent, disinterested individuals must witness the oral will and have it confirmed in writing within 30 days. Also, oral wills are only applicable to property valued up to $500. 

 

Start your estate planning on the right foot and trust Baker Law Firm LLC to help you draw up a will. Serving the St. Clair County, MO, area, they offer legal support in estate law, family law, criminal defense, and personal injury cases. They have two locations in the west-central part of the state to better serve you. Schedule a consultation by calling (417) 646-8125 today or learn more about the firm’s attorneys online.

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