Estate Planning Lawyer St. Charles, MO
An estate planning lawyer in St. Charles, MO from Legacy Law Center understands that most people don’t enjoy tasks that force them to face their own mortality. But the truth remains that humans don’t live forever, and so we must plan for a time when we are no longer here. What will happen to your assets and belongings after passing on? The answer to this will depend on whether you have written an estate plan, or not.
How does my property get distributed after death?
Property is transferred to beneficiaries or heirs after death in numerous ways. If there is a valid will, then this document instructs how someone wants their property to be handled after passing away. It usually names one or more people to help manage the estate and carry out its final distribution. If someone has a retirement or life insurance policy, designated beneficiaries will receive these assets. If an estate plan was not written, then the estate may be handled by the court system, where an executor or representative is appointed to carry out certain tasks, such as:
- Obtain the latest will and trust for review
- Hire a professional team for support
- Plan the decedent’s funeral
- Keep a financial record keeping system
- Notify creditors and other agencies about the death
- Locate, value, and distribute assets
- Sell real estate or other property
- Distribute the estate based on will (if written)
What if I die without an estate plan?
If there is no will for the deceased, then an estate may go through the process of probate. This is a court-supervised process of analysing and administering estate assets. As a Minnesota estate planning lawyer in St. Charles may remind clients, it’s important to remember that many states have varying rules about how a deceased person’s assets are to be transferred. When the court takes over, this is considered probate, which is often long and costly for the estate and grieving family members who are already going through a difficult time.
What if I’m not wealthy or have many assets?
Estate planning is the task of anticipating and preparing for how you want your legacy to be transferred to those you care about the most, whether that be people or charities. Depending on the complexity of your estate, you may have more or less in assets. However, the intention of estate planning is to ensure that what you’ve built over a lifetime is handled in the way you prefer. Even items that aren’t of high value, such as sentimental property, may be passed down to family, friends, or charity in the manner you wish as long as there are valid instructions left behind.
Legacy Law Center
Thinking about the future doesn’t have to feel overwhelming. There are dedicated professionals like our team members who can guide you as you write or edit your estate plan documents. For assistance from an estate planning lawyer in St. Charles, Minnesota, call Legacy Law Center today.