Avoiding probate is often on the minds of just about everyone as a
will is being drafted. The less time a will is locked up in probate, the less
time loved ones need to wait to receive inheritances. Sometimes this can
be all the difference between comfortably living and struggling with finances or debt.
To help your loved ones avoid the generally frustrating and extensive process
of probate in Missouri, keep these helpful hints and tips in mind:
Living trusts: You may want to put some of your major pieces of property into a revocable
living trust instead of a will. After you pass away, the trustee will
be able to readily transfer the named property to the beneficiaries you selected.
Converted bank accounts: You may make certain bank or retirement accounts you control into pay-on-death
accounts (try to ignore the somewhat grim title). This will put the bank
in charge of your money when you pass away, rather than probate court,
so a beneficiary can collect finances right away.
Shared ownership: For businesses or pieces of real estate, it is not uncommon to create joint
ownership of such property when you enter your golden years. After your
passing, someone who owns a major portion of a piece of property will
usually automatically inherit it, no probate required.
Simple gifts: You can also resort to the age-old tradition of giving gifts – like
monetary sums or vehicles – to the ones you love to avoid probate.
If you can gift the value of your estate under a certain amount, it might
even be possible that Missouri State will not even require your estate
to go into probate at all.
Tip Number 5: Hire an Attorney
The future of your family and loved ones really shouldn’t be left
up to chance. If you are creating a will and find yourself concerned with
probate issues, or anything else that might go sideways, our Springfield,
MO probate attorneys from Worsham Law Firm can assist you. With 20+ years
of combined experience and a reputation for bringing great services at
fair prices – ask us about payment plans! – you will quickly
see that we can be the right choice for you. Dial
417.658.4172 and we can get you started with a
case evaluation today.