by ENTITY

Created on: June 11, 2009   Last Updated: August 13, 2009

You will save yourself a lot of money and potential havoc as well as emotional distress amongst your family and loved ones, by preplanning how you want your assets managed when you become incapacitated, and how your property will be divided in the event of your death.

Powers of Attorney

In many states including Missouri, you can sign what is called a Durable power of Attorney to appoint someone to handle your assets if you become too ill to handle them yourself. At most, a power of attorney should include at least the following provisions but not be limited to the following;

Manage and transfer all assets

Deal with the IRS

Make gifts on your behalf

Create and amend any trust you set up

And also would be able to set up what is know as an 'Durable Power of Attorney for Health Care'

They would be responsible for you and your care, when health decision are necessary, they will provide informed consent on your behave or refuse treatment for you as well.

Dying without a Will

If you die without a Will (commonly known as dying Intestate), at least in Missouri that is, your assets will be divided amongst your immediate family. If you are married at the time of your death and have no known children, your spouse will receive your entire estate. Also note that if your spouse and all your children are also your spouse's, your spouse will receive the first fifteen to twenty thousand as well as one-half of the remaining balance of your estate. The remainder will be given to your children and so on. Also, understand that if you do not have any children and not married at the time of your death or have children who are not related to you spouse, either your parents or sibling will divide your estate or the spouse and children will receive half of the estate equally

Alternatives to a Will

Will become public knowledge after a certain amount of time, after your death. With the details of what was owned and the value, will be available to anyone curious enough to investigate the court files. Because of this, many folks have opted to look for more private ways to transfer their assets. In Missouri, alternatives to making a Will, must include the following but not be limited;

Life Insurance policies or trusts.

Gifting cash or other assets before death.

'Transfer On Death (TOD) or more commonly known as Payable on Death (POD) bank accounts.

Holding assets by joint tenancy with right of survivorship (JTROS), with the assets transferring automatically

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