The topic of estate planning can often be met with hesitation or procrastination due to its association with death and the uncomfortable nature of the subject. However, in Missouri, as in other states, having an estate plan is crucial for ensuring your desires and intentions for your assets are fulfilled after you pass away.
In the absence of an estate plan – a will, trust, or other legal provisions – Missouri’s intestacy laws dictate the distribution of your estate, which may lead to outcomes you never intended. Here we detail the repercussions of not having an estate plan in the state of Missouri.
Missouri’s Intestacy Succession Laws
As in other jurisdictions, if you die without a will in Missouri, your estate enters intestate succession.
Distribution to Next of Kin
Under intestacy laws, the state prioritizes your closest relatives to inherit your assets. For example, your spouse and children are typically first in line. If you have no direct descendants, other relatives – such as parents, siblings, or nieces and nephews – may inherit. This means that friends, unmarried partners or favorite charities will be excluded.
Spousal Inheritance Variances
Missouri law has specific provisions for what your spouse may inherit which usually involves a combination of the first $20,000 of your intestate property and half or one-third of the balance depending on other surviving relatives.
The Probate Process in Missouri
Failing to have an estate plan often means your estate will need to go through probate, which can become a drawn-out and expensive legal procedure. According to the St. Louis estate planning attorneys at TdD law, the following can happen if you pass away without an estate plan:
- Probate Expenses and Delays: The court appoints a personal representative to handle your estate when you do not leave a will. Probate can be time-consuming and incur costs that can reduce the financial legacy left to your heirs.
- Loss of Privacy: Probate is a public process; thus, all your assets become public record. An estate plan ensures a private transfer of your assets.
Potential Family Discord
Not having an estate plan can sow discord among your surviving relatives. Family members may have conflicting opinions about your estate’s distribution, potentially leading to arguments and even drawn-out legal disputes that take an emotional and financial toll. Your loved ones will already be coping with the loss of you; having to navigate a complex legal system with no explicit instructions from you only adds to their burden.
Guardianship for Minor Children
For Missouri residents with minor children, an estate plan is vital to protect their well-being. Without your direction through a will, a Missouri court will decide who raises your children, which could be someone you would never choose. An estate plan allows you to structure financial care for your children to provide for their needs effectively. Without it, there may be no clear financial strategy for their upbringing and education.
Charitable Intentions and Digital Legacies
Your legacy and other nuances of your estate may be overlooked without an estate plan. If you have philanthropic intentions, they will not be recognized under intestate law. Proper estate planning is necessary to ensure your charitable actions can continue. Digital assets could be locked away or mishandled without someone designated to manage them according to your intentions.
For Missouri residents, the importance of drafting a comprehensive estate plan cannot be overstated. An estate plan grants you the control over how your assets are managed and distributed upon your demise.
Without one, the state of Missouri dictates who gets what, potentially leading to unwanted consequences, family disputes, and a legal headache for your loved ones. As life changes, so too should your estate plan, making it a living document that evolves with your circumstances, protecting your legacy and the interests of your loved ones.