Introduction to Missouri
1. Legal Documents Used in Estate Planning
Estate planning in Missouri requires several key documents to ensure your wishes are honored:
- Wills: Essential for asset distribution and appointing guardians for minor children.
- Trusts: Protect and manage assets for your beneficiaries while avoiding probate.
- Durable Powers of Attorney: Assign someone to handle financial or legal matters if you are incapacitated.
- Healthcare Directives: Specify your preferences for medical care in case you cannot communicate.
- Missouri-Specific Documents: Such as beneficiary deeds to transfer real estate without probate.
2. Remote Online Notarization (RON) in Missouri
Missouri permits Remote Online Notarization (RON), offering convenience for notarizing estate planning documents. Key requirements include:
- Signers and notaries must appear virtually via a secure video platform.
- Documents must meet Missouri’s electronic notarization standards.
- Digital signatures and records are securely stored.
3. Guardianship Assignment
Missouri law allows parents or guardians to name a guardian for minor children or incapacitated adults in their estate plans. Important considerations include:
- Guardianship assignments must be included in the will.
- The court evaluates and approves the guardian’s suitability.
- It is advisable to name backup guardians for added security.
4. Inheritance for Foreigners
Missouri allows non-residents and foreigners to inherit property. However, inheritance laws may involve:
- Federal estate taxes for non-citizen heirs.
- Potential state-specific restrictions on owning certain assets.
- Consulting with an attorney for cross-border inheritance planning.
5. Probate Rules and Costs
Probate in Missouri is the legal process of validating a will and distributing assets. Key details include:
- Probate typically takes 6-12 months, depending on complexity.
- Costs include court fees, attorney fees, and administrative expenses, averaging 4-8% of the estate’s value.
- Small estates under $40,000 may qualify for simplified probate procedures.
6. Legal and Professional Costs
Estate planning costs in Missouri vary based on complexity:
- Attorney Fees: Drafting a will costs $500-$3,000, while trusts may cost $2,000 or more.
- Notary Services: In-person notaries charge $10-$25, while RON services may cost $25-$50.
7. Unique State Laws
Missouri has unique laws impacting estate planning, including:
- Beneficiary deeds for real estate transfers without probate.
- Special spousal rights under Missouri’s marital property laws.
8. Introduction to Ethical Wills
An ethical will allows you to share personal values, life lessons, and heartfelt messages with loved ones. The Wills App makes it easy to create and distribute ethical wills securely.
9. The Wills App for Estate Planning Automation
The Wills App simplifies estate planning with advanced features:
- Vault Storage: Securely store essential documents.
- Automated Distribution: Ensure assets are distributed exactly as intended.
- Wellness Checks: Regularly verify your status before executing plans.
- Cross-Border Functionality: Manage legacies across states and countries.
10. Practical Storage Advice
To protect physical copies of your estate planning documents:
- Use a fireproof and waterproof safe.
- Share access details with a trusted individual.
- Store digital copies in the Wills App for secure backup.
Call to Action
Simplify your estate planning today. Download the Wills App from Wills.com to secure your documents and automate your legacy management.
