Life Choices

FINANCIAL CONSIDERATIONS

Life Choices: Page 12 of 36 pdf order

Financial considerations: Wills

Wills and self-proving wills

Creating a will allows you to plan for your family's care and decide who will receive your estate after you die. Your estate includes all property and cash assets owned at the time of death. This includes bank accounts, land, furniture, buildings, cars, stocks and bonds, proceeds of life insurance payable to the estate, and pension plan benefits payable to one's estate. By creating a will, you can lessen the taxes that may be included in the transfer of your estate. A will also gives guidance to the probate court on the distribution of property and payment of debts.

In a will, you can name a guardian for your minor children, thus providing a means for caring for the children without court involvement. You also can set up a trust for your family. If you die without a will, the property you owned as an individual will go to your close relatives and sometimes distant relatives. In the rare case that no relatives can be found, your estate becomes state property.

Anyone who is 18 years old and of sound mind may make a will in Missouri. To be valid in Missouri, a will must be in writing and signed by the maker and two witnesses. The witnesses cannot receive property under the will.

Self-proving clause

One option that can speed up the probate process is to add what is called a self-proving clause. You will need to have two witnesses sign your will in front of a notary. Sometimes witnesses to a will have died or are hard to locate, which delays probate. By adding this section, your will becomes self-proving, which means witnesses do not need to appear in probate court.

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