Estate planning for families is crucial. When you have children (especially young children) estate planning takes on some special dynamics that require careful planning. These include:  

Using Assets the Right Way. Creating a structure that provides for the needs of dependent children is a central part of a strong estate plan. A Will can make sure assets are directed to children, but a trust nearly always provides a better, simpler and more reliable mechanism for support of children. 

Figuring Out Guardianship. If you have young children, utilizing estate planning documents to nominate a successor guardian is so important. A “successor guardian” is the person who would step into the parent-like role if you were to pass away. We typically nominate this person (or people) within the terms of a Will. 

Protection Against Creditors. Careful planning with a trust can help keep assets in the hands of your children and away from potential creditors.

Planning for Contingencies. Good estate planning is focused on present circumstances but also plans thoroughly for circumstances that are hopefully less likely. For example, including a structure for scenarios where a child were to become disabled, encounter unforeseen health difficulties, die or face particular challenges is key. 

A "Last Will and Testament" is a key part of almost any Missouri estate plan.  It's usually referred to simply as a "Will." Wills are important and can be an effective tool - but their use is often misunderstood. Here are some basics of what a Will does and what a Will does not do: 

What does a Will do?

• legally designates where property goes when you die 
• provides confidence that your assets will go to whom you want
• names a "personal representative" to be in charge of administration
• nominates successor guardians for any minor children
• gets administered through the court probate process
• spouses can having "matching" Wills as part of a cohesive joint estate plan
• requires cost for administration/probate after death
• must be filed within one year following death

And what does a Will NOT do?*

• does NOT avoid probate
• generally does not provide for tax planning
• does not contain provisions for long-term managed use of assets
• a Will is generally not a joint document between two people

*references are to a basic Will that does not incorporate a testamentary trust into its terms

Whether you're rich or poor, married or single, have kids or don't have kids, an estate plan is important.  There are various documents that we frequently use to create a well-crafted, effective and clear estate plan.  A Will and a Trust are each valuable tools in creating the right plan. While separate articles and posts could be written (and I have written!) about the particulars of Wills and the Trusts and the appropriate use of each, a simple description might be the following:  A Will directs where your property goes and who is in charge when you die but would necessitate probate, while utilizing a Trust avoids probate, streamlines asset distribution and allows for more detailed ways to distribute assets after your death.  Both are important tools but a trust is generally preferable and more effective as the central instrument in someone's estate plan.  Trusts cost a bit more than Wills on the "front end" (creation of the plan) but are generally considered a superior tool and often end up saving quite a bit of money in the long run.  Our estate plans are of course customized to each client's situation and we utilize Wills, Trusts and other documents to put in place a plan that's right for each individual's needs.