So, what does a will do exactly?

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