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In Missouri, a Will directs where your property goes.  In other words, when you die, any assets that are in your name are subject to the terms of your Will (although there are various types of possible transfer designations that can create exceptions). This includes real estate, bank accounts, cars, investments, LLC interests, personal property and essentially any other type of asset. In order for those assets to be transferred to the intended recipients by your Will, a “probate estate” has to be opened with the Court.  Your Will would typically also designate who you want to be in charge of the probate process (i.e. the “Personal Representative”).  A Trust provides a very effective (and generally superior) alternative to simply having a Will.  When you have a Trust, you would typically transfer your assets into that Trust during your lifetime or have particular beneficiary designations set up to transfer assets into the Trust upon your death.  When you die, any assets in your Trust would not need to go through probate - generally making the process simpler, cheaper, smoother and less public. Probate avoidance is often a key reason to have a Trust in place. Additionally, a Trust allows you to be much more directive and particular in the way that your assets get distributed (distributed over time, used for a particular purpose, given at a certain age, etc.) So, is a Trust or a Will better in Missouri? In most cases, a Trust-based estate plan is preferable and superior to a Will-based estate plan. Of course every situation and every individual or family is different, but a Trust can be a very valuable tool in streamlining, improving and simplifying what happens to your assets when you die.

Probate is both costly and time-consuming and often presents a difficult procedural headache for surviving family members after the death of a loved one. In some limited instances, probate may be preferable—but these are very much the exception. On the whole, it is typically advisable to take the necessary steps to avoid probate altogether. The following represent major reasons why you would want to probate: Length: typically 7-12 months (or longer) from death to discharge of the estate. In most cases, probate simply cannot be administered in less than about 7 months. Cost: between legal fees, courts costs, notice and publication fees, probate sometimes costs between 4% and 10% of the gross estate Hassle: length/cost (as mentioned above) but the inherent court procedure, potential hearings and court filings require ongoing attention for several months Privacy: probate is public record, with much information being available to the public

A general power of attorney provides great value and is an important part of estate planning. A “power of attorney” document grants another person the authority to act on someone’s behalf. In other words, someone can execute a document and effectively grant to another person (perhaps a spouse, family member or close friend) the authority to take certain actions for them. The person signing the document (the “principal”) does not typically give up their own right to take these actions, but rather grants an additional right to the other person (the “attorney-in-fact”). The actions and authorities directed by a power of attorney document often include things such as managing financial accounts, writing checks, handling particular business matters, interacting with government offices and handling real estate. The scope of a power of attorney can be much broader than these examples, but it can also be much narrower. A well-drafted power of attorney implements what is most appropriate and desired in the given circumstances. Powers of attorney can be structured to be effective “immediately” (right away after the document is signed) or can be instead structured as a “springing” power of attorney - meaning the granted authority only becomes active upon the occurrence of a future circumstances (typically the principal becoming mentally incapacitated). Additionally, naming successor (secondary) individuals to serve as attorney-in-fact can be crucial in the event the primary named individual is unable to serve. An effective estate plan in Missouri nearly always includes a general power of attorney. The particulars of such a document can be carefully crafted to match the needs, circumstances and wishes of each client.