The cornerstone to any estate plan.
Many people, including myself, consider a will to be the cornerstone of any estate plan. There are numerous benefits that a will can provide. For starters, even if you have a trust or an instrument that bypasses the need for probate like a beneficiary deed or a transfer on death designation on your vehicle’s title, a will can provide for a way to have your assets distributed in a method that you desire if those instruments should fail. A will also allows you to designate a preferred guardian for your minor children.
A will provides a simple and effective way to make specific distributions upon your death. In Missouri, there is a provision allowing you to make a list of specific items that you would like to distribute and attach it at a later date to a will. Wills also allow you to designate your preferred personal representative. This is the person or people that will collect and distribute your assets in accordance with your will. Additionally, you can waive the need for your personal representative to obtain a bond for your estate in your will.
No matter what your estate plan consists of, a will is extremely valuable and should be considered. If nothing else, the peace of mind that it provides can be valuable.
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