The Importance of Estate Planning
Who will receive your estate if you die? Does everyone need an estate plan? What happens if you die or become incapacitated without one?
What is an estate plan?
Everyone has an estate consisting of assets such as a car, home, real estate, checking and savings accounts, retirement accounts, investments, life insurance, furniture, personal possessions, and collectibles. If you died, who would get them? If you became incapacitated (e.g. coma, unable to care for yourself), who would care for you and your finances?
An estate plan is a legal plan that states who receives your belongings upon your death, whether individuals, organizations, charities, or ministries.
Dying without a will in Missouri
In Missouri, someone who dies without a will is said to have died “intestate.” Their property will be passed along based on intestate succession. This is the state’s way of making decisions for an individual who passes away without an estate plan. This means the state of Missouri will distribute a person’s possessions, which may differ from their actual wishes. There are no exceptions for special needs, circumstances, or charitable intent.
The deceased’s property will go to their spouse, children, parents, siblings, grandchildren, nieces, aunts, and uncles. If no living relatives exist, the assets will go to the state.
A will, trust, and power of attorney are important estate-planning tools for orderly asset distribution. An attorney or estate-planning professional can help with the steps to distribute assets, protect property, and care for loved ones.
Baptist Homes & Healthcare Ministries has expertise in estate planning and connections with estate-planning attorneys. To assist you with estate planning, contact Ron Mackey (rdmackey@bhhm.org) or Nick Davis (ndavis@bhhm.org) for a confidential conversation.
