What Type Of Will Do You Need?

Thinking about passing away is something that most don’t like to think about or discuss.  Most of us don’t like planning for our death, but you owe it to your loved one's to have a plan in place.  A will allows you to designate what will happen to your possessions and estate in the event of your passing . We know getting your affairs in order may not be something you desire to do, but it is something you need to do.  The Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C. will answer some frequently asked questions about wills. Our experienced estate planning lawyers at the Lake of the Ozarks and our probate administration attorneys can help you along every step of the way. 



Estate Planning vs Probate Administration 
What's The Difference?
Passing money, possessions, property, and other assets from a deceased loved one to surviving family and friends is often a two-step process. First, decisions must be made regarding who will be given what. Second, those assets must actually be passed on to those chosen individuals. "Estate planning" refers to the process of deciding how your affairs will be handled after your passing which includes how your possessions will be allocated.  "Probate administration" includes to the process of distributing those assets through the probate court.

Different Kinds of Wills
Which One Do I Need?
Wills are binding, legal documents that ensure your property and assets are passed on to individuals you choose, after your death. Wills come in  different forms, some of which are more legally effective than others. To ensure that the courts will recognize your will as valid, we highly recommend working with a professional estate planning and probate administration attorney. 
  • Statutory Wills - These "one-size-fits-all" documents are the simplest wills, and they may work for individuals will smaller, simpler estates. Based on a fill-in-the-blank formula, you and your attorney may be able to draw up a statutory will in relatively little time.
  • Contingent Wills - Some wills are be based upon some a contingency. That type of will contains instructions for the allocation of property and assets if certain conditions are met. While these conditions may take various forms, they most commonly involve the age of the intended beneficiaries. 

  • Oral Wills - These wills are spoken in the presence of witnesses, but there is no written documentation accompanying them. Consequently, these types of wills rarely hold up in court.
  • Holographic Wills - This is another type of will that is rarely recognized in a court of law. Holographic wills are written and signed without the presence of witnesses.
  • Living Wills - Rather than addressing the distribution of assets, these wills indicate what type of medical treatment you would like to receive in the event that you are unable to communicate them. For example, a living will includes your opportunity to tell your family whether or not you would like to be left on life support in the event that you are in a vegetative state.

Many people do not like to think about death or the possibility of a serious accident, so they put off establishing an estate plan. This hesitancy is certainly understandable, but causes problems for your loved ones when the time comes that an effective estate plan is needed. 

Don't wait! Let us help you provide for your family and ensure that your wishes will be legally recognized. Contact PMCW Law today at (573) 346-7231.


Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C.
The choice of a lawyer is an important decision and should not be based solely on advertising. When you need a knowledgeable attorney, we invite you to contact us to set up a consultation. Evening and weekend appointments are available. We have access to interpreters.

We accept Visa, MasterCard, and Discover.

85 Court Circle N.W., P.O. Box 559
Camdenton, MO 65020   GET A MAP
(573) 346-7231 - Telephone
(888) 236-2485 - Toll Free
(573) 346-4411 - Fax

Like Us on Facebook
Location: Camdenton, MO 65020, USA

Comments

Post a Comment

Popular posts from this blog

5 Reasons To Hire A Criminal Defense Attorney

Image
Criminal charges can turn your life upside down. If you are found guilty, you can suffer numerous consequences, including fines, imprisonment, and effect on your permanent record. If you are facing criminal charges, hiring an experienced criminal defense attorney can make a world of difference. Consider these reason why you should hire a criminal defense lawyer to represent your case. 1. Your Attorney Understands The Law It's no secret that the legal field is complex. Every law has exceptions, and every circumstance has different specific requirements. You need a criminal defense attorney that has experience dealing with these minute details and can help you use them to build a solid case. 2. Your Attorney Knows The Scene The Missouri Courts are like a world of their own. Each court has its own set of rules, social norms, and strict guidelines governing what behavior is and is not acceptable. If this is your first court case, you can not possibly know all of these unspo
Read more

Legal Tips to Be Aware of When Entering Into a Marriage

Image
Congratulations! It is 2019 and this is the year you are getting married. Among all of the wedding planning, you probably haven't had time to think about the legal side of getting married. While it is not the most glamorous side, it is worth taking a look into. For example, has your fiance brought up the notion of signing a prenuptial agreement (prenup)? It is best to know what all comes with a prenuptial agreement and the advantages and disadvantages of choosing to sign one. Our attorneys at the Lake of the Ozarks are here to give you a few legal tips to be aware of when entering into a marriage. If you find yourself need a prenuptial agreement drawn up, call Phillips, McElyea, Carpenter, and Welch   today for your free consultation at 573-346-7231. Legal Tips to Be Aware of When Entering Into a Marriage Do You Plan to Legally Change Your Name After You Get Married? If you plan to change your legal name after marriage, here is what you need to do. According to the Misso
Read more

Consequences Of Having A Criminal Record

Image
If you are facing criminal charges, it is imperative that you contact one of our criminal defense attorneys in Camden County MO immediately. Criminal law is complex and involved, and representing yourself can be challenging, overwhelming, and risky. Regardless of whether or not you actually committed the crime in question, being found guilty can negatively impact your life for years to come. Here is a look at some of the consequences that may result from having a criminal record. Difficulty Getting Accepted Into Schools Schools have a moral and ethical responsibility to keep their students, faculty, and staff safe. On the applications for almost every university or college, applicants must list whether or not they have been convicted of a crime in the past. If the answer is yes, the applicants may experience greater difficulty getting accepted into the schools of their choice. These challenges pursuing higher education may, in turn, make it more difficult to find quality
Read more