5 Frequently Asked Questions (FAQs) About Wills
FAQ # 1: Do I have to have a certain amount of assets in order to have a will?
Answer: No, it doesn't matter how much money you plan to leave behind when you pass away, but it's important to realize the tax implications that could come into play here. If you don't understand exactly how your assets could be taxed, we urge you to reach out to an estate planning attorney that can explain.
FAQ # 2: What would happen if I died without a will?
Answer: Your assets would be divided by the court in accordance with Missouri law, which may be different than you wish, which is why it is so vital to have an updated will. If you die, without a will, your assets will pass through the laws of intestacy. Typically assets are passed to children or the spouse, but that is not guaranteed.
FAQ # 3: Do I have to have a lawyer to make a will?
Answer: No, you do not have to have a lawyer to make a will, but if you don't understand all of the laws and legal effects of the terms of your will and estate, we strongly urge you to seek legal help. Doing so can make the process of creating a will much easier for yourself. At the very least, you can set up a free consultation with us and ask the questions you've been wondering about.
FAQ # 4: How old must I be to make a will?
Answer: You must be at least 18 years of age or older in order to make a will.
FAQ # 5: Can I put who I'd like to take care of my children if I die in my will?
Answer: Yes, you may name a legal guardian for your minor children in your will. This person can care for your children until they turn 18 if both parents are deceased or the surviving parent doesn't have the mental capacity to care for them.
Do You Have Questions About Creating Your Will?
Phillips, McElyea, Carpenter, and Welch understands that it may be unpleasant to think of what will happen after you die or become mentally or physically incapacitated. Don’t put this important family planning off!. There can be negative consequences if you don’t have a valid will. We encourage our clients to let their wishes be known for the division of property and potential health care decisions. There are several documents we can help you draft:
• powers of attorney
• health care directives
• living wills
• probate administration
If you need help with any of these documents or just have questions, call our estate planning lawyers in Camdenton at the number listed below for a free consultation.
Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C.
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