Creating a will is a critical step in managing your estate and ensuring your property and possessions are distributed according to your wishes after you pass away. In Missouri, there are specific steps and requirements that must be followed for a will to be legal and enforceable. This guide will walk you through the process of making a will in Missouri.
Missouri’s Legal Requirements for a Will
Before drafting your will, you should be familiar with the legal requirements in Missouri. To create a valid will in the state, you need to:
- Be at least 18 years old or an emancipated minor.
- Be of sound mind, which means you must understand you’re making a will, know the nature of your property, and recognize the identities of those who are the natural beneficiaries of your estate.
- Have your will be in writing. Oral wills are not recognized unless they meet the criteria for a nuncupative (spoken) will, which are strictly limited to certain military situations.
- Sign your will or acknowledge your signature on the will in the presence of two competent witnesses.
- Have the two witnesses sign the will in your presence.
Step-by-Step Guide to Making a Will in Missouri
The St. Louis estate planning attorneys at TdD attorneys at Law give you a step-by-step breakdown of the essential elements of a will. You should do the following:
Step 1: Consider Your Assets and Debts
In the initial step of creating your will, it is crucial to consider your assets and debts. Start by compiling a comprehensive list of your assets, encompassing real estate, bank accounts, stocks, bonds, personal property, and any other valuable assets you may possess.
Concurrently, identify and outline any outstanding debts, as this information is vital for your appointed executor to understand which obligations will need settlement from your estate. Taking the time to document these details ensures a clear understanding of your financial landscape and aids in the subsequent stages of will creation and estate planning.
Step 2: Decide on Beneficiaries
Take the time to decide on the individuals or entities who will inherit your assets when you pass away. This could involve family members, close friends, or charitable organizations that align with your values. It’s a wise strategy to also designate alternate beneficiaries, providing a safeguard in case your primary choices are unable to inherit or predecease you. This thoughtful approach adds a layer of flexibility and ensures that your wishes for asset distribution are well-accounted for in your will.
Step 3: Choose an Executor
Your executor will be responsible for managing and settling your estate according to your will’s instructions.
- Select an Executor: Choose someone who is trustworthy and capable of handling financial matters. It’s often recommended to name an alternate executor as well.
- Executor Requirements: In Missouri, an executor must be at least 18 years old and of sound mind. They cannot be a convicted felon unless the court finds them suitable.
Step 4: Name a Guardian for Minor Children
If you have minor children, choose someone to be their guardian in case of your absence. Consider someone who shares your values and can responsibly take on the role of caring for your children.
Step 5: Draft Your Will
It’s time to draft your will. You have options such as using a reputable online legal service or template, or seeking guidance from an attorney specializing in estate planning. When creating your will, be specific—clearly identify your assets and explicitly state your wishes regarding who should inherit them. This precision is essential to ensure that your intentions are clearly outlined, providing a solid foundation for the effective execution of your will.
Step 6: Sign Your Will in the Presence of Witnesses
Witness Selection: Choose two competent adult witnesses. They should not be beneficiaries or the spouse of a beneficiary to avoid conflicts of interest.
Signing Procedure: Sign your will, or acknowledge your signature, in their presence, and then have them sign as witnesses.
Step 7: Store Your Will Safely
For the last step, store your original will in a secure place like a fireproof lockbox or a bank’s safety deposit box. Let your executor and a trusted family member or friend know where it is kept and how to access it.
Review and Update Your Will as Necessary
Update your will when significant life events occur, such as marriage, divorce, the birth of children, or if one of your beneficiaries dies. It’s also a good practice to review your will every few years to ensure it still reflects your wishes.
Remember that a will is a personal document that reflects your unique wishes for your estate after you pass away. Take your time to consider your options and make decisions that best serve your and your family’s needs. With careful planning and attention to detail, you can create a will in Missouri that gives you peace of mind and helps secure the future of your loved ones.
