A will is a document which, if properly executed, disposes of assets titled in a person’s sole name at death. The Testator or Testatrix is the legal name for the person who creates the Will.
The requirements for being able to execute a Will are that you must be at least 18 years of age, of sound mind and acting freely. In Missouri, the Will must be signed in the presence of two disinterested witnesses and is self-proving if it is Notarized.
Even if you do not have a large estate, you should consider creating a Will to govern administration of your affairs upon your death. Your Will allows you to name a Personal Administrator or Executor, who is the person in charge of collecting assets of the estate, paying claims and death taxes, and overseeing their distribution to the proper beneficiaries. In addition, your Will allows you to name a Guardian for any minor children you may have, waive bond (like an insurance policy that the Executor must purchase from estate funds), and provide for independent administration of the estate, which is generally less cumbersome for the Executor. Executing a Will also allows you to retain control over your assets being distributed to younger or disabled beneficiaries, by allowing you to set up Trusts for Children on their behalf upon your death.
If you do not have a will, the statute of intestate succession, written by the legislature of the State of Missouri, determines who gets your property, and by whom it is handled. You should determine who and how your assets are distributed by executing a Will, not have the State do it for you.
Remember the Will does not dispose of joint property or any property with a beneficiary designation like a life insurance policy. If you have a will and property titled in joint names with any other person, the Will will not dispose of this property. The property passes by operation of law to the surviving joint owners.
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Jennifer A. Coke, Attorney at Law, at The Coke Law Firm in St. Louis, MO, serves clients throughout St. Louis City and St. Louis County including Tower Grove, the Central West End, the Loop, and cities of Chesterfield, Creve Coeur, West Port, Ballwin, Kirkwood, Shrewsbury, Glendale, Clayton, Brentwood, University City, Sunset Hills, Webster Groves, Town & Country and many other local municipalities in Missouri.
The Coke Law Firm
Jennifer A. Coke, Attorney at Law
