What Is a Will?
A will is a legal paper that states who receives your property when you die. Each state has its own laws about wills.
A will does not avoid the necessity of probate and must be “probated” to have legal effect. You may title your property in other ways so that probate is not necessary.
Who Can Make a Will?
Any person who is at least 18 years old and of sound mind can make a will.
When is a Will Legal in Missouri?
What is A Revocable Trust?
A trust is an agreement that determines how a person’s property is to be managed and distributed during his or her lifetime and also upon death.
A revocable living trust normally involves three parties:
The Settlor – Also called grantor or trustor, this is the person who creates the trust, and usually the only person who provides funding for the trust. More than one person can be a settlor of a trust, such as when a husband and wife join together to create a family trust.
What is a “Durable” Power of Attorney?
Many people are unaware that an ordinary power of attorney is revoked, and the agent’s power to act for the principal automatically stops, if the principal becomes incapacitated.
Under Missouri law, and the law of many other states, a power of attorney with proper wording may be made “durable.” This means that the power of the agent to act on the principal’s behalf continues despite the principal’s incapacity, whether or not a court decrees the principal to be incapacitated.