When you think about “estate planning,” you might come up with images of sprawling mansions, vast fortunes, and lavishly appointed offices with an attorney in an expensive suit sitting behind a huge desk. It sounds complicated, maybe even a little morbid. It’s easy to think, “That’s for wealthy people,” or “I’m too young to worry about that.” But the truth is, estate planning is essential for basically everyone, regardless of age or net worth.
Think about it: everyone has property they care about – bank accounts, maybe a car, personal belongings with sentimental value, perhaps a home. More importantly, they have people they care about – family, friends, maybe even pets. Estate planning is not just about money; it is about ensuring your specific wishes regarding your belongings and loved ones are respected, both after you are gone and if you become unable to make decisions for yourself.

Still not convinced? Here is a break-down of 5 reasons why putting a plan in place matters:
1. You Control Who Gets What:
When someone dies without a formal estate plan (like a Will or Trust), Missouri state law (specifically the “intestacy” law) dictates how your assets are distributed after your death. These rigid formulas might not align with your wishes at all. Do you want your antique watch to go to your nephew who shares your passion for history, or end up with your greedy niece that will sell it immediately? Do you want your daughter that shares your passion for the Cardinals to get your baseball card collection, or go to your no-good Cubs fan son? Do you want to leave some of your assets to a close friend or a favorite charity instead of just family? A Will or Trust ensures your choices are honored, not the state’s default assumptions.
2. You Decide Who Cares for Minor Children:
This is perhaps the most critical reason for young parents to complete their estate planning. If you have minor children, your Will is the only place you can legally nominate a guardian to raise them if something happens to you. Without your documented wishes, a court will decide who will raise your children, potentially leading to family disputes (especially common between in-laws) and increased uncertainty for your children during an already traumatic time.
3. You Plan for Your Own Potential Incapacity:
Estate planning is not just about death. What happens if an accident or illness leaves you unable to manage your own financial or healthcare decisions? There are several important documents that can help determine who is able to make those decisions
- General Durable Power of Attorney – This document lets you appoint someone you trust to handle your finances (pay bills, manage investments) if you are unable to for any number of reasons.
- Healthcare Power of Attorney / Advance Directive (Living Will) – This allows you to designate someone to make medical decisions for you and outlines your wishes regarding life support and other end-of-life care. Without these documents, your family might face expensive and stressful court proceedings (guardianship or conservatorship) just to get the authority to help you.
4. You Can Minimize Hassle, Conflict, and Costs for Loved Ones:
Dying without a formal estate plan often means your estate goes through the probate process. Probate is a court process – usually through a division of the local court aptly-named the “probate divsion,” such as here in Boone County – that can be time-consuming, expensive, and very public.
Time-consuming – It can take months, even years, to settle an estate. For a full probate estate in Missouri (determined by the value of the assets that need to go through probate), there are court requirements that mean the minimum time for completion of the estate is 9 months.
Expensive – Court fees, attorney fees, and other costs reduce the assets available to your heirs. Full probate estates in Missouri require an attorney to be hired, and that attorney is able to take a certain percentage (defined by statute) of the total value of the estate as their fee.
Public – Court filings are generally public records, meaning details about your assets and debts become visible. Proper planning, sometimes involving tools like Trusts, can significantly simplify or even bypass the probate process, saving your loved ones time, money, and stress. It also reduces the potential for disagreements among family members about your intentions.
5. You Gain Peace of Mind:
Knowing you have a plan in place provides incredible peace of mind, not only for you but for your family and friends as well. When you complete your estate planning, you have taken steps to protect your loved ones, ensure your wishes are followed, and ease the burden on your family during a difficult time. It is an act of care and responsibility.
It’s Not Just for the Rich or Old
Whether you are rich or poor, young or old, single or married, you have an “estate” and people you care about. Death or incapacity can happen at any age. Putting in place clear instructions now helps avoids confusion and potential conflict for you and your loved ones later.
Taking the First Step
Estate planning does not have to be overwhelming or complex. Start by thinking about your assets, your loved ones, and your wishes. The next crucial step, more often than not, is consulting with a qualified estate planning attorney. The attorney can explain your options (Wills, Trusts, Powers of Attorney, etc.) in more detail and help you create documents tailored to your specific situation and goals. Don’t put it off. Taking the time to create an estate plan today is one of the most valuable gifts you can give yourself and your loved ones tomorrow.
When you are ready, please contact our firm to set up a free initial consultation to discuss your estate planning. We look forward to assisting you!
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