Is it true that Missouri takes control of your assets if you pass away without a will?
In the absence of a will, each state employs its “laws of intestacy” to dictate the distribution of your assets. Essentially, it’s an estate plan imposed by the state.
In Missouri, the order of asset distribution without a will is as follows:
(1) Surviving Spouse; (2) Descendants; (3) Your Parents and Siblings; (5) Surviving Grandparents, Aunts, and Uncles; and (6) Great-Grandparents or their descendants.
Effectively, your wealth may end up in the hands of relatives you’ve never met or, more commonly, individuals you’d rather not provide for. Instead of leaving the fate of your hard-earned money to Missouri’s decision, take control by creating your own estate plan.
Dying without a will may lead to probate for your loved ones.
Even if the Intestacy Statute doesn’t seem overly burdensome, bear in mind that for your chosen beneficiaries to receive the funds, your estate undergoes a costly and prolonged probate process, with a significant portion allocated to court costs and attorney fees. Moreover, if all your family members precede you in death, the state claims those assets. However, with a will, you can designate a church, charity, or non-profit organization to prevent such a scenario!
Schedule your free initial consultation today, or contact us at 816-399-2757, and let us assist you in crafting an estate plan that ensures only your chosen individuals inherit your assets.