The Cost of Estate Planning Neglect

by | Apr 3, 2024

While the financial impact of estate planning varies individually, the crucial consideration is the expense incurred when no estate plan exists.

Estate Planning Neglect

In the absence of a well-defined estate plan, an individual’s assets become subject to probate. In Missouri, probate will occur when an individual possesses assets in their name, including real property like land, houses, or mineral interests, or when the total assets surpass $40,000 for the year 2023. Probate involves associated costs and fees, and probate in Missouri typically lasts a minimum of 6 months. Even in relatively straightforward cases, the probate process can incur costs in the tens of thousands of dollars, depending on the size of the estate.

Beyond the financial implications of probate, the absence of an estate plan introduces additional challenges. Without specific directives on asset distribution, Missouri’s intestacy statute may allocate assets to individuals the deceased never intended to inherit. Furthermore, families, even those with strong bonds, often face heightened tensions when left to speculate on the distribution of a loved one’s possessions. While monetary costs are one issue, the emotional toll resulting from inadequate estate planning can endure far longer.

Some individuals believe that merely having a will resolves these issues, leading to choosing low-cost online will options. Contrary to popular belief, possessing a will does not automatically circumvent probate. Despite the increasing popularity of online estate planning, individuals who create a will online may discover that they paid for a document that does not achieve their goals, necessitating a second payment for a revised plan that effectively addresses their concerns.

At Axis Law Group, we customize our plans to meet your specific needs, emphasizing the avoidance of probate whenever feasible. We invest time in understanding your objectives to craft a comprehensive plan, providing a legal solution and peace of mind. Reach out to us today to schedule a free initial consultation for estate planning!