O'Donnell Law Center : Lake of the Ozarks

One purpose of an estate plan is to organize your affairs so that when you pass, your assets can be smoothly and easily transferred to your surviving heirs. When designed correctly, estate plans can be used to reduce taxation, avoid probate, arrange for your minor children to inherit your assets when they come of age, and serve a variety of other purposes. Unfortunately, some people do not get a chance to organize their estates before they pass away. Experts estimate that approximately half of Americans don't have estate plans (or even simple wills) in place. No one wants to think about death, and many people put off the act of planning their estates because they assume that they have many more years before such documentation would become necessary. While the hope is for everyone to live long lives, sometimes it doesn't work out that way. Passing Away "Intestate" If your loved one has recently passed away without a will in place, organizing her affairs wi...

"Probate" refers to the process of filing and proving up a deceased individual's will and distributing his or her assets to the surviving heirs. If there is no will, it is the process of opening an estate and distributing assets according to Missouri statute.   The probate process can be time-consuming and technical. If you have recently had a family member pass away, hiring a probate attorney at the Lake of the Ozarks may help to simplify the process. O'Donnell Law Center is here to help with all of your probate needs. This week, we wanted to share with you a few things we believe you should know about probate. 1.  Your Personal Representative Will Be In Charge Of Handling Your Estate. Since you won't be present to handle the necessary steps required to close out your affairs after you pass, your personal representative will have to step in and handle these tasks for you. If you have a properly executed will, you will have named a personal representative...

The terms "estate planning" and "probate" or "probate administration" have to do with designating what will happen to your assets and belongings after you pass. As your experienced family attorney in Osage Beach , Deirdre O'Donnell is here to make sense of estate planning and probate administration at the Lake of the Ozarks . Estate Planning at the Lake of the Ozarks Estate planning is exactly what it sounds like - planning your estate. It is the process of organizing your property and financial assets to determine who they will go to after you pass. Wills and trusts are documents that provide this information. Planning your estate ahead of time is a fairly simple process, but it saves lots of time energy for your heirs after you are gone. Your physical belongings are not the only things to be attended to after you pass. If you have children under the age of eighteen, you will also need to recommend a new legal guardian for them if somet...