Nalini S. Mahadevan, JD, MBA [email protected] Copyright 2010   Transfers property and title to named beneficiaries RsMo § 473.087  Probate essential to accomplish transfer of title ◦ Effective to prove title ◦ Right to possession  Of real property or  Personal property ◦ Court decides transfer of title  Testate or Intestate 2        Client thinks it is less costly Contains no trusts Provides for outright distribution The Personal Representative serves without bond May have a list to dispose off tangible personal property Preferable to having several joint accounts Preferred goal should not be simplicity, but completeness  Think like a science fiction writer 3        Taxable estate Significant non-taxable estate Second Marriage with children or step children Minor children Numerous beneficiaries Current 2010 cost basis issues Beneficiaries may not die in the order you may want them to! Then litigation will be the answer 4   At the first meeting: List of property owned by the client ◦ ◦ ◦ ◦     Real - houses, etc Tangible – coins, furniture, jewelry, china Personal – cars, boats, motorcycles Intangible – copyrights, trademarks, patents, entity ownership How the property is titled? Copies of titles List of beneficiaries Debts and liabilities 5 Requirements of a valid Will under Missouri Law 1. Sound Mind 2. Over 18 years of age 3. In writing 4. Signed by the Testator or at the Testator’s direction in presence of witnesses 5. Attested by at least 2 competent witnesses who sign in the presence of the testator  6        Name and address of Testator – domicile Marital Status Identification of spouse and children Appointment of guardian for minor children Appointment of Personal Representative Waiver of bond for guardian and personal representative Payment of debts, expenses and taxes 7     Independent administration Bequests – specific and residual No contest clause Simultaneous death ◦ §471.030 RSMo, 1994 – each cotenant is presumed to survive the other as to half of the property    Governing law – Missouri statutes apply Attestation clauses for witnesses and Testator Notarization 8    No requirement for particular age of witness Witness must be competent Will is not invalidated by ‘interested’ witness (RSMo §472.010(15) ◦ But ‘interested witness’ forfeits any amount in excess of intestate inheritance  Who is an interested witness? ◦ Heir, devisee, spouse, creditor or other person having a property claim in the decedent’s estate 9          Initial client intake Use of standardized language Use of special paper, cover page Letter or legal Numbering pages Execute one original only Mistakes and spelling errors Execution process Possession of the original, safekeeping 10   Validity of Missouri wills when client travels outside the State of Missouri Testator owns real property outside Missouri ◦ Law differs substantially from Missouri  Solution: execute multiple wills OR  Better yet – Draft a trust to hold the Aspen or Florida property  Revoking a will – RsMO § 474.700  Amending a will and codicils  Office procedure to amend and revoke ◦ Only by subsequent will in writing, burning, destroying by tearing or obliterating, by testator or in his presence or by his consent or direction. no amendments allowed only codicils 11   What is an estate plan? I generally include the following, as needed: ◦ Wills ◦ Durable Powers of Attorney ◦ ◦ ◦ ◦ ◦ ◦  Healthcare  Finances Living Will/Right of Sepulcher Beneficiary Deed/ general warranty deeds Non Probate Transfers Revocable Trust/Irrevocable Trust Business Planning Pre and Ante Nuptial Planning 12 Complete the questionnaire of the client’s assets and debts  Take copies of originals  How are the assets titled?  What does the client want to accomplish with his or her plan? What are their goals?  Think like a science fiction writer!  13   Look at beneficiary designations on retirement, insurance and bank documents Think about the age of individuals being considered for fiduciary positions ◦ Too old? Or too young?  What are the relationships? Honest and trustworthy? ◦ Springing or immediate powers of attorney  Family discord? 14  Collect these from the client: ◦ Email Passwords ◦ ◦ ◦ ◦   Google  Yahoo  Hotmail Online banking passwords FaceBook, Myspace Linkedin Any other online accounts Ethical wills 15 Will form Will intake 16 Got Questions? 17 CONTACT INFORMATION THANK YOU Nalini S. Mahadevan 211 S. Central, Suite 100 Clayton, MO 63105 Ph: 314-725-9958/569-2002 Fax: 314-862-1663/569-1663 Website: www.lawyersyoucantalkto.com E-mail: [email protected] 18