Estate planning is a plan for how you will acquire property, use it, conserve it, and, perhaps most importantly, how it will be transferred at your death. There is no way to determine your wishes regarding distribution of your property after your death unless you become informed about options and take appropriate steps prior to your death.
Estate planning can be beneficial no matter what the size of the estate.
Probate is the court that settles a deceased person's estate. Probate court assures payment of taxes, oversees distribution of the property and provides for legal transfer of ownership of the property. All property is subject to probate proceedings, whether or not there is a will, with the exception of property owned in joint tenancy, living trusts, transfer on death accounts or life insurance proceeds for a named beneficiary. Such property passes automatically to the joint tenant or designated beneficiary, although it may be subject to federal and Missouri taxes. A regular probate proceeding takes a minimum of seven months to complete.