The Importance of Trusts and Wills
By: Brett A. Hodges
Estate planning is a crucial consideration for everyone, regardless of wealth or age. While many avoid discussing end-of-life planning, the reality is that proper preparation can provide invaluable protection for your loved ones. Although there are a countless number of issues surrounding death that cannot be accounted for in advance, smart estate planning through the use of wills and trusts can alleviate some of the uncertainty surrounding that one human experience shared by all.
Why Have a Will?
Although a will cannot account for all of the issues surrounding one’s death, it can give an individual peace of mind about what will happen to their belongings upon their passing. A Last Will and Testament is a fundamental legal document that not only directs how your assets will be distributed after death but also allows you to name guardians for minor children, and designate an executor to manage your estate. Through the use of a will, a person can dictate who will receive their property upon their death. Without a will, property will pass according to the various rules set forth by Missouri law. These rules, called the Intestacy Statutes, generally provide for the distribution of an individual’s property to their spouse and children first. However, if an individual does not have a spouse or children, their property will usually be distributed to more distant relatives, and if distant relatives can’t be found, then to the State of Missouri.
While the prospect of having one’s property distributed to the state or an estranged relative is enough to encourage most people to prepare a last will and testament, there is another reason why wills are so important: A will provides peace of mind to surviving family members. Because a will sets out exactly how an individual wants their property to be distributed, surviving family members can rest easy knowing that they have fulfilled the final wishes of the deceased. Without a will, this is an impossible task that is almost guaranteed to cause arguments amongst family members.
Trusts – A Valuable Estate Planning Tool
While families cope with the loss of a loved one, the complexities of the probate process can present additional challenges. Probate is the process of administering a deceased person’s estate. This process usually includes the appointment of a personal representative, the gathering of the assets of the estate, the payment of claims against the estate, and the making of distributions to heirs. Under Missouri law, the probate process requires a minimum of six months and often takes a year or longer to complete. This process can be costly, requiring court fees, attorney fees, and personal representative fees, which can consume a significant portion of a modest estate.
Fortunately, this process can largely be avoided through smart estate planning. By creating a trust, an individual can ensure that their heirs are able to forgo many of the headaches associated with probate. A Revocable Living Trust is a flexible legal arrangement that allows you to maintain control of your assets during your lifetime while providing seamless transfer of those assets to your beneficiaries upon death. Unlike a will, a trust can help your family avoid the public probate process, maintain privacy, and potentially reduce estate administration costs. Because this property is not held in the name of the deceased individual, the assets held in trust are not subject to the probate process or claims by creditors. This means that heirs can receive their inheritance without waiting for the probate process to finish and without being worried that a creditor will take what was supposed to go to them.
Taking Action
Estate planning through wills and trusts is about taking responsibility and showing care for your loved ones. Whether you have a modest estate or substantial assets, smart estate planning is one of the most thoughtful gifts you can give your family. Wills and trusts are a tool for making sure that those who matter most are taken care of during their lives. Instead of avoiding the topic, reach out to an estate planning attorney today to make sure that you provide the peace of mind your family will need when that time comes.
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Hodges, Brett. (2025, Aug. 19). The Importance of Trusts and Wills. Springfield Business Journal. 2025 Giving Guide, p. 10-11.
Brett Hodges is an attorney with the law firm of Carnahan Evans PC. He can be reached at bhodges@carnahanevans.com.
