What is Estate Planning?

Estate planning revolves around your unique answer to two deeply personal and big questions:

“Who gets my stuff?” and

“Who will take care of me if I become unable to?”

There are as many answers to these questions as there are people on this Earth, and there is no “right” answer–only the one that is right for you.

Some people want to leave everything to their spouse, or to their children or parents.

Some people want to leave everything to just one of their children, or protect their assets from an ex-spouse or certain family member.

Some people have more detailed plans that include friends and loved ones, employees, among many other relationships.

Some people want to leave gifts to specific charities or causes.

Once you have thought through and answered these big questions, an estate planning attorney will guide you through the rest of the smaller related questions, like “when should they get the stuff?” and “how should they take care of me?”

At Sandoval Law Firm, this is a no-judgment and cooperative process that turns your answers into custom-made legal documents that designed to honor your exact intent and wishes.

Who is Estate Planning For?

Estate planning is for everyone.

The laws in Missouri governing wills and trusts do not care if an estate has $1 or $1,000,000,000. An estate is an estate, no matter its size.

Sandoval Law Firm wants to make estate planning services accessible for all, and offers flexible payment options.

Everyone deserves to have their agency, dignity, and intent honored.

Why Should I Plan my Estate?

The answers to this question range from the practical to the philosophical.

Here are just some of the strongest reasons for planning your estate.

1. Avoiding the Cost of Probate Court Proceedings

Probate court can be very expensive, and in Missouri, mandatory probate fees required by state law can quickly balloon to well over double the cost of a full estate plan.

The cost in 2024 to probate the average home in Missouri is roughly $7,300, based on data from Zillow.

For comparison, at Sandoval Law Firm our comprehensive estate plans start at $3,000 for an individual, and $4,000 for couples.

2. Protecting Your Privacy from Probate Court

Probate court proceedings are also open to the public.

A Last Will & Testament is a public document, and almost everything written in it can be read by anyone with a computer.

Dying without a Will, or “intestate” causes the court to reveal a vast amount of information about what that person owned, and to whom it went.

You can see for yourself just what information can be publicly revealed on Case.net, Missouri’s court filing system.

This lawful and required disclosure can attract creditors or other predatory forces looking to harass or scam your heirs. It can also be an unintended or unplanned invasion of your family’s privacy.

Using private estate planning documents can protect your heirs and preserve your privacy.

3. Providing Stability and Certainty for Your Heirs

Caring.com, an excellent resource on for Senior Living and Senior Care information, conducts a Wills and Estate Planning Survey in partnership with YouGov. In 2024, they found that among 2,400 American respondents, only 32% had a Last Will & Testament.

For 68% of Americans, their families or loved ones might not have much, if any, guidance or instructions during what is likely to be a difficult time in the wake of their passing.

Planning your estate is an opportunity to leave clear instructions and a detailed record of your assets, both physical and digital accounts (along with all those passwords).

Without access to online accounts or valid designations of legal authority to deal with banks or other financial institutions, bills and subscriptions may be disrupted. In the worst cases, foreclosure proceedings could even begin while your family is still grieving and mourning.

Estate plans are designed to avoid these scenarios.

4. Planning for Your Debts

Most debts do not die with a person.

By default and speaking very generally, a person’s property is first used to pay their debts before then being distributed to their heirs.

Planning your estate can help prevent any surprises or unforeseen creditors coming to collect on an old debt by making plans for how to pay for your debts, including using a life insurance policy or other estate planning tools.

5. Planning Ahead to Achieve Your Financial Goals

Estate planning is an excellent opportunity to develop or brush up on your financial literacy skills.

While Sandoval Law Firm, L.L.C. does not offer financial or investment advice, working through the legal questions that involve your finances and investment portfolio can help give you the tools and ideas to get organized and reinforce your long-term goals.

6. Maintain Control Over Your Legacy

Naming someone you trust as a Trustee or Agent creates a legal fiduciary relationship between you and that person. “Fiduciary” comes from the Latin word “fīdūcia,” meaning “trust” or “confidence.”

Fiduciaries are legally obligated to follow your lawful instructions, whatever they may be. If they violate those instructions, they can be held liable for civil damages or penalties. This potential civil liability keeps fiduciaries under your control and loyal to your instructions long after your passing.

Estate plans use fiduciaries to ensure that your intent and wishes are honored and carried out.

When do I Need to Plan my Estate?

Legally Speaking,

At any time prior to periods of legal incapacity.

If your legal decision-making skills can be called into serious question due to cognitive or similar issues, you may not be able to make decisions about the disposition of your property and thus no longer be able to plan your estate.

Sometimes legal incapacity can happen because of unforeseeable accidents that cause traumatic and irreversible brain injury. Other times, legal incapacity results from natural aging processes or diseases that cause cognitive decline.

Practically Speaking,

It is also wise to update your estate plan when you are planning for or undergoing a big life change or purchase.

Here are just some examples of phases of life when people choose to plan their estates:

• Upcoming travel to a foreign country for many people presents many thrilling rewards, but it also comes with associated risks that can be managed or hedged against with an estate plan.
• Bringing a beautiful newborn into the world is an exciting life change that inspires some people to plan their estates with their newborn’s future in mind.
• Marriage can change many people’s perspective on the importance of estate planning when they begin to share their love, lives, and finances together.
• Buying a new home or car is an excellent moment for people to plan their estate, especially because they are already exercising their financial and money skills.
• Starting a new business, and planning for future success or opportunities is an excellent time to take stock of their personal situation as well.
• Adjusting to life after a divorce or a death in the family is a phase of life where planning ahead can create stability and chart a strong path forward.

These are just some of many moments that can bring people to the Sandoval Law Firm for our considered and thoughtful advice, guidance, and estate planning services.