Nalini S. Mahadevan, JD, MBA Copyright 2010

Nalini S. Mahadevan, JD, MBA
[email protected]
Copyright 2010
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Transfers property and title to named
beneficiaries
RsMo § 473.087
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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
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Testate or Intestate
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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
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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
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At the first meeting:
List of property owned by the client
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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
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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
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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
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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
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Governing law – Missouri statutes apply
Attestation clauses for witnesses and Testator
Notarization
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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
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Who is an interested witness?
◦ Heir, devisee, spouse, creditor or other person
having a property claim in the decedent’s estate
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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
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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
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Revoking a will – RsMO § 474.700
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Amending a will and codicils
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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
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What is an estate plan?
I generally include the following, as needed:
◦ Wills
◦ Durable Powers of Attorney
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 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
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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!
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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?
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What are the relationships? Honest and
trustworthy?
◦ Springing or immediate powers of attorney
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Family discord?
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Collect these from the client:
◦ Email Passwords
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 Google
 Yahoo
 Hotmail
Online banking passwords
FaceBook, Myspace
Linkedin
Any other online accounts
Ethical wills
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Will form
Will intake
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Got Questions?
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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]
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