Legal Question in Real Estate Law in Missouri

Dear Puzzled: Contact an experience Attorney to advise and assist you.

You may also wish to consider a Revocable Living Trust to protect your propeerty and estate.

LEGALLY SPEAKING�... WILLS NOT SUFFICIENT.

By: J. NORMAN STARK, ATTORNEY, ARCHITECT EMERITUS (OH) A.I.A., N.C.A.R.B.

Wills do not provide tax benefits. A Last Will and Testament is legally insufficient to protect assets; Living Trusts do so! It is a common misconception to rely upon a Will to protect and transfer estate assets, without taxes, costs, and time.

Under the Probate laws of each state, upon the death of a Testator (maker) of a Will, the Probate Court acquires legal jurisdiction to administer the disposition of estate assets. The probate laws require preparation of formal court filings of the Will within a specific time period after death, appointment of Executor, attendance at hearings, defend challenges to the Will, creditor claims, and to prepare and pay the taxes and costs, frequently in excess of 10% of the estate value. Transfers of title to real property ("real estate") to heirs or beneficiaries may be delayed for more than a year or longer.

Modern estate planning provides a valuable legal solution - the Living Trust, as an effective, efficient, and desirable alternative to a will. Living Trusts can protect estate assets, provide for efficient and trouble-free transfer of property and estate control by Successor Trustee(s), with significant protection for surviving spouses, heirs, minor children, and designated beneficiaries of the decedent. The benefits of a properly prepared trust include:

� Avoid probate upon incapacity, disability, or death.

� Avoid probate administration, required with Wills.

� Avoid probate Will contest litigation, taxation, time, and expense.

� Avoid lengthy delay in distribution of assets, and inheritances to loved ones.

� Avoid inequities from transfer-on-death accounts.

� Protect spouse, children, family and other descendents.

� Provide for issues with second and subsequent marriages; protection for children.

� Individualized planning for children.

� Plan federal and state estate tax minimization.

Comedian W.C. Fields quipped about Lawyers: "If there's a will, prosperity can't be far behind."

Your Attorney can advise and assist you in creating and funding your Revocable Living Trust.

"WHERE EXPERIENCE COUNTS, COUNT ON MY EXPERIENCE"

J. NORMAN STARK, ATTORNEY

ARCHITECT EMERITUS (Ohio) A.I.A., N.C.A.R.B.

1109 Carnegie Avenue Cleveland, Ohio 44115

(216) 531-5310 x7100 Email: [email protected]

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You could do a beneficiary Deed. That will transfer your interest to him, upon your death. This would allow you to sell the property, should you need to. . Or, you could do a quit claim deed or warranty deed from you to you and him as joint tenants. This would transfer the interest, to him, at your death. But, you could not sell or otherwise transfer your property without his permission.

There are medicaid differences between both methods too. You should consult directly with your attorney, and your accountant, to see which method will best fit your particular situation

Short of paying off the note, or getting him added as a joint debtor, there may be no way to prevent the lender from accelerating the debt, at your death. However, many note holders will accept getting timely payments. But, he and your other heirs may share that part of the interest that you didn't have equity in at your death. This is another issue to address with your attorney.

Good luck