Life Choices
FINANCIAL CONSIDERATIONS
Life Choices: Page 14 of 36
pdf 
order
Financial considerations: Who receives your estate
Living trusts | Non-probate transfers& real estate transfers
Power of attorney & durable power of attorney
Personal custodians, guardianships & conservatorship
Spouses right of election, joint ownership
Under Missouri law you may decide to a great extent who receives your property. However a surviving spouse may petition the court to receive more than you specified in your will using what is called "right of election." With this right, your spouse may ask the probate division for one-third of the estate if you have children or one-half of the estate if you do not.
The property you jointly own with your spouse is not included in your will. This property automatically passes to the surviving spouse without going through probate court.
Thus, joint ownership makes distribution of one's estate simpler after death. Be cautious when using joint ownership since control of the property is shared between the owners.
page 14 of 36
Living trusts | Non-probate transfers& real estate transfers
Power of attorney & durable power of attorney
Personal custodians, guardianships & conservatorship
Seeking legal help?
Information contained in this chapter is not intended to replace advice from a private lawyer. Legal advice is recommended for preparation of many of the documents described.
If you need to find a lawyer in your area, you can contact the Missouri Bar Lawyer Referral Service (there is a fee)
Missouri Bar Lawyer Referral Service
Jefferson City: 573-636-3635
St. Louis: 314-621-6681
Kansas City: 816-221-9472
Greene County: 417-831-2783
