Lindale, TX Estate Planning Law Firms & Lawyers

The attorney for the estate should tell you what he expects you to do. In Missouri, the personal representative receives a commission based on the value of the property that is actually part of the probate estate. This would only include real property if it was sold. The probate estate normally (in Missouri) does not include any property that the decedent owned jointly with another person (except tenancy in common) and will not include property in trust or life insurance proceeds payable to a named beneficiary (other than the personal representative or the estate). The commission scale is as follows: 5% on the first $5,000 4% on the next $20,000 3% on the next $75,000 2.75% on the next $600,000 2% on everything over $1,000,000.

Living trusts can be expensive and time consuming to create and are usually reserved for larger estate ($1 million or more). Wills are much easier to create and can be changed at any time. A simple will would allow you to leave the home to her. Be aware that because you aren't married, there may be tax consequences to consider with either choice. You both should also have living wills, power of attorney for health care, and power of attorney for financial matters that permit the other person to act on your behalf in emergency situations.

A spouse cannot be disinherited, so if the trust tries to disinherit the spouse that spouse can claim the "spousal elective share" which is 1/3 of the "augmented estate." A lawyer who practices in this area can help you determine what every heirs true rights are.