In 1989, Missouri became one of the first States to offer a fairly comprehensive statutory scheme for allowing beneficiary designations to be made to a wide range of assets falling under the jurisdiction of Missouri law.  The designations are broadly called Transfer on Death (TOD) and Pay on Death (POD).  In Missouri, you can make beneficiary designations on real property (TOD-Beneficiary Deed), all vehicles titled through Jefferson City (TOD), all bank accounts (POD or TOD), and even personal property (TOD-Bill of Sale).  The appealing aspect of these designations is their simplicity.  Basically, you die and then at that time someone else owns the property.  However, that very simplicity is also a very real limitation.  TOD/PODs don't allow you to control the management and distribution of funds for minors or children with special needs.  TOD/PODs do not give you any options in addressing complicated or large family type situations.  If you hold assets outside of Missouri or might move to another State, this approach to transferring property at death will likely not work for you as most States have not enacted comprehensive Non-Probate Transfer laws.  If you have a larger estate and need to consider estate tax planning, this approach will likely not meet your needs.  Finally, if you are in a situation where this approach could work (Missouri assets, likely to stay in Missouri, non-taxable estate, small and cooperative family or beneficiary group) then you will still need to have planning for incapacity!  See General POAs.  

To learn more call 816.415.9455 today to schedule a free consultation!

Note: We DO NOT provide free reviews to persons seeking a review of unexecuted documents downloaded from the internet!  We DO NOT offer free legal advice.  We DO NOT respond to calls or e.mails to our office from those seeking free legal advice.  We DO offer a free initial consultation to those persons that are serious about establishing a proper estate plan or updating an existing estate plan.