Estate planning isn’t just for the wealthy or elderly – it’s for everyone. Whether you’re a young parent in Lake St. Louis or a business owner in St. Peters, planning for the future of your assets and loved ones is crucial. But when is the right time to start estate planning?
In short, the earlier, the better. Starting your estate plan now can protect your family from legal headaches, preserve your wealth, and give you peace of mind.
Below, we break down why proactive estate planning matters, key tools (like wills and trusts) to consider, local insights for residents of St. Charles County (including Lake St. Louis, O’Fallon, and St. Peters), and how to take action today.
Why You Can’t Wait To Start Estate Planning
Life is unpredictable.
No one likes to imagine accidents or sudden illness, but planning ahead is an act of love and responsibility. If you were to pass away or become incapacitated without an estate plan, state law will decide what happens to your assets – and the outcome may not align with your wishes.
Every state (including Missouri) has “intestacy” laws for those who die without a will, meaning a court could determine how your property is divided and even who cares for your minor children. This court-driven process can be lengthy, public, and emotionally taxing for your family.
You’re never too young to start.
The best time to begin estate planning is often as soon as you’re a legal adult. Many financial advisors recommend creating a basic estate plan once you turn 18 and updating it every few years or after major life events.
Why so early?
At 18, you gain legal control over your finances and healthcare decisions. Having documents like powers of attorney or a healthcare directive in place ensures your parents or trusted individuals can step in if something happens to you.
As you move through life’s milestones – getting a job, buying a home, getting married, having children – your need for planning grows. Each milestone is a prompt to either start or update your estate plan so it keeps pace with your life.
Major life events trigger the need. Certain events should always spur estate planning action:
- Marriage or Divorce: Tying or untying the knot changes your legal and financial picture. Update your plans to reflect your current wishes regarding spousal inheritance and beneficiary designations.
- Birth of a Child: The arrival of a child is a top reason to create a will if you haven’t already. You’ll want to name a guardian for your children and ensure their financial future is secure.
- Illness or Incapacity: A sudden medical crisis can leave you unable to make decisions. Instruments like a Durable Power of Attorney and Healthcare Power of Attorney allow someone you trust to manage your affairs and healthcare if you’re incapacitated, so your bills get paid and doctors follow your wishes.
- Starting a Business: Entrepreneurs in O’Fallon and St. Peters take note – your business is an asset that needs succession planning. Decide now what should happen to the business if you retire or pass away. (According to the SBA’s SCORE program, nearly half of business owners who expect to retire in 5 years have no successor or plan in place, a risky oversight.)
By planning early, you relieve burdens on your family. Emotions run high after a death or during a health crisis; having clear legal instructions spares your loved ones from making tough choices on their own. Instead of court fights or confusion, your family can focus on healing.
Key Legal Tools To Get Started
When you start estate planning, you may rely on several legal tools, but the cornerstone documents are usually a Will and, for many, a Trust:
- Last Will and Testament: A will is a legally binding document that details how your assets should be distributed in probate court after your death and can name guardians for minor children. In Missouri, if you die without a will, your property will be divided under Missouri’s intestacy laws which might split assets among a spouse and children or go to distant relatives by default – not always what you would want. Creating a will ensures you decide who inherits your property and under what terms. It can be simple, yet it addresses crucial questions like Who gets the house? or Who will raise the kids?
- Trusts: A trust is a versatile tool that can hold assets during your life and distribute them after death, often avoiding probate and providing control beyond the grave.
For example, a Revocable Living Trust allows you to manage assets as the trustee while you’re alive and competent, then seamlessly transfers management to a successor trustee (whom you choose) if you become incapacitated or pass away.
Trusts can also help minimize estate taxes and legal fees by keeping assets out of probate court. In families with young children or beneficiaries who aren’t great with money, a trust lets you stagger inheritance (e.g. some at 25 years old, more at 30, etc.) rather than handing everything over at once.
(Key takeaway: Wills direct assets and name guardians; trusts add ongoing management and probate avoidance.) - Powers of Attorney & Health Directives: These might not be top-of-mind when you think “estate plan,” but they are essential for lifetime protection.
A Financial Power of Attorney lets a person you designate handle financial or legal matters if you cannot (paying bills, managing accounts, even running a business).
A Healthcare Directive (Living Will) and Healthcare Power of Attorney let you outline your medical treatment preferences and appoint someone to communicate with doctors on your behalf. This way, a sudden accident won’t force your family into court for guardianship – you’ve already legally empowered someone to act.
Having these documents ensures your choices guide critical decisions, not a court’s.
These tools work together to form a safety net. The specifics can be tailored to your needs – for instance, not everyone needs a complex trust – but every adult should, at minimum, have a will and powers of attorney in place.
Local Insights: Estate Planning in St. Charles County and Surrounding Areas
For residents of St. Charles County, Lake St. Louis, O’Fallon, and St. Peters, there are a few local considerations to keep in mind when you start estate planning:
- No Missouri Estate Tax: Good news – Missouri does not impose a state estate tax (sometimes called a “death tax”).
The Missouri Department of Revenue confirms that for any deaths since 2005, no Missouri estate tax return is required, because Missouri eliminated its estate tax when the federal credit was phased out (dor.mo.gov).
This means that unlike residents of Illinois or other states that still have estate or inheritance taxes, Missourians generally only worry about federal estate tax.
The federal estate tax, however, can hit very large estates: in 2023 the IRS filing threshold was $12.92 million per individual (double for couples), with any amount above that taxed at 40% (ers.usda.gov). By 2025, that exemption rises to $13.99 million (irs.gov), but it’s scheduled to drop significantly in 2026 absent new legislation.
Bottom line: most Missouri families won’t owe estate tax, but if you have significant assets (or expect to), talk to a planner about tax-efficient strategies.
- Probate and Beneficiary Deeds: Missouri offers ways to transfer property outside of probate (the court process to settle an estate).
One popular tool in St. Charles County is the Beneficiary Deed (also known as a Transfer on Death deed) for real estate.
This deed lets you name who should inherit your house or land, and it automatically transfers to them when you die, without needing probate court. Similarly, you can designate beneficiaries on bank accounts, retirement plans, and life insurance.
Using these tools as part of your estate plan can streamline the process for your heirs. An estate planning attorney in Lake St. Louis or O’Fallon can help ensure these beneficiary designations are set up correctly and align with your overall plan (so they don’t accidentally contradict your will or trust). - Local Legal Resources: St. Charles County residents have access to helpful resources like workshops, seminars, and knowledgeable local attorneys. For example, Polaris Estate Planning and Elder Law regularly hosts estate planning workshops to educate the community.
Attending a workshop or consultation can give you insight into Missouri-specific considerations – such as how titling of property (joint tenancy, TOD designations, etc.) works under Missouri law, or how to handle unique assets like family farms or small businesses common in our region. Also, keep in mind that estate planning isn’t just about death – elder law and long-term care planning are big here too.
With many retirees around St. Peters and O’Fallon, planning for potential nursing home costs through tools like Medicaid planning or long-term care insurance is wise. An experienced local attorney can guide you through state programs and asset protection strategies for seniors. - Estate Planning for Business Owners: Our area has many family-run businesses. If you’re a business owner in St. Charles County or neighboring communities, your estate plan must address business succession. Decide who will take over or how the business will be sold or managed.
The U.S. Small Business Administration highlights that lack of succession planning can put businesses at risk, and recommends working with estate attorneys to minimize taxes and smoothly transfer ownership.
Missouri business owners can also consider buy-sell agreements funded by life insurance, which provide liquidity and clarity if an owner dies.
Don’t leave your life’s work in limbo – include your business in your estate discussions.
Secure Your Future: Act Now with a Solid Plan
Estate planning may feel daunting, but it comes down to one core goal: taking care of the people you love and the assets you’ve worked hard for, no matter what happens.
Starting early means you can adapt your plan over time, rather than scrambling in a crisis or leaving a mess for your family. It’s not a one-and-done task – think of it as an ongoing part of adult life, like regular health checkups or financial planning.
Set a reminder to review your estate plan every few years or when major changes happen (new child, new house, new marriage, etc.). Keeping it up-to-date is just as important as creating it in the first place.
Most importantly, don’t wait for “the right age” or “enough assets” to plan. Tragedy and illness don’t discriminate by age, and even modest estates benefit from direction.
If you’re 30 with a young family in Lake St. Louis, you absolutely need a plan for guardianship of your kids and managing any life insurance payout.
If you’re 65 and entering retirement in O’Fallon, you should have your will/trust, powers of attorney, and healthcare directives ready to go, and make sure your beneficiaries are all correct on your accounts.
Plan Ahead with Polaris Estate Planning and Elder Law – Your Family Is Counting on It
Every day you wait to start estate planning is a day your loved ones remain unprotected. Take action now to secure your family’s future. The experienced attorneys at Polaris Estate Planning and Elder Law are ready to guide you through every step – from drafting a simple will to setting up complex trusts – all tailored to St. Charles County and surrounding Missouri communities.
We pride ourselves on making the process approachable and effective, so you can gain peace of mind immediately.
Contact Polaris Estate Planning and Elder Law today at (636) 757-3850 to schedule a free consultation or attend one of our upcoming estate planning workshops. We’ll help you create or update a plan that meets your unique needs and complies with all Missouri laws.
Tomorrow is never guaranteed – if you start estate planning today, you protect what matters most. Don’t leave your loved ones’ future to chance or the courts.
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This article is for informational purposes only and does not constitute legal advice. For specific estate planning concerns, consult a qualified attorney.