David Preston Crandall’s Answers

David Preston Crandall

Shawnee Mission Estate Planning Attorney.

Contributor Level 9
  1. I have one daughter and she"s listed as POD on all my assets. Do I still need a will?H

    Answered almost 5 years ago.

    1. David Preston Crandall
    2. Jonathan H Levy
    2 lawyer answers

    As Jonathan pointed out, your daughter could die -- then what? But that is just the tip of the iceberg. There are two different kinds of joint ownership, Tenants in Common (assets do not pass to the survivor) and Joint Tenancy (assets pass to the survivor). If you don't use the correct legal language, you wind up with Tenants in Common, which is the legal default. Furthermore, what happens if your daughter is sued (e.g. car accident)? She has some ownership on all your assets, so your...

  2. Is life isurance included in an estate in missouri were there is no will

    Answered almost 5 years ago.

    1. David Preston Crandall
    1 lawyer answer

    That depends on what you mean by "included in an estate". If you are the named beneficiary on the life insurance policy, then the money passes to you directly (which is outside the probate estate). No will is needed in order to claim the insurance proceeds, and no probate needs to be opened to claim the life insurance. HOWEVER, life insurance IS included in the "estate" for determining liability under federal estate tax law. Whether there will be tax liability depends on the size of the...