Estate Planning Lawyer Creve Coeur, MO
Having a plan for what happens after your death is a critical step in every person’s life, which is why you should contact an estate planning lawyer Creve Coeur, MO residents trust. It may seem contradictory, but if you want your wishes to be followed at the end of your life and after, you need an estate plan.
A Missouri estate planning lawyer knows that the sooner you create an estate plan, the better. There are a myriad of documents that can be included in this process. While most do not go into effect until after your death, some may trigger should you undergo a health emergency. Take a further peek into why estate planning is so imperative to bringing peace of mind in life and death situations.
End of Life Wishes
You may be adamant about not wanting to be kept alive using mechanical devices. If you get into a catastrophic accident that leaves you brain dead, you do not want any further life-saving action to occur. To ensure this is adhered to by family, you may want to create a living will or medical directive power of attorney. These documents dictate who you want to act on your behalf should you be unable to make medical decisions based on your desires. A financial power of attorney designates a representative to have access to your money to help pay your bills while you are not fit to do it yourself. Our estate planning lawyer in Creve Coeur, MO can walk you through this process.
After Death Directives
A will is a standard legal document that disburses your personal items and assets to heirs of your choosing. Creating a will allows you to choose who will be best to take care of and administer the actions prescribed by the will. A will can also:
- Dictate funeral arrangements
- List debts and assets
- Leave personal property to specified individuals
In many jurisdictions, a will must go through a court process known as probate. This ensures that an estate is administered according to the deceased’s wishes. It also makes sure debts get paid.
When planning an estate, your Creve Coeur, Missouri estate planning lawyer may suggest that you create a trust for some or all of your assets. A trust is a sheltered account that is not part of the probate process. It designates a trustee who inherits the trust or administers it to beneficiaries directly. It can also provide tax benefits while you are alive and to your heirs after you pass on.
Your family must be cared for after your death. Should you need help creating a plan, contact an estate planning lawyer Creve Coeur, MO relies on from Legacy Law Center to give you some assistance.
Who Should Consider Establishing an Asset Protection Trust?
You may have heard that setting up a trust can be a great alternative to having a will. Everyone should always have a will, but setting up a trust may be a good option in addition to your will. There are different types of trusts, so you should understand what kinds of available before you set yours up. This guide will go over what trusts are, how asset protection trusts are different, and who should consider setting up an asset protection trust. If you need any further questions, you can speak with an estate planning lawyer in Creve Coeur, MO.
What Is a Trust?
A trust is essentially just an agreement with a trustee. The trustee will receive a set of belongings, also known as assets, and then pass those belongings on to the designated parties when the condition of the trust is met. If a trust is being used for estate planning, the condition of the trust will be the death of the person who set up the trust and the designated parties are the loved ones of the deceased. In general, a trust should be drafted by an estate planning lawyer Creve Coeur, MO residents can rely on.
What Is an Asset Protection Trust?
Asset protection trusts are trusts set up specifically to protect the belongings. Passing the belongings on to other parties is tangential to the true purpose of the trust. Sometimes, the belongings in the trust will be returned to the original owner and other times they will be passed on to the loved ones of the deceased just like in a traditional trust.
While the belongings are in an asset protection trust, they cannot be claimed by other people. Essentially, ownership of the belongings is taken away from the original owner so it is impossible for them to be claimed by people the owner is in debt to.
Who Should Have an Asset Protection Trust?
First things first, only certain states allow asset protection trusts to be formed. So only people who live in the proper states should consider creating an asset protection trust. In fact, it is illegal to form an asset protection trust in the vast majority of US states. An estate planning lawyer in Creve Coeur, MO can help you to understand whether or not an asset protection trust is available.
Second, asset protection trusts are only beneficial for people who have a reason to fear their possessions being taken away. Typically, asset protection trusts only protect against:
- Lawsuit resolutions
- Collection agencies
If you believe that one of these things is threatening to take your belongings, and you live in a state where asset protection trusts are legal, then you should speak with an estate planning lawyer in Creve Coeur, MO about whether or not setting up this type of trust is a viable option for your situation.
To speak with a Creve Coeur, MO estate planning lawyer, please call Legacy Law Center now.