Estate Planning Lawyer O’Fallon MO
When writing a will, there are many variables to consider, some of which you may not be aware of without the help of an estate planning lawyer O’Fallon, MO families turn to for assistance. At Legacy Law Center, we have helped many families and individuals plan their estate. Throughout the process, we can address any concerns or questions that may arise. We understand the critical role that an estate planning lawyer in O’Fallon, MO plays in the future of your loved ones after your passing. By making sure that your will is legally recognized as your last will and testament, it greatly reduces the possibility of any heirs contesting it in court.
We encourage you to call us at Legacy Law Center at 636-887-5257 to speak with an O’Fallon estate planning lawyer to learn about all of your estate planning options, which include a will. Ask us about tax saving advantages and trusts. Your first consultation is free.
Writing Your Will
Below are ten essential tips to remember when writing a rough draft of your will. Afterward, you can begin finalizing your will with the assistance of an estate planning lawyer O’Fallon, MO residents choose from Legacy Law Center.
#1 Appoint a Power of Attorney
In the event you lose mental capacity, designating someone to have a power of attorney over your affairs and assets allows them to handle your financial affairs on your behalf.
#2 List Children’s Age of Asset Inheritance
If you have underage children, list at what age they are to receive their portion of your estate’s assets and which percentage each should inherit.
#3 Have an Attorney Help You Finalize Your Will
Every estate planning lawyer O’Fallon, MO locals recommend from Legacy Law Center has helped many clients
Finalize a will that is legally recognized as well as clear.
#4 Take Advantage of Tax Savings
An estate planning lawyer O’Fallon, MO community members rely on from our firm can review what estate taxes, if any, will be applicable after your passing. Our attorneys have a thorough understanding of tax laws and how your heirs can avoid paying taxes when possible, or can suggest methods to reduce that tax burden.
#5 List a Guardian for Dependents
Name a trusted, caring person who will take care of your children or dependents in the event of your passing.
#6 Protect Your Will
By working with a professional estate planner, you can greatly reduce the likelihood of your will being contested by an heir.
#7 Name an Executor for Your Will
This person has the responsibility of handling your will based on your wishes.
#8 Identify Beneficiary Backups
If your beneficiary were to pass away, name another person to receive this share of your assets in their place.
#9 Update Your Will
Just because your will is complete does not mean you cannot go back and make edits based on life events and changing relationships. We are happy to help you update your will as necessary.
#10 Provide Clarity
It can make things easier for your executor if the estate plan is free of grammatical errors or spelling mistakes. A simple apostrophe can spell disaster. Our team will make sure every word is clear and correct.
Legacy Law Center
We believe in helping clients feel at ease with how their legacy will be passed on for generations to come. Call us today to receive a free initial consultation with an estate planning lawyer O’Fallon, MO offers at Legacy Law Center.
If you’re looking for some help with creating a trust, you may be looking for a top estate planning lawyer O’Fallon, MO has to offer. A trust is created as an agreement that governs how an individual’s property and other assets should be maintained and disbursed throughout the individual’s lifetime and also upon their death. When looking for an O’Fallon estate planning lawyer to help you plan your trust, we understand it can be a sensitive process in choosing the right person to represent you. We are backed by years of experience so you can feel confident and comfortable that you can be taken care of.
There are two main classifications of trusts:
Living – when the trust is established during the individual’s lifetime; and
Revocable – when the individual has reserved the right to alter or rescind the trust during their lifetime;
Three different parties are typically involved in a revocable living trust:
- Trustee; and
As mentioned above, a revocable trust enables the settlor to alter or rescind it at any time in their life. This allows the settlor to consider a variety of circumstance changes, such as death, divorce, marriage, disability, or even if they simply want to just change their mind. It also allows for an ease of mind as the settlor can feel confident that any decision can be undone at any given time. The kind of estate planning lawyer O’Fallon, MO residents deserve is just a phone call away. Call Legacy Law Center for your free consultation today.
Estate tax planning can also be completed using a revocable living trust. The state of Missouri currently does not hold an estate tax, however, the federal government does. Clients that are concerned about having to pay estate tax upon their death can feel confident when obtaining a revocable living trust, as it can encompass specific estate tax planning verbiage with the goal of minimizing estate taxes. An experienced estate planning lawyer O’Fallon, MO residents should look for can be found at Legacy Law Center.
Trustees can use the assets of the trust to pay bills, maintain property expenses, pay real estate taxes, etc. The trustee can also figure out property distribution and other related issues for the trust. A relative or friend of the successor is typically chosen as the trustee, and in some instances, the successor may choose a professional trustee such as the representative of a company or a bank. The state of Missouri does not require the successor trustee to be a resident of the state of Missouri. Look to an estate planning lawyer O’Fallon, MO trusts for your trust needs today, as our lawyers are standing by to answers any and all of your questions.
The successor trustee process and actions are typically not supervised by any party, even the court of law, so selection of this important role should be well-thought-out. An estate planning lawyer in O’Fallon, MO can assist you with this complex process. Our clients’ satisfaction is always our top priority. If you’re looking for some help with planning your estate or your revocable living trust, contact Legacy Law Center at our Winghaven Office or our St. Charles Office to speak with an estate planning lawyer O’Fallon, MO is proud to have fighting for its community.
Estate Planning Terms Explained
Planning your estate is something most people will be involved with at some point in their life. If they want to be certain their loved ones are provided for after they are gone, they will likely work with a reliable estate planning lawyer serving O’Fallon, MO. The terminology involved in estate planning can be difficult to understand for anyone not well-versed in the medieval language, which includes most people. What do these terms mean? An estate planning lawyer for O’Fallon, MO can help you sort out everything you need to know. Let’s take a few of the most used terms and simplify their meanings.
What is an administrator? This is someone appointed by the court when someone dies without a will to manage the deceased’s estate.
A beneficiary is someone you select to receive benefits from an insurance policy, funds, or any items or benefits listed in your will.
Durable Power of Attorney
Health Care — This document names someone you would like to make decisions related to your health in case you become incapacitated and are unable to make decisions for yourself.
Property — In the event that you become incapacitated, the durable power of attorney for property becomes effective. This document designates someone you select to make decisions concerning your property in the event you are not able to do so.
Estate — The term estate includes all your assets and property. This includes any bank accounts, life insurance policies, retirement funds, real estate, and personal property like jewelry and cars.
Executor — An executor is a person you choose to take care of your estate after you die. This person will pull together all property, settle any outstanding debts, and then distribute the balance of the assets and property as stated in the will.
Intestate — Is the legal term used when someone dies and does not have a will.
Joint Tenants with Right of Survivorship
In many states, this is the form of ownership used when real estate is purchased by a married couple or co-owners. When one owner dies, the property automatically passes to the other owner, now the sole owner of the property.
A living trust is a vehicle where the grantor, or creator, can place property or assets. A revocable living trust can be changed and therefore does not reap the full tax benefits of an irrevocable trust (where the assets cannot be touched while the grantor is alive). Therefore, if you have a large number of assets and want the tax benefits, talk to your estate planning lawyer in O’Fallon, MO about creating an irrevocable trust.
Should You Have a Living Will?
This document will go hand in hand with the health care durable power of attorney. The living will can detail the types of treatment you want or do not want should you be unable to make those decisions on your own. The person you name in the durable power of attorney must follow the instructions set forth in your living will.
There are just a few of the most commonly used terms in estate planning. Your O’Fallon, MO estate planning lawyer can clarify any questions you have concerning these terms and how to create an estate plan that is right for you and your family.
Irrevocable Trust Lawyer
Irrevocable trusts are a crucial element of estate planning, tax avoidance, and protection of assets. At one time, irrevocable trusts were used by the wealthy and elite, but today anyone with assets can benefit from them. Mastering an irrevocable trust takes time which is why some people avoid them even though they can be their best tool for the most effective estate plan. If you’re considering an irrevocable trust, but would like to find out if it’s right for you, call a estate planning lawyer serving O’Fallon, MO from Legacy Law Center.
What is an Irrevocable Trust
An irrevocable trust is a type of trust which is created by the Grantor, and once created, it is impossible to revoke and reclaim the assets. Unlike a revocable trust, this type of trust is permanent.
At a basic level, once an asset is given to the irrevocable trust, it cannot be taken by creditors or anyone else.
No one actually owns the asset, but rather it is owned by the trust. Talking to a estate planning lawyer O’Fallon, MO can help you determine if a trust is right for you.
Setting Up an Irrevocable Trust
An irrevocable trust must be created by a Grantor. This person brings the trust into existence and will be responsible for signing it. A Trustee must be appointed at the time of the trusts creation, and this person will be responsible for managing the trust and overseeing it’s terms. Once the trust has been created, the Grantor can give the trust assets which will be managed by the trustee on behalf of the beneficiaries.
Why Choose an Irrevocable Trust
A O’Fallon, MO estate planning lawyer can tell you that there are a number of advantages to choosing an irrevocable trust, including:
- The trust can own almost any asset
- It protects the Grantor and Beneficiaries from divorce, legal problems, and creditors
- The assets can be kept in the family forever
- Assets can be removed from the Grantors taxable estate
- Death taxes can be avoided
Common Types of Irrevocable Trusts
There is not just one irrevocable trust; rather, they come in many shapes and sizes, and can fit to a broad range of situations. Below are some irrevocable trusts used by an estate planning lawyer in O’Fallon, MO for our firm:
- Irrevocable Life Insurance Trust
- Spousal Lifetime Access Trust
- Disclaimer Trust
- Dynasty Trust
- Grantor Trust
- Grantor Retained Annuity Trust
- Qualified Domestic Trust
- Qualified Personal Residence Trust
- Education Trust
- Charitable Remainder Annuity Trust
- Bypass Trust
- Credit Shelter Trust
- Marital Trust
- AB Trust
- Pet Trust
The Need for a Trust Lawyer
Nearly all Grantors will need a trust lawyer to create the irrevocable trust, and almost all trusts will give the Trustee funds to hire a lawyer who can advise, counsel, and represent him or her. In general, it would be a wise choice to retain a trust lawyer as soon as possible. This is especially true if you have just been named the Trustee of an irrevocable trust. In doing so, any disputes, estate litigation, or wrongful action can be avoided.
At Legacy Law Center our estate planning lawyers in O’Fallon, MO have been advising clients on making sound decisions for an estate and irrevocable trust for decades. Guided by experience, knowledge, and a zealous passion for estate law, we can help you to make the right choices for your future and your heirs. Call us now for a free consultation with a estate planning lawyer serving O’Fallon, MO.