10 Essential Tips to Remember When Writing Your Will
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 at 636-887-5257 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.