Estate Planning Lawyer St. Charles, MO
No person should put off contacting an estate planning lawyer St. Charles, MO residents recommend from the Legacy Law Center. Many often believe that estate planning is a cumbersome process. While this may be the case when managing the estate planning process on your own, with the assistance of a lawyer from the Legacy Law Center, estate planning can be much more straightforward than many might realize. Making sure that all the basics have been covered will be critical. The last thing you want is to develop an estate plan that may include all necessary aspects.
The following are a few components needed when developing an estate plan:
The Last Will and Testament
The last will and testament are one of the most critical components of an estate plan. Your will outlines your wishes in the event of your passing. A will incorporates information regarding how you would like your assets distributed in the event of your passing. Without a will in place, there is no guidance for how assets should be distributed to beneficiaries.
With strategic planning, fewer assets may be subject to the process when a will passes through probate. Be aware that a will must be updated when significant life changes occur, such as the birth of a child, divorce, changes in assets, and more.
Power of Attorney
There are two different types of attorney, medical power of attorney and financial power of attorney. Both of these are available should a person need another to step into making decisions for them. The medical power of attorney allows the appointed party to make medical decisions when a person can no longer do so themselves. A financial power of attorney allows another to step in when necessary.
In some cases, this may be available when someone is unavailable to make critical financial decisions. Such financial decisions may be required when a person is either incapacitated or unavailable to make such decisions.
Developing a Trust
A trust is a way for a person to avoid probate and dictate how assets are distributed when they cannot do so. A trust ensures that assets are protected and distributed in the way that you wish. There are two primary trusts to consider when a trust is established: an irrevocable living trust and a revocable living trust. An irrevocable living trust is something that cannot be modified once it has been created. A revocable living trust is something that can be managed and revised by a grantor throughout their lifetime. When a person passes away, assets can be distributed based on the grantor’s wishes.
Trusts Versus Wills
When planning your estate, you may be tempted to write your will and get it done with. In general, you probably know what assets you have and who you want those assets to go to. However, your estate planning does not need to stop at creating a will. You may not realize that it is in your best interest (and the interest of your beneficiaries) to create a trust. In some cases, you may even want to make both.
The estate planning attorneys from the Legacy Law Center want to ensure that when you work with us, you are getting exactly what you need. Below, we discuss the uses for will and trusts and walk you through which one may be best for your situation. To discuss more estate planning tools, contact our office for an appointment.
What is the main difference between a trust and will?
Both of these things may be incredibly important to you, so it is critical to decide early on if anything may exclude using a will or a trust. When it comes to wills and trusts, there are usually two main differences to keep in mind:
- A trust can help you avoid probate; a will cannot.
- A will can name a guardian for your minor children, a trust cannot.
What else is important to know about wills?
When you create a will, you create a document that does not go into effect until after you have died. Essentially, you are making a will because you want to ensure that your wishes are met when you pass away. You will want to use a will to direct your assets and who should have them. This happens once the person you have entrusted your will to (your executor) files your will with the probate court. If something happens to you while you are still alive (you become incapacitated somehow), a will does not direct your assets.
Things a Probate Lawyer Can Do for You
Assess the Will
If you are named as the executor of a will, you are responsible for handling the affairs of the estate of a deceased person. Hopefully the deceased individual has left a will, which makes the probate process much easier. A probate lawyer can assess a will and determine if it is legal.
If the will is determined to be legal and valid, the probate attorney can approve the executor appointment. These steps are important because these approvals mean an estate executor will be able to use the will in court. Hiring a probate lawyer in Lake St. Louis, MO, can facilitate the probate process.
Handle Disagreements
When someone dies, loved ones usually feel grief and suffer. However, if a will is contested, circumstances become even more difficult. Hiring an experienced probate attorney from a firm such as Legacy Law Center can help settle conflicts, whether the problem is between the executor and a beneficiary or among the beneficiaries.
Often, challenges to a will are based on charges that the testator was not competent. A knowledgeable probate lawyer in Lake St. Louis, MO, can provide support and testimony to resolve quarrels perhaps even prevent lengthy, painful legal cases.
Offer Financial Advice
If the testator has left debts, the executor can turn to a probate attorney for advice. Usually, if someone leaves debts when they die, these debts become the property of the estate. Occasionally, specific debts may be handed on to other individuals, but usually they become part of the estate.
As executor, you would be responsible for paying debts using estate assets. There are numerous laws governing this process, however, and each case is unique. For example, student loans and mortgages have specific regulations. On the other hand, perhaps payments need to be made to beneficiaries from life insurance policies. A probate lawyer in Lake St. Louis, MO, is familiar with legal requirements regarding both debts and beneficiary payments, and trusting a knowledgeable professional for this process can reduce the chances of facing future challenges.
Ensure Proper Distribution
A probate attorney helps the executor of an estate with fiduciary duties. An estate executor is expected to act in good faith toward all beneficiaries and other parties, such as debtors, and distribute estate assets with integrity.
Sometimes mistakes are made not out of deliberate malfeasance but rather from lack of knowledge about proper procedures. Working with an experienced probate attorney from a firm such as Legacy Law Center reduces the chance of probate mistakes and possible legal ramifications.
5 Lesser-known Estate Planning Documents You Need
Most people are aware that estate planning includes a will. They may also be aware of powers of attorney and trusts. However, these are not all the estate planning documents you need. Here are some lesser-known papers you’ll want to have.
Digital Account Login Information
If you’ve been online for any amount of time, you likely have dozens, if not hundreds, of online accounts. From Facebook to bank accounts, your presence is everywhere. You may want to consider naming a digital executor in your will. That person would be responsible for taking care of your online accounts, including closing them after your death. A Legacy Law Center estate planning lawyer in St. Charles MO, can help you figure out how to handle your digital presence once you pass away.
Proof of Identity Documents
Your executor will have an easier time of probating your estate if they have all your proof of identity documents in one place. These documents include your driver’s license, passport, social security card, birth certificate, marriage license, divorce decree and armed services discharge papers. Make sure your executor knows where to find these documents.
Insurance Policies and Financial Documents
It’s a good idea to keep all of your insurance policy paperwork together. That includes homeowner’s, car, health and life insurance. Financial documents include records of checking and savings accounts, brokerage accounts, credit cards, mortgage, loans and tax returns. Your executor will have to file a tax return for your estate and will need all this information to do so. An estate planning lawyer in St. Charles MO, may have a checklist of all these documents to help you pull all the papers together.
Deeds and Titles
You may want to keep your deeds and titles together with your financial documents. These are the records of things you own, like real estate and vehicles. If you have a living trust, the deeds and titles should be in the name of the trust so they can avoid probate. An estate planning lawyer in St. Charles MO, at Legacy Law Center would be able to advise you on the ramifications of putting these papers in your trust.
Funeral Wishes
You want to put your funeral wishes in your estate planning documents to help your executor give you the send-off you desire. You may prefer a somber, solemn occasion at church, a gathering of only family members graveside or a large party with all your friends and loved ones celebrating your life. Without specifying what you want your funeral to look like, your executor and heirs would have to decide on the details for you.
Using a Trust
On the other hand, you can use a trust while still alive to manage your property if you wish. When you place your assets into a trust, you can list yourself as the first trustee so that you can still manage any assets you have. Further, if you do become incapacitated, your successor trustee can then start managing your assets. This is an excellent benefit of having trust.
As noted above, the assets you place into your trust do not need to go through the probate court. Instead, the trustee can transfer property to any heirs you have listed upon your death.
The attorneys of Legacy Law Center know that you have worked hard for what you have and, because of this, you have a right to dictate how your assets are distributed. It is your responsibility to make sure that you have engaged in the estate planning process. This is best suited with a legal professional’s assistance who can ensure that your estate plan keeps your best interests at the forefront. It will be critical to get started today with your St. Charles, Missouri, estate planning lawyer at the Legacy Law Center as soon as possible.
Familial Conflict: The Risk of Not Developing a Clear Estate Plan
Estate planning with a St. Charles, MO lawyer is critical when developing these essential documents. While a person may continuously put off an estate plan, it’s vital to dedicate the time towards developing these documents. Estate planning offers advantages to all involved; not only is there a plan for everyone to refer to, but it ensures that you can have your voice heard and protect your assets for beneficiaries. Unfortunately, when a person passes away, it’s possible to experience familial conflict. Family members will believe they know what’s best for you and your assets. For some, developing a trust may be a possible solution. With assistance from the Legacy Law Center, our professionals will help ensure that your wishes are properly communicated and that you have identified a trustee who can help carry out what you have outlined.
Developing a Trust
A trust is when a person puts assets into a trust, allowing a trustee to hold assets for beneficiaries. There are many forms of trusts that may be appropriate depending upon the situation. Many people choose trusts to avoid some assets passing through probate and ensure that assets are distributed in the way someone wishes. There are two primary types of trusts: revocable trusts and irrevocable trusts. A revocable living trust is overseen by a trustee throughout a person’s lifetime. In most situations, the trustee is often the beneficiary, and they will handle their own assets until they pass away. Once a person has passed, the identified trustee takes over the trust and distributes assets accordingly. An irrevocable living trust is where the grantor places assets into a trust and takes effect when a person is still living. These types of trusts cannot be changed or revoked once they are put in place.
Identifying a Trustee
Estate planning St. Charles, MO, with our team, can assist in one of the most critical issues of developing a trust, identifying a trustee. You will want to make sure that you have communicated your wishes with potential trustees and that they are up for this great responsibility. Acting as a trustee over a trust is a long-term commitment, and making sure that the person you have identified is onboard will be critical. Additionally, you will want to ensure that you have identified alternates if the person you identified no longer wants to act as trustee.
Communicating Your Wishes
Whether you are in the process of developing a trust or have just completed your estate plan, there is one factor that should be your top priority- communicating your wishes. When a person passes away, conflict amongst the family is a problem that arises no matter how strong the relationships are. Family may have conflicted viewpoints over what they believe should happen with a person’s estate or their final wishes. As a testator or grantor, you must speak with family members about your plans. Communication ensures that there is no confusion over the estate plan that has been developed. If you have eliminated someone from your plan, communicating your reasons can prevent problems from arising later on. By making sure that all involved know your plan, you can mitigate the possibility of your will being disputed during the probate process. When the family is in disagreement, there are several issues that arise. The last thing any person wants is discord within the family because they are in dispute. When families are not clearly communicated with, fractured relationships may result, which is the last thing you would have wanted when they are grieving your loss.
3 Benefits of a Medical Power of Attorney
A medical power of attorney may be one of the most critical parts of your estate planning documents because this document will control your medical decisions while you are alive. Here are some benefits of having a medical power of attorney.
1. Plan For Your Care
Anyone can become seriously ill without warning. By making a medical power of attorney, you can plan for a possible illness that may cause you to become incapacitated. At Legacy Law Center, you can meet with an estate planning lawyer in St. Charles, MO, to discuss your planning options. In your medical power of attorney, you can provide a structure for a wide range of health care decisions, including where you live while you receive care and from whom you receive care.
2. Choose Your Decision Maker
You will need to choose at least one agent to make medical decisions for you. The agent that you appoint in the document will be required to follow the instructions set forth. However, you may not be able to give specific instructions on every possible healthcare decision. If the action is not defined, your medical decision-maker will have the authority granted in a power of attorney to exercise their judgment. It would be best if you had confidence in your agent’s decision-making ability when you name them as your healthcare proxy. Your estate planning lawyer in St. Charles, MO, with the Legacy Law Center, will include general guidelines that will allow your appointed agent to make decisions that are consistent with your desired treatment.
3. Specify Your Treatment Options
Most people have strong feelings about various treatment options that are available in the event of an illness. You may prefer to have only pain-relieving measures and no other medical interventions. You can specify if you want to have palliative or more aggressive treatment in a medical power of attorney. You can also direct your agent to allow or not allow your providers to put you on artificial respiration or other life support. If you become unable to make medical decisions for yourself and do not have medical power, your treating physician will decide your treatment. You can avoid unwanted treatment or interventions you disagree with by providing directions in your medical power of attorney drafted by an estate planning lawyer in St. Charles, MO.
A medical power of attorney is a critical tool to allow you to maintain some control over your life decisions even if you are incapacitated.
Reasons to Have an Estate Plan in Place
Some people think estate planning is only for those who have a lot of assets, especially because of the word “estate.” This is not necessarily the case at all. Estate planning is the process of determining who will inherit your financial assets and other personal property. Without a plan in place, you do not have the option to choose who receives what after you pass away. Each person’s situation is unique, which means your estate plan will vary as well. Speaking with a knowledgeable estate planning lawyer in St. Charles MO can help you develop the best estate plan for your individual situation. Here are six reasons to ensure you have an estate plan in place:
Override the Default Intestate Laws
If you do not draft a will, the state you live in sets forth guidelines on how your assets will be distributed upon your death. This is known as dying intestate. Most likely, your assets will not be distributed how you would have chosen if you had a valid will in place. You can prevent this default distribution by having a valid will, creating a trust, or having assets held in joint ownership.
Protect Your Family
One of the main reasons to have an estate plan in place is to protect your family. This is especially important if you have young children. No one wants to think about dying at a young age, but it can happen. If you have children, you absolutely need to be prepared for a potential tragedy. You want to make sure your family is well taken care of, and you can also name a guardian for your children in the event something happens to you. A St. Charles MO estate planning lawyer can make sure that the right documents are in place to ensure your wishes for your children’s future will be established in your estate plan.
Avoid Overpaying Taxes
Aside from ensuring the assets are distributed according to your wishes, another reason to have an estate plan in place is to minimize the potential taxes. Taxes can take a chunk out of your overall estate, which means less goes to your intended beneficiaries. There are several ways you might be able to avoid estate taxes completely. This is another reason you want to work with a skilled estate planning lawyer.
Avoid Probate
If you plan your estate right, it will not need to go through the process of probate. Probate is a court-supervised process in which your will is authenticated. The court will place a value on assets, ensure remaining bills and taxes are paid off, and then it will distribute the remaining assets to your rightful heirs.
Name Someone to Make Healthcare Decisions
In the event you become incapacitated, you will need someone who is capable of making medical decisions for you. A St. Charles MO estate planning lawyer can create a power of attorney agreement for you that names a family member, spouse, or friend to act as your agent in the event something happens. You may also allow this individual to decide on life-saving measures if you are facing a terminal condition, like a vegetative state.
Our team at Legacy Law Center will work tirelessly to ensure that you have explored all of your options. Receive the help you need by choosing our team to assist with your St. Charles, Missouri estate planning needs.
Estate Planning Lawyer St. Charles MO
An estate planning lawyer in St. Charles, MO from Legacy Law Center is accustomed to answering questions about estate plans. And it’s only normal for people to wonder whether they need to write an estate plan, or not. Unless you want the court to oversee and manage your assets after passing away, then you’ll need to start writing an estate plan now. Here are examples of questions clients may ask us during an appointment with our team: Moreover, there are reasons why a will is not only important to get done on time, but also why it is important from a moral standpoint as well. When it comes to aspects pertaining to a will, it is important to plan ahead of time. One of the reasons why this is the case, is because there are times, where someone knows that they are going to pass away. Some examples of this include old age, stage 4 cancer, etc. In these instances, it is essential for the loved one who is passing to discuss the importance of a will, before he or she passes. This could include factors such as giving away finances, giving away gifts or other cherished goods, and more.
Why Should I Write a Will?
A last will and testament can help you protect your assets and loved ones. You can use a will to name guardians for minor children, leave property to people or charity, appoint someone to handle your final wishes, and so much more. The purpose of a will is to leave behind terms for how you want your belongings, money, and other assets to be distributed to those you care about the most. Moreover, there are different reasons, as to why writing a will is important, in relation to the fact that it comes from a personal place. When it comes to the people who end up writing a will, there is a strong aspect that should be focused on, in relation to the emotional core that should be brought forth. For example; people often write a will, when it comes to the acknowledgment that they are dying, that they are in danger of having cancer that might go to stage 4, something that is incurable, and more. These are some of the major factors that are often focused on, when it comes to the aspects pertaining to why one chooses a will. Moreover, when it comes to the reasons why someone should write a will there should also be a focus on how family members will be affected as well. For example; when one writes a will (such as for an estate), some of the questions that should be asked, should be as follows:
- Who am I writing a will to?
- How would these aspects tie into an estate?
- How far ahead am I in writing the will?
- What does the will mean?
- How will the will impact my family?
These are some aspects that should be taken into consideration.
Are There Requirements For Making a Will?
To establish a will, you must be of sound mind. Essentially, you must be in a state of health that allows you to make reasonable judgements. You have to be 18 years or older, or have been emancipated by court order of active military duty or marriage. Your will can include wishes pertaining to disposing of personal property, whether you want to be a candidate for body donation, and more. One of the reasons why one must be 18 years or older to make a will, is because of the responsibility that a will contains. For example; due to the process that one must go through when it comes to work, such as those through a will, the process would likely be more difficult to go through, for an 18 year old. Legally they would be an adult, but since they may have more difficulty dealing with something that is such an in depth process, parents may need to step in to assist.
Can a Will be Stated on Video or Audio?
As your MO estate planning lawyer in St. Charles can explain, your wishes must be written on paper and signed and witnessed based on law. Some states do allow nuncupative wills, but only under limited situations. To make an oral will valid, you have to create it while under imminent peril of your life and have succumbed to that peril by death. Moreover, video and audio can be more effective for a will, then a written will. One of the reasons why this might be the case, is because video and audio, help a person to see and/or hear the emotion, behind a person’s will to leave money behind, their emotional state and how they want to be remembered, and more.
What if I Die Without a Will?
If you die without establishing an estate plan, then property will be distributed based on state intestacy law. What this means is that your property will be transferred to relatives, starting with who is still alive and closest to you in relation. Your children, parents, and grandchildren may be first to receive property, and then the list goes on outward to more distant relatives, such as siblings, aunts, uncles, etc. Any living person related to you to the ninth degree may be awarded a portion of your estate. If the court finds that you have no relatives to the ninth degree by blood or marriage that are still alive, then they will take the property.
Writing an estate plan can be made easier by having a reputable lawyer on your side. If you have a question about estate planning, don’t hesitate to reach out to our estate planning lawyer in St. Charles, Missouri from Legacy Law Center for more information!
4 Reasons to Make a Will
Many people do not like thinking about their own demise, which is understandable since it does bring warm and fuzzy feelings. The only problem is that it can keep people from planning their estate or creating a will because they don’t really want to think about it. However, it is wise to take the time and consideration to plan for your future and the future of your family. An estate planning lawyer St. Charles, MO residents trust from Legacy Law Center can guide you through and provide legal advice. Contact us today to schedule an appointment.
Have a Plan
There are more situations than death that could arise that you can plan for as part of your will, which will be helpful for your family so that they know your wishes if you are in a condition where you are unable to communicate them. Your will can detail your wishes for any foreseeable circumstances so that you will have a plan in the event that you’re unable to take care of these things on your own.
Protect your Money
If you don’t have a will when you die, much of your assets and money could go to the state, losing money for your loved ones that they may need, especially if they are used to depending on you for an income. If you want to have a say in where your money goes when you are no longer in need of it, then it is recommended that you create a will with the help of a St. Charles estate planning lawyer.
Peace of Mind
Even though creating a will isn’t fun to do and feels like a difficult process, having a will set in place can give you peace of mind that you are prepared for whatever the future may hold and that your family will be taken care of. You may not be excited about it, but getting your will planned and done with could help you rest easy knowing that it’s done and ready and just in case.
Protect your Family
It feels unfair, but in some states and situations if you don’t have a will to determine the beneficiaries for your money and assets your family may lose a lot of money to the state. Because of this it is important to protect your family by ensuring that they will get as much as possible. Even if you don’t have a family to look out for, you may want to consider charitable donations for organizations that are important to you – instead of the state taking most or all of your assets that you leave behind.
4 Reasons to Make a Will infographic
St. Charles Estate Planning Statistics
According to a study conducted by Caring.com, less than 35 percent of Americans have a will in place. This statistic shows that the vast majority of Americans do not have a will, even though having a will is an important part of estate planning. A will is a legal document that outlines your wishes for your property, assets, and care in the event of your death. Without a will, your assets will be distributed according to state law, which may not be in line with your wishes.
Call Us Today
Don’t put off creating your will or estate plan today. Our St. Charles estate planning lawyer from Legacy Law Center will work to make the process as pain free as possible so that you don’t have to dread it so much. We are happy to walk you through the process, discuss your wishes for any possible circumstance that could arise, and suggest estate planning legal strategies that could be beneficial for you and your estate plan. Call us today to schedule your consultation and get started on your estate plan or to update your existing estate plan.
What’s Included in an Estate?
As an estate planning lawyer St. Charles, MO residents trust can confirm, an estate contains your real property, personal property and other assets. Common assets in an estate may include houses, bank accounts, stocks, bonds, vehicles and retirement accounts.
How Much Does It Take to Create an Estate Plan?
This is one of the primary concerns people have before establishing an estate plan. They want to make sure that they can afford the services. How much estate planning costs will depend on your unique goals and the size of your estate. Generally, the bigger your estate, the more it will cost to create an estate plan. An estate planning lawyer can assess the details of your estate and estimate the cost of a plan.
Who Should I Choose As My Executor?
An executor is the person who pays your debts, protects your property and distributes your assets to the proper individuals after your death. Being an executor is a big responsibility, so you should not choose just anyone. Ideally, your executor should be trustworthy, organized, communicative, impartial, financially savvy and compassionate. Before you appoint someone as your executor, your St. Charles estate planning lawyer may suggest asking the person if he or she is up for the task. Serving an executor can be a lot of work and not everyone may be available for that. If you can’t appoint a family member as an executor, consider hiring a bank or trust company to do the job.
What Is a Healthcare Power of Attorney?
A healthcare power of attorney is a legal document that allows you to designate a person to make healthcare decisions on your behalf. If you become incapacitated during your lifetime, you will want someone you trust to make these important decisions.
When Should I Update My Estate Plan?
Some people create an estate plan and never look at it again. This is a big mistake. Most people will need to update their estate plans a few times in their life. Generally, when you go through a major life change, like a divorce or birth of a child, you will want to take another look at your estate plan. You will want to make sure that your plan still reflects your current needs.
What Is a Special Needs Trust?
A special needs trust allows you to leave money for someone without jeopardizing their government benefits. For instance, if you have a disabled child, it may be a wise move to establish a special needs trust.
When Is The Appropriate Time to Create an Estate Plan?
Many people assume that you should wait until you are older to establish an estate plan. However, you are actually never too young to start an estate plan. Even if you do not have kids yet or many assets, estate planning is still worth considering. You want to make sure that your final wishes are carried out.
What is an Executor?
When you create a will, you name someone you trust to handle your estate after your death. That person is the executor. Many people assume that when they die, their assets are immediately divided and distributed amongst their beneficiaries. Unfortunately, that couldn’t be further from the truth. Your estate needs to be handled by a single person – the executor – as they navigate your loved ones through the probate process.
What is Probate?
Probate is the process through which all of your assets are distributed. It’s a challenging process, and it can lead to plenty of argumentation and debate if your family members and friends aren’t willing to work together. Probate takes a long time, and it needs to be managed by your executor.
Probate has many steps. It involves tracking down your beneficiaries and informing them that they’re included in your will, but it also involves getting in touch with third parties who will be responsible for valuing all of your estate’s contents. Of course, there are also fees and taxes to be paid, and each person who is named (or not named) in the will may feel the need to contest it, adding additional delays to the entire process.
Is it Possible to Have the Executor Removed?
The executor is meant to act in accordance with the will. A failure to do so may open them up to removal, or even lawsuits. However, there are some instances in which an executor may act against the will’s instructions. For example, if there’s anything that is unclear or ambiguous, the executor may have good cause to ignore or act contrary to the instructions.
However, if you feel that the executor is consistently failing to follow the instructions in a will, it’s possible to have them removed. The court will have to find someone else to handle the estate, but it can be worth the legal battle if you choose to have the executor removed.
Estate Planning Lawyer St. Charles, Missouri
For years, Legacy Law Center has been assisting people with estate planning, implementation, and litigation. Our estate planning lawyers St. Charles, Missouri works with clients on a personal and private basis to help to ensure their wishes are successfully carried out after their death. We also organize trusts, and other tools, that help to manage assets during one’s lifetime.
This personalized planning is comprehensive and takes into consideration income tax issues, non-tax planning challenges, gifting, generation-skipping transfer taxes, business transfers, divorces, second marriages, special needs children, and estates. Through careful analysis, an estate planning lawyer St. Charles, Missouri respects can take advantage of various laws that enable you to reduce your taxes and protect your assets. We’ll talk about planning for potential disabilities, illnesses, or incapacitation, and coordinate retirement and life insurance policies. Once this has been accomplished, you can rest easy in knowing your future, and that of your heirs has been protected.
Let Us Protect Your Wealth
Protecting wealth and your legacy from one generation to another is a very challenging task. It is not something that can be effectively carried out with estate planning software or generic downloadable documents. Rather, it requires insight, experience, and knowledge of various legal disciplines. From this foundation, your lawyer may need to utilize creativity blended with strategy. It is these elements that make a great estate planning lawyer in St. Charles, Missouri.
Legacy Law Center provides each client with extensive counsel and attention. We’ll listen to what your personal, tax, and business intentions or needs might be, and develop a personalized strategy that is suited to these objectives.
Our firm enjoys getting to know each client, their families, and their businesses. We remain diligent, yet sensitive, to the emotional challenges that tend to arise during estate planning. We also understand that at some point, our clients will go through a delicate grieving process. We offer the utmost support at these times and will be ready to implement the necessary measures that allow the surviving spouse, children, and family members to cope with any legal challenges that have arisen following a death.
We know this process can be stressful, even exhausting at times. We want you to know that we will provide you peace of mind throughout the process. A good estate plan can reduce your taxes and protect your assets. Most importantly, you can feel confident in knowing all of your property, businesses, assets, and wealth will pass onto your heirs in the way you intended.
Documents that May Be Included in Your Estate Plan
- Wills
- Living Trust
- Irrevocable Living Trust
- Life Insurance Trusts
- Dynasty Trusts
- Education Trusts
- Special Needs Trusts
- Asset Protection Trusts
- Gun Trusts
- Trusts for Minors
- Personal Residence Trusts
- Family LLCs
- Health Care Powers of Attorney
- Health Directives
- Guardianships
- Charitable Planning
- + More
Let Legacy Law Center help you to understand what options are available. We pride ourselves on the desire to sit down with clients and provide them with clear explanations of what choices they have. We are responsive and excellent listeners. We will be happy to answer your questions and address your concerns.
As an estate planning lawyer in St. Charles, Missouri, we have successfully crafted lasting documents with vision and flexibility for thousands of people. Let us do the same for you.
How does my property get distributed after death?
Property is transferred to beneficiaries or heirs after death in numerous ways. If there is a valid will, then this document instructs how someone wants their property to be handled after passing away. It usually names one or more people to help manage the estate and carry out its final distribution. If someone has a retirement or life insurance policy, designated beneficiaries will receive these assets. If an estate plan was not written, then the estate may be handled by the court system, where an executor or representative is appointed to carry out certain tasks, such as:
- Obtain the latest will and trust for review
- Hire a professional team for support
- Plan the decedent’s funeral
- Keep a financial record keeping system
- Notify creditors and other agencies about the death
- Locate, value, and distribute assets
- Sell real estate or other property
- Distribute the estate based on will (if written)
What if I die without an estate plan?
If there is no will for the deceased, then an estate may go through the process of probate. This is a court-supervised process of analysing and administering estate assets. As a Minnesota estate planning lawyer in St. Charles may remind clients, it’s important to remember that many states have varying rules about how a deceased person’s assets are to be transferred. When the court takes over, this is considered probate, which is often long and costly for the estate and grieving family members who are already going through a difficult time.
What if I’m not wealthy or have many assets?
Estate planning is the task of anticipating and preparing for how you want your legacy to be transferred to those you care about the most, whether that be people or charities. Depending on the complexity of your estate, you may have more or less in assets. However, the intention of estate planning is to ensure that what you’ve built over a lifetime is handled in the way you prefer. Even items that aren’t of high value, such as sentimental property, may be passed down to family, friends, or charity in the manner you wish as long as there are valid instructions left behind.
Contact Legacy Law Center Today
At Legacy Law Center, we understand that probate is a lengthy and challenging process. We also understand that it’s more important than ever to get in touch with an experienced legal representative who can help you and your family through grief – while minimizing all the paperwork. Reach out to us today and see how we can help.
Contact Legacy Law Center today to schedule a consultation and get started on your estate plan or to update your existing estate plan. We look forward to hearing from you!
Legacy Law Center
4215 Old Highway 94 S, St. Charles, MO 63304
