If you haven’t written a will yet, you’re not alone. Thousands of Missourians likely haven’t thought about a will or other estate planning. Some people may think they have plenty of time to think about wills, trusts, and retirement, while others don’t think they have enough money to warrant an estate plan. However, an estate plan covers a lot more than just a will. If you have minor children, your estate plan can designate a guardian for them. Or, your estate plan can include advanced directives, naming someone to manage your finances or making healthcare decisions on your behalf should you be unable to advocate for yourself.
At Legacy Law Center, we personally evaluate your current financial situation, goals, and obligations, such as providing for a spouse or minor children. Then, a Chesterfield, MO, estate planning lawyer explains the different legal protections you can establish to protect yourself and your loved ones and provide for retirement or end-of-life care. Call us today to get started—you don’t know what the future can bring.
What Does A Chesterfield Estate Planning Lawyer Do?
Everything you own, from the money in your bank account to your house, vehicles, jewelry, and retirement investments, constitutes your estate. Estate planning involves the transfer of your assets to your heirs after you pass away, legally reassigning ownership. It’s much more than that. However, An estate plan can also include a trust, which protects assets from creditors while allowing you to still benefit from them, a guardianship for your children if both parents pass away, and even planning for Medicaid and making sure that you have enough money to last through the end of your life.
An estate planning attorney works with you to develop the right set of legal documents to protect yourself, preserve as much of your assets as possible by avoiding estate taxes, and can even help you with retirement planning. We evaluate where you are now and what you need to protect, then develop the right plan for you. We can also revise an existing will or estate plan if your life situations change after a divorce, the death of the spouse, or a remarriage.
Planning For Anything The Future Holds
Estate planning includes many important protections. You can establish a guardian for your minor children or an adult with special needs, selecting the person you want to raise your child instead of their closest kin. Your estate plan also protects you. Your estate planning attorney can draft a power of attorney for you, someone you trust to manage your finances if you’re incapacitated or make health care decisions should you be unable to advocate for yourself.
You could also create a trust, which can preserve certain assets and protect them from creditors or keep them in the family. A trust can also provide you with a steady stream of income when you’re retired, so you know you’re taken care of towards the end of life.
Face The Future Confidently With A Professional Estate Plan
Estate planning is for everyone—not just the very wealthy. Let the attorneys at Legacy Law Center develop the right legal protections for you and your family. Contact us today to get started so you can feel more secure knowing that you’re protected even if the unthinkable happens.
Common Estate Planning Mistakes To Avoid
If you or a loved one require legal assistance planning for the future, contact an experienced Chesterfield MO estate planning lawyer. Estate planning can feel like a significant task, but it’s essential to approach it with care to avoid potential issues down the road. By addressing common pitfalls early, we can help create a more secure future for ourselves and our loved ones. In this discussion, we’ll walk through some areas that often lead to mistakes and provide clear guidance on how to avoid them.
Failing To Regularly Update Your Plan
One of the most frequent errors in estate planning is neglecting to update documents as circumstances change. Life doesn’t stand still—families grow, relationships evolve, and financial situations shift. When these changes occur, it’s crucial to revisit your plan. A will or trust drafted many years ago may no longer reflect your current wishes or family dynamics. By reviewing your estate plan periodically, we can ensure it remains relevant and continues to serve our long-term goals.
Relying On Generic Documents
Many of us have seen or heard about the use of generic, one-size-fits-all estate planning templates. While they may seem convenient, they often overlook the specific needs of an individual’s situation. A template might not account for unique family circumstances, specific assets, or particular wishes regarding beneficiaries. Taking the time to tailor documents to our personal needs helps avoid confusion or unintended outcomes. It’s always better to work with a Chesterfield estate planning lawyer who understands the legal landscape and how to customize a plan that fits our lives.
Overlooking Beneficiary Designations
Another common oversight in estate planning is neglecting to properly designate beneficiaries on accounts such as retirement funds or life insurance policies. These designations can override the intentions outlined in a will or trust, potentially leading to disputes or unintended consequences. It’s important to check that all beneficiary designations align with the overall estate plan. This simple step can prevent significant legal issues and ensure that assets are distributed according to your wishes.
Not Planning For Healthcare Decisions
Estate planning isn’t just about financial matters; it also involves making important healthcare decisions. Creating a healthcare directive allows us to outline our preferences in case we become unable to make decisions for ourselves. Additionally, appointing a trusted individual through a power of attorney for healthcare ensures that someone we trust can act on our behalf when necessary. These are critical steps that safeguard our well-being and avoid putting undue stress on our loved ones during difficult times.
Moving Forward
Avoiding common mistakes in estate planning requires careful attention and regular review, but the benefits far outweigh the risks. By crafting a well-thought-out plan, we protect our assets, support our loved ones, and maintain control over how our estate is handled. If you’re ready to secure your future and avoid potential pitfalls, we invite you to reach out to our award-winning, Chesterfield estate planning lawyers at Legacy Law Center. With over eighteen years of legal experience, our team can create a plan that gives you peace of mind and ensures your wishes are carried out.
What Should You Include In Your Estate Plan?
Working with a Chesterfield, Missouri estate planning lawyer to create an estate plan is essential for ensuring that your assets and affairs are handled according to your wishes after you pass away. Whether you’re starting your plan or revisiting it, there are certain elements that you will want to cover. Call Legacy Law Center today to learn what estate planning tools will benefit you and your family.
Last Will And Testament
A Last Will and Testament is one of the most fundamental documents in an estate plan. It allows you to dictate how your property and assets are distributed after your death, ensuring that your wishes are honored. Your will should include:
- Executor: Name a trusted individual or entity to carry out your instructions.
- Beneficiaries: Specify who will inherit your assets and in what proportions.
- Guardianship: If you have minor children, designate a guardian to care for them.
- Special Instructions: Any personal preferences such as funeral arrangements or charitable donations.
A well-drafted will can prevent disputes and clarify your intentions for family members during a difficult time. Your Chesterfield estate planning lawyer will help ensure that your estate will have a solid will in place to avoid probate issues and will contestation.
Trusts
Trusts are a versatile tool in estate planning. They allow you to transfer assets without going through probate, potentially saving time and money. Depending on your needs, you may include:
- Revocable living trust: This type of trust allows you to retain control over your assets during your lifetime. After your death, assets are distributed according to the terms of the trust, bypassing probate.
- Irrevocable Trust: Once established, an irrevocable trust cannot be changed. It’s typically used for asset protection and minimizing estate taxes.
- Special needs trust: If you have a loved one with disabilities, a special needs trust ensures they are taken care of without losing government benefits.
Trusts provide a way to manage assets more efficiently and can provide privacy by avoiding public probate proceedings.
Power Of Attorney And Health Care Directives
Estate planning isn’t just about your assets; it’s also about making sure your health and financial decisions are handled appropriately if you’re incapacitated. Key documents include:
- Durable power of attorney (POA): This gives someone the authority to handle your financial and legal matters if you become incapacitated. It can cover things like managing bank accounts, paying bills, or selling property on your behalf.
- Health care power of attorney: This designates a person to make medical decisions for you if you cannot do so. It’s important to choose someone who understands your healthcare preferences and values.
- Living will: This document outlines your wishes regarding end-of-life care, such as whether you want life-sustaining treatments like ventilation or feeding tubes.
These documents ensure that your health and financial decisions are made according to your preferences when you cannot express them yourself.
Beneficiary Designations And Asset Distribution
In addition to your will, it’s crucial to designate beneficiaries for certain assets that may not automatically be covered by the will. These include:
- Life insurance policies: Make sure that you’ve listed beneficiaries who will receive the policy proceeds.
- Retirement accounts: Funds from 401(k)s, IRAs, and other retirement accounts pass directly to the designated beneficiary, bypassing the probate process.
- Bank Accounts: Some bank accounts allow you to designate a payable-on-death (POD) beneficiary who will inherit the account balance.
- Real estate and other property: If you own property jointly with someone else, it may automatically pass to them upon your death. However, it’s still good practice to ensure your property distribution aligns with your will or trust.
Reviewing and updating these designations regularly is vital, especially after significant life events like marriage, divorce, or the birth of children. You want to ensure that your assets go to the people you intend.
Call Our Chesterfield Estate Planning Law Firm For Legal Help
Estate planning is critical in securing your family’s future and ensuring that your wishes are honored after you’re gone. Creating a comprehensive estate plan will provide peace of mind to you and your loved ones. Regularly reviewing and updating your estate plan as circumstances change, such as life events or new laws, is also a good idea. Call Legacy Law Center today to schedule a free consultation with a dedicated Chesterfield estate planning lawyer to ensure your family’s future is protected when you no longer here.
