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.
Although the term estate planning strictly focuses on the documents and legal process governing the transfer of assets after death, this term can also be broadened to include general late-life planning. Together, these two areas of focus fall under the umbrella of “elder law.” Our Estate Planning Lawyer Chesterfield MO can help in your late-life planning.
While you are writing wills and creating trusts to secure your assets, you may also want to be thinking about the kinds of issues you may face late in life – financial, physical, and cognitive.
Avoiding Family Conflict and Estate Litigation
The last thing that most people want is for their families to quarrel over assets left behind in an estate plan. The clearer you can be in your will and other documents, the less likely this will happen.
Unresolved inheritance issues can quickly escalate into litigation. And in addition to being stressful for all involved, litigation is expensive. The money you save doing DIY estate planning is negligible compared to how much money could be lost in a lengthy legal battle. And estate funds are often those used to pay for litigation.
Your Estate Plan Can Serve as a Fond Farewell
An estate plan is a great way to take care of your loved ones after you pass away. Giving your family inheritance with minimal estate taxes, minimal probate, and minimal hassle is a wonderful way to show how much you care. Moreover, good estate planning also allows you to leave a legacy by making sizable donations to organizations and causes you care about. Additionally, our Estate Planning Lawyer in Chesterfield MO can help ensure that you have a power of attorney and advanced healthcare directives in place to ensure that your wishes are respected if you are incapacitated by illness or injury.
Planning Medical Care and Incapacity
Americans live much longer than in the past, but the quantity of life isn’t the same and quality. Unfortunately for many, advanced age comes with cognitive and physical decline. That’s why it is so important to prepare for a scenario in which you may become unable to make or communicate important decisions independently.
There are three tools you can implement now in case of physical or mental incapacity. They include:
Appointing durable power of attorney: This is the act of designating someone you trust to make important decisions on your behalf if you become unable to make or communicate them yourself. Usually, these decisions are related to your finances, assets, and living arrangements.
Appointing a medical power of attorney: This is the act of designating someone you trust to make medical decisions if you become incapacitated. In both cases, designating a power of attorney allows you to choose an agent to act on your behalf (if it ever becomes necessary) rather than a court-appointed guardian.
Making an advance directive or living will: This document lays out your wishes for end-of-life medical care, including whether or not you want to receive lifesaving or life-sustaining treatments. Your medical power of attorney should be very familiar with this document and your medical wishes generally so that any decisions not already specified in the document can be made in your best interests.
An estate planning lawyer in Chesterfield Missouri is going to be of use to individuals who are creating a will, designating beneficiaries of their will, establishing a durable power of attorney, or medical power of attorney, and setting up trusts that protect your assets to later benefit yourself, or your beneficiaries after your death.
Estate planning attorneys can educate you about the probate process and find ways to help you avoid the probate process. Furthermore, an estate planning attorney can help you reduce your estate tax—or even avoid it altogether.
You may also speak with an estate planning attorney if you have the power of attorney over a recently deceased person’s estate. You’ll have to go to probate court, and you’ll want someone by your side—especially if your attorney is able to get you out of probate court. Whether you avoid probate court or not depends heavily on the type of assets that were left to the estate, and how you can transfer their ownership legally.
Should a beneficiary, or even somebody who is not designated in the will decide they wish to contest the will, they’ll be suing the estate of the deceased person. In this instance, you want an estate planning lawyer so that you can rectify this issue. Lawsuits of this kind can take a toll on the estate’s funds and leave everyone who would otherwise benefit with less than they would’ve received.
Legacy Law Center was founded in 2012, and their goal is to provide senior citizens, veterans and families with proper estate planning. In fact, Charles J. Moore, the owner and founder of Legacy Law Center, has been practicing law since 2005—he started in estate planning, and dealt with probate claims as well.
But throughout all of this, you’ll want an estate planning attorney that you can trust. And that’s where Legacy Law Center comes into play. Let’s talk about the center, and why you might want to work alongside them. Whenever you’re consulting an attorney, you want somebody who is as passionate about your cause as you are, and Legacy Law Center provides that.
When Mr. Moore moved from California to New Jersey, he took up litigating estate matters, too. He served as an assistant municipal prosecutor. He eventually moved back home to St. Charles and founded a law firm—The More Law Firm. This firm focused solely on estate planning, probate, business and estate litigation as well as criminal defense. But in 2012, Mr. Moore realized his passion was probate matters and estate planning—and he founded Legacy Law Center to serve his passion to the people.
So if you need an estate planning lawyer in Chesterfield, Missouri, consider Legacy Law Center. Charles Moore has experience and passion that can be of use to you. He and his firm have received various awards and recognitions, such as being named one of the “10 Best Estate Planning Attorneys in Missouri” in 2018, a recognition received from the American Institute of Legal Counsel.
Reach out to Legacy Law Center today, for your estate planning needs.
Legacy Law Center was founded in 2012 with the goal of providing top-notch assistance to seniors, veterans, and families with an intense focus on proper estate planning. Because the firm serves families, veterans and elderly people,there are many focuses. Such as estate planning and how estate planning is important.
An estate planning lawyer in Chesterfield, MO can help you feel more secure in your future, and
the future of your children and family. With all of our years of combined experience, we’re going to be able to provide you with information such as:
- The specifics behind creating a will.
- How you designate your beneficiaries and choose who to place as a beneficiary.
- How to reduce or avoid estate taxes!
- How to avoid or reduce time in the probate court process.
- How to and why you might want to set up trusts to protect assets.
Most estate planning lawyers in Chesterfield, MO charge a set fee, or a flat fee. This means everything is stated in a price before you start working with this lawyer. Lawyers that handle estate planning can help you craft wills and other binding legal documents, as well as help you set up a durable power of attorney.
If you plan to have your estate lawyer manage your estate, act on your behalf during disputes, or otherwise be “on call” there will be an hourly fee in most cases. An estate planning attorney can also be called if there are any issues with power of attorney, even if it just is an issue of the person in charge not knowing what to do.
Difference Between Probate Lawyer and Estate Planning Lawyer
An estate planning lawyer often works with living individuals, and probate lawyers typically handle the estate after the person dies. This does not mean you cannot have the same lawyer for both instances, because these are very similar areas of law so often lawyers practice both probate and estate planning.
However, the types of fees you pay may vary if you are using the same lawyer for both probate and estate planning, and this is because of their tasks and what they are in charge of when they take on that second role.
Some Certifications Estate Planning Lawyers Have
Not every lawyer is going to have certifications, but these are some of the most common certifications. These certificates usually were obtained to acquire further credentials, and can help you understand what your lawyer can reasonably do.
- Accredited Estate Planner, or AEP, is a designation from the National Association of Estate Planners and Councils that is given to licensed lawyers, CPAs, chartered life underwriters and other financial advisors. This has a minimum of five years in estate planning experience. You must complete two courses at the American College of Financial Services, and must complete a minimum thirty hours of education every month. Half of that education has to be in estate planning.
- Chartered Trust and Estate Planner, or CTEP is given to people with a degree in finance, tax, accounting, law or financial services. They must have five related courses, a completed certification training course, and must continue their education annually. This is given to you from the American Academy of Financial Management.
Power of attorney and advance directives are important ways to help you direct your late-life medical care and other vital decisions before there is ever a question of incapacity. We can help you with all three as part of a larger estate plan. Contact our Estate Planning Lawyer in Chesterfield MO. At Legacy Law Center, we have a professional estate planning lawyer who is ready to guide you and plan your later life together.
Chesterfield Estate Planning Infographic
Chesterfield Estate Planning FAQs
If you’re thinking of planning your future, your Chesterfield Missouri estate planning lawyer can walk you through the process.
Navigating the intricacies of estate planning can often feel daunting. It’s a journey filled with important decisions and legal considerations, which is why having accurate information is crucial. At Legacy Law Center, we are dedicated to helping you understand the essentials of estate planning. Here, we address some of the most frequently asked questions about estate planning lawyers and their role in securing your legacy.
What Does An Estate Planning Lawyer Do?
An estate planning lawyer assists clients in managing their assets and planning for the future. This includes creating wills, trusts, powers of attorney, and healthcare directives. They help ensure assets are protected, wishes are honored, and beneficiaries are taken care of according to the client’s desires. Additionally, they offer advice on minimizing taxes and navigating the probate process.
Why Do I Need An Estate Planning Lawyer?
Estate planning is complex and involves navigating state laws, tax implications, and personal or business circumstances. Your Chesterfield estate planning lawyer helps prevent costly mistakes, ensures legal compliance, and provides peace of mind that your estate plan is accurate and effective. This service is essential for anyone wanting to ensure their assets and loved ones are properly cared for, regardless of the estate size.
What Is The Difference Between A Will And A Trust?
A will is a legal document that details how you want your assets distributed after death and may include guardianship designations for minors. It becomes effective posthumously and must go through probate. A trust manages assets during your lifetime and after death. It allows for private, often quicker asset distribution as it bypasses probate, providing more control over when and how your assets are distributed.
How Often Should I Update My Estate Plan?
It’s advisable to review and potentially update your estate plan every three to five years or after significant life events such as marriage, divorce, the birth of a child, or a substantial change in financial status. This ensures that your estate plan accurately reflects your current situation, wishes, and the latest laws.
What Happens If I Die Without A Will?
If you die without a will (intestate), state laws dictate how your assets are distributed, which may not align with your wishes. Intestacy can lead to family disputes, and your assets may not be distributed to your preferred beneficiaries. Having a will ensures that your assets are distributed according to your wishes and can provide clarity and direction for your loved ones during a difficult time.
What Is Estate Planning, And Why Is It Important?
Estate planning is arranging for the management and distribution of your assets after your death or in the event of incapacitation. It involves creating legal documents such as wills, trusts, powers of attorney, and healthcare directives to fulfill your wishes. Estate planning is important because it helps minimize disputes among heirs, reduces tax burdens, and ensures your assets are distributed according to your preferences. It also provides clarity and peace of mind for your loved ones during a difficult time.
Without an estate plan, your assets may be distributed according to state laws, which may not align with your intentions. This could lead to unnecessary delays, costs, and stress for your family. Additionally, estate planning can address critical matters such as naming guardians for minor children, managing digital assets, and planning for long-term care.
What Documents Are Essential For A Comprehensive Estate Plan?
A comprehensive estate plan typically includes the following key documents:
- Will: Specifies how your assets will be distributed and name guardians for minor children.
- Trust: A legal arrangement that allows a trustee to manage and distribute assets according to your instructions, potentially avoiding probate and providing tax benefits.
- Power of Attorney: Grants a trusted individual the authority to manage your financial affairs if you become incapacitated.
- Healthcare Directive: Also known as a living will, this document outlines your medical treatment preferences in case you are unable to make decisions yourself.
- HIPAA Authorization: Allows designated individuals to access your medical records and communicate with healthcare providers on your behalf.
Other considerations include beneficiary designations for retirement accounts, life insurance policies, and transfer-on-death accounts. Regularly reviewing and updating these documents ensures they reflect your current wishes and circumstances.
How Can I Minimize Taxes Through Estate Planning?
Effective estate planning can reduce the tax burden on your estate and beneficiaries. Here are some strategies:
- Gift Tax Exclusions: Use the annual gift tax exclusion to transfer money or assets tax-free during your lifetime.
- Irrevocable Trusts: Transfer assets into irrevocable trusts to remove them from your taxable estate.
- Charitable Donations: Make charitable contributions to reduce taxable income and estate taxes.
- Family Limited Partnerships (FLPs): Transfer ownership of family assets while retaining some control and reducing taxable value.
- State-Specific Strategies: Some states have additional estate or inheritance taxes. Work with an estate planning attorney to address these.
Consulting with a financial advisor and an estate planning attorney ensures you maximize these benefits while complying with tax laws.
When Should I Update My Estate Plan?
Your estate plan should be reviewed and updated regularly with your Chesterfield estate planning lawyer to ensure it aligns with your current circumstances and goals. Significant life events that may prompt updates include:
- Marriage or Divorce: Adjustments may be needed to include or exclude a spouse.
- Birth or Adoption of a Child: Add guardianship and financial support provisions.
- Death of a Beneficiary or Trustee: Replace or redistribute roles and assets.
- Significant Changes in Assets: Include newly acquired properties or investments.
- Relocation to Another State: Estate planning laws vary by state so updates may be required.
- Tax Law Changes: New laws could impact your estate’s tax liability.
Regular reviews, ideally every three to five years, ensure your estate plan reflects your current intentions and legal requirements.
Call Our Estate Planning Law Firm Today
If you would like to learn more about the different estate planning tools that could benefit you and your family, a Chesterfield estate planning lawyer from our firm can help. Call Legacy Law Center today to schedule a confidential consultation.
