Create an Estate Plan with the Help of Legacy Law Center

Contact an Experienced Estate Attorney St. Peters, MO Offers

Estate planning allows one to pass their assets on to their designated beneficiaries after their death. If you have not addressed your estate plan, contact an estate planning attorney in St. Peters, Missouri from the Legacy Law Center.

Quality estate planning will take into consideration your wishes regarding who you wish to receive your assets and will consider the following:

• Your beneficiary of your life insurance policy, retirement fund, and other investments in your portfolio;
• Potential tax implications for your estate and your beneficiaries;
• How many business you own will be transferred to another owner or else dissolved;
• Who will assume guardianship of any minor children and pets; and
• How best to ease the emotional and financial burden on your loved ones during an already stressful time.

Due to the legalities involved, creating an ideal estate plan requires significant experience and expertise regarding estate planning laws. Our attorneys at Legacy Law Center are well-versed in Missouri law as it pertains to estate planning and taxes. Our Missouri estate planning lawyer can advise you as to how to best plan your estate based on your priorities, assets, and other unique circumstances. If you would like to know how estate planning can be beneficial to you, call Legacy Law Center today to set up an initial consultation. You will not be charged for the first meeting.

At your initial consultation with a Missouri estate planning lawyer, you may asked any of the following questions to best serve your needs:

• Do you already have a will?
• What are your monetary assets?
• What kind of real estate property do you own?
• Do you co-own or own any land or homes?
• Do you co-own or own a business?
• Do you have specific wishes regarding who will receive your assets, property, or business interests?
• Are you concerned about estate taxes and want to know how you may be able to avoid or reduce them?
• Are you concerned about probate and want to know how you maybe be able to avoid it?
• Are you familiar with the benefits of a living trust?
• Do you have a retirement account or life insurance policy? Have you registered a beneficiary for those policies with your account holders?
• Have you considered who would be willing and able to take care of any minor children if you passed? If this person is your spouse, who would be your next choice?

Do not let these questions overwhelm you. A Missouri estate planning lawyer from Legacy Law Center can help you answer these questions to create the most appropriate estate plan for your needs.

Work with An Estate Attorney St. Peters, MO Trusts

better to determine what happens to your estate than you, when you are of clear mind and body and are able to spend the time to do it right. Consider calling a Missouri estate planning lawyer from Legacy Law Center today to discuss how we can help you finalize your last wishes.

Even if you think you do not have much in terms of money, property, or personal belongings, it is always a good idea to have a will in place. A will is not difficult to create and can be drafted with the assistance of an estate attorney in St. Peters, MO. There are a few legal requirements that a will must contain to be valid.

• The will needs to be signed while witnessed by at least two adults. It is not necessary for the witnesses to read your will. Ask someone who will not inherit anything from you to be your witnesses.
• The will must be signed and dated
• It must state that the document is your will
• You must have a paragraph or provision where you leave something to someone

There are also holographic wills, which are written by hand and not witnessed. In order for this type of will to be legal, it must be in the handwriting of the individual creating the will and it must be dated.

A holographic will is valid in half the states and if it is contested the probate judge will be extra critical in examining the document to verify its integrity and validity. A holographic will created without any legal help is sometimes not clearly enough written and may be interpreted differently from what you meant. A St. Peters, MO estate attorney can discuss with you how appropriate a holographic will may be in your situation.

What Can You Accomplish by Creating a Will?

Care for Minor Children

• A will can be used to select a guardian or custodian for minor children. The same person can also manage any property you want to leave to your children until they become of legal age or you can assign another party that responsibility. Your estate attorney in St. Peters, MO can explain the pros and cons of both.
• Your will can be used to set up a trust for anything your child may inherit. You can also appoint a trustee to take care of the property in the trust until your child becomes whatever age you choose in the will.

Directives to Leave Certain Personal Property to Specific People

That unique collection of coins that a relative has often admired can be addressed in the will. You can specifically state who gets what to avoid disagreements when dividing property.

Family heirlooms and jewelry are often items that relatives quarrel about after a loved one dies. Detailing who gets what in your will can ensure your possessions end up in the hands of those you wish to have them. It may not eliminate hard feelings or arguments among surviving family members, but that is not something you need to be concerned about!

Disinheriting Spouses or Children

You may wish to speak with an estate attorney in St. Peters, MO if you are considering disinheriting a spouse. Many states have laws protecting the surviving spouse from being left out of the will. If you are considering not leaving half of your estate to your spouse, you should seek the assistance of an attorney.

It is legal to disinherit your child. If it is clear that was not the intent, for example, the child was born after the will was created, the child can contest the will to claim a portion of your estate.

An estate attorney St. Peters, MO clients recommend from Legacy Law Center can answer questions concerning creating a will and what you can and cannot include in the document.

Common Mistakes to Avoid When Choosing a Guardian for Your Children

Selecting a guardian for your minor children is one of the most critical aspects of creating an estate plan. As an estate attorney St. Peters, MO residents trust can confirm, you should be very selective in your choice, as your children are very important to you. Here are a few common mistakes to avoid when choosing a guardian for your children.

• Forgetting to provide detailed instructions on how to care for your kids. If you are like most parents, you likely want your children raised a certain way. Perhaps you may want them to go to a certain church or consume a particular diet. No matter your wishes for your children, you should clearly state them in your estate plan. This way, the guardian will raise your children the way you want.

• Not thinking long-term. When you select a guardian for your children, it is important to think long-term. For example, you might think that your parents would make excellent guardians for your kids. However, if your parents are aging and not in great health, they may not be physically equipped to care for kids. It may be better to choose someone younger and in better overall health.

• Naming a guardian without financial resources. Raising children is not cheap. From food and clothes to medical care, there are many costs that come with raising children. That is why your St. Peters estate attorney may advise you to  name a guardian who is financially sound. This person should have the financial resources to properly care for all your children.

• Selecting a guardian to appease family. Your family may try to pressure you into choosing a certain guardian for your children, such as an aunt. However, if you have a feeling that this person would not be an appropriate guardian for your kids, do not cave into the pressure. Choose a guardian who you truly want to care for your kids.

• Appointing just one guardian. Even if you believe you have chosen the perfect guardian for your children, you should not just stop there. There is always a chance that the first guardian you selected will not be able to fulfill the duties of a guardian in the future. If you appoint at least one or two alternate guardians, you can secure your kids’ futures.

• Failing to name a guardian. Perhaps the worst mistake you can make is not appointing a guardian at all. Unfortunately, however, some parents neglect to name a guardian for their children in their estate plan. Even if you are young and healthy now, you can’t predict the future. If something should happen to you unexpectedly, you want to make sure that your children will be taken care of by someone you trust. If you do not name a guardian, the court may appoint someone you do not want looking after your kids.

Questions That Come Up With Estate Planning

A St. Peters, Missouri estate attorney understands that when it comes to planning your estate, there is likely a reason you have been putting it off. Whether you have been nervous about getting started, overwhelmed by the entire process, or have been waiting to accumulate more wealth, planning your estate is a big process. When you are getting ready for the estate planning process, it can help to know that you have a legal time by your side who is walking you through the whole process, is available to answer your questions, and who will help you know what you should include in your plan. Reach out to the team at Legacy Law Center to see what we can do for you during your estate planning process. 

Questions to Ask Yourself As You Begin Planning Your Estate 

If you feel a bit late to the game when it comes to estate planning, that’s okay. There are certain questions you may want to ask as you get going. 

What if I want to include certain people in my estate plan who aren’t good at managing money? 

We all have family members who aren’t the best at keeping on top of their money. When this is the case, you can speak with your lawyer about creating a living trust. Your St. Peters estate attorney could include a spendthrift provision which means you are not giving your family members one large lump sum. Instead, it could be paid out at certain times–like every quarter–so that the money isn’t gone immediately. When you name a successor trustee, they would take care of distributing your assets once you are gone. 

How can I take care of myself in the future with my estate plan? 

Many people do not realize that an estate plan is not just to take care of their loved ones when they are gone. Instead, you should also be using your estate plan to take care of yourself. If you need long-term care or some kind of help when you are older, you can develop a plan that would state what kinds of decisions you want people to make on your behalf and where the funds should come from. 

What if I am getting/have gotten a divorce? 

If you have already created an estate plan and have gotten a divorce, it’s time to update what you have. Though Missouri automatically revokes your decision to leave things to your former spouse in a will, that doesn’t mean you have a second option named already. You should make necessary changes to leave assets to other loved ones and ensure you change your power of attorney while you’re at it. 

Who can I get help from? 

When you need to work on your estate plan, you should not worry that it will be so difficult that you might as well not bother. It is always prudent to have some sort of estate plan in place and you should ensure you are getting help from a legal team you can trust. Turn to Legacy Law Center to speak with our St. Peters estate attorney now.