Estate Planning Lawyer Creve Coeur, MO

Estate Planning Lawyer Creve Coeur, MO 

Common Estate Planning Mistakes to Avoid

An estate planning lawyer Creve Coeur, MO trusts will tell you estate planning isn’t just for the extremely wealthy anymore. If you have at least one thing of value, it’s worth it to establish a solid estate plan. That way, if you should die suddenly, you will know that your wishes are carried out, and your family is taken care of. With that being said, here are a few common estate planning mistakes to avoid.

Not Planning for Disability

While the thought of becoming disabled is daunting, it could happen. An unexpected disability could have a significant impact on your personal and financial affairs. That’s why it’s so important to select a power of attorney to make crucial decisions on your behalf when you’re unable to do so.

Selecting the Wrong Executor

The executor of your estate is responsible for paying your debts and then distributing assets to the appropriate beneficiaries. It’s a big job to take on, so you should choose your executor wisely. You might love and trust your sister, for example, but if she lives too far away or is too busy to handle the responsibilities that come with being an executor, you shouldn’t appoint her.

Procrastinating

If you’re like many people, you lead a busy life and have multiple work and family obligations. However, that doesn’t mean you should continue to put off creating an estate plan. Life can be unpredictable sometimes, and you don’t want to be without a plan if the unexpected happens. To give you and your family some peace of mind, meet with an estate planning lawyer Creve Coeur, MO residents recommend soon to help you establish an estate plan.

Failing to Update Your Will

You will likely have to update your will at least once or twice in your life. Whenever you experience a significant life change, like divorce or the birth of a child, you must make the necessary changes to your will. If you fail to update your will, your current wishes might not be carried out.

Forgetting Your Pets

If you have pets, it’s essential to plan for them in your will. Otherwise, they could be placed in a shelter and possibly euthanized. In your will, outline your wishes for your pets if you should die suddenly. For example, you may wish for your best friend or sister to take care of your pets.

If you’re ready to create an estate plan, contact a reputable estate planning lawyer in Creve Coeur, MO today at Legacy Law Center. He or she can help you establish a plan that outlines all of your wishes.

Estate Planning Infographic

Developing an Estate Plan

When developing a plan for your wishes, assets, and family, it’s critical to contact an estate planning lawyer Creve Coeur, MO families recommend. There are several reasons it’s in your best interest to develop an estate plan and that it’s in your best interest to contact a lawyer. While creating an estate plan is often put off by many, the process doesn’t have to be as cumbersome as you may have been led to believe. Schedule your first meeting, and take the time to prepare for an appointment with a lawyer. To get started, contact Legacy Law Center; we can make the process as straightforward and pain-free as possible.

Reasons to Develop an Estate Plan

Many may wonder whether an estate plan is in your best interest. However, it’s critical to be aware that an estate plan will be one of the best ways to plan for the future, should the unexpected occur, such as incapacitation or your passing. Here are some critical reasons to consider an estate plan for you and your loved ones:

Reduce Taxes

Over a person’s lifetime, they will likely accumulate assets. When you plan for how your assets will be distributed, taxes will be an essential consideration to make. Determining the best way to transfer assets is best done with an experienced lawyer’s guidance and support. The last thing you want is for assets your loved ones have inherited to be largely depleted by taxes. Your Creve Coeur, MO estate planning lawyer, will work to review your assets and assist in developing an estate plan that ensures the transfer of assets in a way that reduces the taxes owed by your estate. 

Ensure Your Children Receive the Proper Care

There are several considerations to make for your children. When developing an estate plan, you will be charged with your children, their care, and their inheritance at the forefront of the process. One of the most critical steps to make will be to identify a guardian with your lawyer and prepare for their care. An estate plan allows you to clearly outline your children’s wishes and develop trust accounts that provide them with financial stability. 

Mitigating the Risk of Familial Conflict

When family is overcome with grief and the prospect of an inheritance, it can, unfortunately, bring out the worst in people. When there isn’t an estate plan, the risk for conflict can be overwhelmingly high. People may have their ideas for what they believe your final wishes are, and sometimes, these may be competing. To reduce this risk, a few steps are necessary to develop an estate plan and make sure key players have an idea of what you would have liked your wishes to be. 

 With a proper estate plan in place, the consequences stand to be disastrous if the unexpected occurs. Should you pass away or become incapacitated, your family will be reeling, struggling with not only their grief but deciphering the appropriate next steps for your estate. Reduce the risk of problems, allow yourself to be in control, and give your family what they deserve, a clear plan for how to move forward with resolving your estate when you no longer have the ability to do so. 

Creve Coeur Estate Planning Law Statistics

According to a survey conducted by Caring.com, more than 60 percent of Americans do not have wills drafted or any other estate planning tools in place. That comes out to two out of every three Americans. It is important to realize that if you do not have an estate plan in place specifying what should happen to your estate when you die, it will be distributed according to state law – and not necessarily how you would want it distributed. There is also the high risk of a long and dragged-out probate process if the family ends up fighting over the state.

Don’t let this happen to your family. Call our office and find out what your estate planning options are.

Preparing For Your First Meeting with a Lawyer

It should come as no surprise that many put off developing an estate plan until it’s too late. Making a phone call to an experienced lawyer in Missouri is a critical step towards taking control of your future. The process is relatively painless, but it will be essential to take the time to plan for your first meeting with a lawyer to ensure an efficient process. Do so by gathering the following for the first meeting:

• Financial Information
• Family Information
• Retirement Account Information
• Life Insurance Policies
• Real Estate Information
• A List of Personal Items/Heirlooms/Valuables

Preparing For Your Pets

For many of us, our pets are seen and treated as cherished family members, since they bring us love and companionship. Similar to other relatives, animals have their own set of needs that necessitate financial considerations and preparing for their future too. While it may not have been usual to include animals in an estate plan before, times have changed to where families are a mix of both human and animal species. To ensure your pet gets what they need if you were to pass away before them, you can create a pet trust or use other ways to set up for their continued care.

Before deciding how to provide for your furry family member, you have to assess what the costs are to take care of them for the rest of their life. As your lawyer may advise, you will want to evaluate your pet’s current age, health, breed, diet, and other factors. How much does it cost to feed your pet per month? Do you pay for pet insurance? Does your pet require supplements, medications, or other specialized care? Even if your pet is young and healthy now, are there potential health issues that could develop that you can make arrangements for now? Maintain an organized file of your pet’s medical history, current veterinary information, vaccination record, medications, and photographs for identification purposes.

After figuring out the financial consideration, you’ll have to choose a pet guardian. Who would you want to take care of them in the event of your early passing? Is there someone you trust to have your pet’s best interest in mind and to go above and beyond in their care? Before designating a caretaker for pets, ask this person if they are even willing to fulfill the role if needed. Your chosen caretaker would become a custodial parent and your pet(s) will live with them until they pass away. If you don’t have someone to give this role to, there are organizations and rescues you may be able to work with who have options for you.

Estate Planning Lawyer – Creve Coeur, Missouri

When you hear the phrase “estate plan,” what comes to mind? Preparing an estate plan allows individuals to determine how their assets should be distributed after death, but it also allows them to instruct their loved ones (in legally enforceable ways) in regard to end-of-life care, guardianship of pets and minor children, who will handle their affairs in the event of incapacitation, etc. Most Americans associate estate planning with drafting a will. A will is an important part of a comprehensive estate plan, but it isn’t the only critical element of one. As you prepare for a consultation with an experienced Creve Coeur, Missouri estate planning lawyer at Legacy Law Center, consider how you might want to approach drafting these four fundamental estate planning elements:

1. A Will 

You don’t have to acquire a large amount of money during your lifetime to create a will or a trust. Even if you only own sentimental property, you will need to determine how those assets will be distributed once you have passed away. Your will can specify who will receive which assets and/or how you would like your property to be distributed. An experienced Creve Coeur, Missouri estate planning lawyer can explain what kinds of provisions may be made within the context of a legally enforceable will and what end-of-life matters must be addressed in alternative estate planning documents. 

2. A Power of Attorney

There are a few different types of Power of Attorney you should consider. These designations only come into play in the event that you become incapacitated or are receiving end-of-life care. First is a general power of attorney, or someone who can make decisions on your behalf for basic things. Second is a healthcare power of attorney, or someone who is designated to make decisions regarding your medical care. This could include whether to take you off life support or whether an invasive surgery is what you would want. Finally, a special power of attorney gives a designated person power related to a specified purpose, such as running a family business. A Creve Coeur, Missouri estate planning lawyer can explain why these designations are critical and how to go about making sure that your preferences are honored by anyone granted this authority on your behalf. 

3. Guardianship Statements

If you don’t designate guardianship for minor children within your estate plan, the court may be the entity deciding who will raise your children to adulthood. Sometimes minor children of deceased parents end up with whatever family members the court deems fit and sometimes they become wards of the state. Be sure you include guardianship designations in your will so that your guardianship preferences are clear and enforceable. 

4. Beneficiary Designations

This last estate planning “element” is a bit of a trick answer. Beneficiary designations for life insurance policies, retirement accounts, securities, and other assets/policies/contracts/accounts managed by outside companies are not generally made within an individual’s estate planning documents. They are made within the terms of the contracts associated with these assets. However, an experienced Creve Coeur, Missouri estate planning lawyer can help to ensure that your beneficiary designations are up-to-date and properly documented so that they are easier for your loved ones to navigate in the event of your death. Contact Legacy Law Center today.

5 Benefits Of Having An Estate Plan

Creating an estate plan offers numerous advantages, especially for Missouri residents who want to protect their assets and provide guidance for their families. Our Creve Coeur, Missouri estate planning lawyer understands that planning for the future is about security and clarity, offering straightforward solutions to meet your needs. With over a decade of service to Missouri residents, our firm is recognized for our personal touch and exceptional client-focused assistance. Our founder, Charles Moore, has been practicing law since 2005, and he has the knowledge and experience necessary to help you establish the most beneficial estate plan possible for your unique situation.

• Protecting Family Wealth

An estate plan is a powerful tool for protecting family wealth and ensuring that assets go to chosen beneficiaries. With an estate plan, you can outline how property, savings, and other assets are distributed, reducing the risk of disputes among loved ones. This allows your family to receive what you intend without complications, easing stress during what can be a challenging time. In Creve Coeur, Missouri, many estate planning clients prioritize this benefit as a way to create lasting financial stability for the next generation.

• Avoids Probate Delays

In Missouri, probate can be a lengthy process that ties up assets and creates additional burdens for loved ones. By creating a thorough estate plan, it’s possible to bypass probate for certain assets, saving time and reducing potential legal costs. Many people are surprised at the efficiency that a clear estate plan brings, allowing beneficiaries to gain access to what they need without waiting months—or even longer—for the probate process to conclude. Working with our experienced Creve Coeur estate planning attorney helps make this process smoother and faster.

• Provides Guardianship for Minor Children

One of the most significant reasons to have an estate plan is to designate guardianship for any minor children. Without an estate plan, the decision of who will care for your children may be left to the court, which could lead to a choice that doesn’t align with your wishes. An estate plan allows you to select trusted individuals who will care for your children if you are unable. This kind of preparation offers peace of mind, knowing that you have had a say in your children’s future.

• Reduces Estate Taxes

Estate plans can also help with reducing the amount of taxes that may be applied to your estate. By utilizing strategic tools and available options, an estate plan can minimize tax liabilities, meaning more of your estate can go to your loved ones. In Missouri, tax considerations vary depending on the value of your assets, and proper planning can make a substantial difference. Consulting with our Missouri estate planning lawyer can help identify methods to lower estate taxes, further benefiting the ones you care about most.

• Establishes Health Care Directives and Powers of Attorney

Estate planning isn’t just about asset distribution; it also involves making provisions for medical care and financial decisions if you become unable to make them yourself. Health care directives and powers of attorney allow you to specify who will handle these matters and guide them on how to proceed. Having these directives in place removes guesswork for your family, giving them guidance during a difficult time. Many people find comfort in knowing that their medical and financial wishes will be respected through proper planning.

Contact Our Creve Coeur Estate Planning Lawyer Today

Estate planning is about more than just passing on wealth; it’s about providing a clear path forward for your loved ones. Working with our dedicated and experienced estate planning lawyer can make a significant difference in securing these benefits. If you’re ready to start planning or want to learn more, contact Legacy Law Center today to schedule a consultation and take the next step toward protecting your family’s future.

Legacy Law Center, Creve Coeur Estate Planning Lawyer

1001 Boardwalk Springs Pl #111, O’Fallon, MO 63368

Call Legacy Law Center Today

Our team is well-versed in helping people create their estate plan. If you have yet to get started, the time is now. It doesn’t matter how much you think you have in assets, anyone can benefit from an estate plan, especially if you want to pass on your legacy in a specific manner and to certain people or charities.

Your lawyer from Legacy Law Center can help with outlining the estate plan. You will also need to be thinking about critical things such as who you want to take care of your children, the executor, how you want assets divided, and more. Schedule an appointment with your estate planning lawyer in Creve Coeur, MO.