Springfield Trusts and Estates Lawyer
While many put off estate planning, failing to take the time to create a comprehensive plan could mean losing the opportunity to ensure your family understands your final wishes. Arranging your affairs could minimize taxes, prevent probate, allow you to make end-of-life preparations, and leave a lasting legacy. Our experienced attorneys can guide you through the advantages of a trust and help determine if it is the best option for your needs.
It also protects your loved ones by avoiding disputes among family members after you go and ensures everyone understands your wishes. Consult with a knowledgeable Springfield trusts and estate lawyer to review your options.
While it is a common belief that estate planning is for the wealthy, that could not be further from the truth. Another typical misconception is that the process is long and overwhelming.
The estate plan and tools individuals use depend on their estate planning needs and goals. Further, regardless of their financial situation, every adult should have at least a basic plan to protect themselves and their loved ones.
Estate planners use legal entities like trusts and estate planning tools to help individuals transfer assets and instruct trustees on how to manage them while alive or after death. Individuals create trusts to structure how they would like to distribute their assets upon death and have increased control over how the beneficiaries receive and use their inheritance. Depending on the type they choose, these legal documents offer a variety of benefits, such as the potential for loved ones to avoid the probate process, protect assets from creditors, and minimize taxes.
Under the Revised Statutes of Missouri § 456.4-404, the purposes of creating the trust must be lawful and benefit the beneficiaries named within the document. There are two options to choose from: revocable and irrevocable trusts. Each has its benefits and disadvantages, and determining the right one depends on individual preference. Consulting with an attorney can help you evaluate your options and make an informed decision that meets your unique needs.
The revocable trust, also called a living trust, is the most common and allows the creator to modify or cancel the estate planning document while they are living. Once the trustor creates and funds an irrevocable trust, they cannot change the terms.
However, an irrevocable trust provides specific asset protection and more potential for lower taxes than a living trust. An experienced estates and trusts attorney in Springfield can review the applicable statutes and help determine the appropriate documents.
Estate planners have a vast range of practical estate planning tools to choose from, depending on their specific needs, and some examples include:
The Last Will and Testament is a standard part of estate plans and a legally binding document outlining the willmaker’s final wishes, such as beneficiaries, how to distribute assets, and other property divisions. Estate planners must ensure compliance with state laws and follow proper protocols when drafting the will. Doing so helps avoid family disputes leading to parties contesting the will and long-term probate litigation.
Durable Powers of Attorney, or POAs, allow the creator to select the person they want to make decisions on their behalf if they become incapacitated. They may choose one person or create several POAs authorizing several parties.
Advance healthcare directives communicate the estate planner’s end-of-life medical care wishes if something happens, leaving them unable to make those decisions themselves. That includes medical powers of attorney, naming someone to make medical decisions on their behalf and not resuscitate, or DNR. An estate planning lawyer in Springfield could draft the documents to ensure compliance with state laws.
Planning a thorough estate plan and utilizing trusts allows you to leave clear instructions about how you would like your assets distributed. It is also the opportunity to appoint those you trust to handle your affairs, if necessary, and make decisions about end-of-life care.
A hard-working Springfield trusts and estates lawyer could review each option, answer your questions, and ensure compliance with the statutes. Call today to learn more and schedule an appointment for later this week.
(417) 708-8900
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