Springfield Area Estate Planning Attorneys

When you think of Estate Planning, many think that it is only for the wealthy when, in fact, everyone can benefit from having a basic Estate Plan.

A basic Estate Plan, for most, will consist of a Trust, a Last Will and Testament, a Health Care Power of Attorney (Living Will), and a Durable Power of Attorney.

TRUST:

A trust creates a separate legal entity that can hold legal title to your property and investments while still allowing you, as Trustee, to make decisions regarding your property and investments just as you would without the existence of a Trust. The reason you want legal title to be held in a Trust is to avoid the expense, time and difficulty of having your property be distributed through the Probate Court.

A trust also allows you to give very specific instructions on how you would like your property distributed at your death and allows you to have some element of control on when the property would be distributed.  For instance, if you want your children to share equally in your estate but you are concerned about one of the children’s spending habits, you can require that the child not receive his or her share until he or she reaches a certain age or certain other requirements are met.

Historically, the main purpose of a Trust was to help structure the ownership and distribution of their property to avoid or minimize any Estate Tax (Death Tax).  In 2009, an individual would have to have a taxable estate of $3.5 Million Dollars, or $7 Million for a married couple, before they would need to be concerned with any Estate Tax liability.  However; in preparing any Trust or Estate Planning document, you should always take precautions regarding Estate Tax in the event your estate increases in size or the law changes with regard to Estate Tax.  The law changes frequently in this area so it is a good idea to have your Estate Plan reviewed every three to five years or so.

Many Estate Plans are simple to create and understand but each individual’s situation will be carefully reviewed to ensure that your specific needs are being met for tax purposes and your own personal desires.

WILLS:

Many people believe that if you have a Will, you can avoid going through Probate Court.  This is not the case.  A Last Will and Testament gives instructions to the Probate Court as to how you would like your property distributed.

Even if you are not ready for a more extensive estate plan, everyone should have a Last Will and Testament.  If you do not have one, then the statutes put in place by the Missouri State Legislature control the distribution of your assets.  There are many common misconceptions about how your property will be distributed upon your death.  Your property may not go to your spouse, your children or other relatives as you would expect.  The makeup of your family will determine how your property will be distributed and you should not leave something that important to chance. 

A Will is the only way you can name  a guardian for your minor children.   If your wishes are not specified, a hearing will be required to determine what is best for your child.  This can be a time-consuming, expensive and emotionally upsetting process for your children and those who might seek to be guardian of your children.

HEALTH CARE POWER OF ATTORNEY - HEALTHCARE DIRECTIVE (LIVING WILL):

Most doctors’ offices and hospitals have forms you can fill out to designate who you want to make decisions about your health care if you are not able. Many of these forms are very good and serve their intended purpose without difficulty.  It is always good to have any pre-printed form reviewed to be sure you know what powers you are giving your designated decision-maker. If you are preparing basic estate plan with this firm, the healthcare directive is provided free of charge.

DURABLE POWER OF ATTORNEY:

In addition to a Health Care Power of Attorney, you should strongly consider having a Durable Power of Attorney that would allow a designated person to act in your place for financial and business purposes.  You do not have to be physically or mentally incompetent to find yourself in a situation where another person might need to act for you or sign documents on your behalf.

Forms for Estate Planning

• Client Intake Form

We will work with you
to achieve the
best possible results
for you and your family.