Experienced Estate Planning Attorney in Springfield, MO

What is involved in a good estate plan?

An experienced estate planning attorney can help guide you to the proper legal structure for you and your family’s needs.

• Powers of Attorney and A Physician’s Directive

  Good, comprehensive financial and health care power of attorney documents are vital documents for every single individual over the age of eighteen because they designate who is able to “step into your shoes” to make decisions for you when you are incapacitated, whether temporarily or permanently. 

  These documents are what are necessary to be able to access your financial assets if you are in the hospital, sick, or have lost capacity (i.e. dementia, Alzheimer’s), and designate who can talk to the doctors or hospital on your behalf when you can no longer do so on your own.  

  Similarly, a Physician’s Directive outlines your decisions as to life-prolonging procedures and treatment and end-of-life preferences so that your family is able to communicate your wishes in the event that you are unable to do so.

• Revocable Living Trust

  A Revocable Living Trust is a legal document that provides instructions for the management of your assets after you pass away.  It names your trustee – the person who is in charge of carrying out the instructions of the trust after you pass away or if you become incapacitated.  A Revocable Living Trust is a private document that allows for the transfer of your assets without unnecessary probate or court interference.  It also allows for the management of your assets in case of incapacity. 

  A properly-drafted and funded estate plan using a Revocable Living Trust will allow your family to manage your estate privately, with less cost and confusion.
  
  

• WIll

  A will provides instructions to the probate court as to who you want to be in charge of your estate (your personal representative) and who you want to receive your assets.  However, a will only has effect when your estate is in probate court; and the only assets that are handled in probate court are those that lack non-probate transfer designations (beneficiary, POD, TOD).  

  A will is also used to name a primary guardian for your minor children in the event you pass away or become incapacitated.  It should also name alternates to the primary guardian in case your primary choice is unable or unwilling to serve.

• Pour-Over Will

  If you have a Revocable Living Trust, you will likely need a Pour-Over Will.  Similar to a will, a pour-over will is effective in probate court and only applies to those assets lacking a non-probate transfer designation.  It names your personal representative and designates that your assets should be distributed according to the terms of your trust.  A pour-over will can also name a guardian and alternative guardian(s) for your minor children.

  
  

Common Questions For An Estate Planning Attorney:

• Do I need to avoid probate?

  Many people feel that because they have a will, their estate will avoid Probate Court (and the associated time and costs,).  However, a will is an instruction to the Probate Court.  This means that in order for the will to be effective, it MUST go through probate!  If there is no probate estate, then the will has no effect.
  
  

• Do I need a trust?

  For many families, using a revocable trust provides the comprehensiveness necessary for a good estate plan, while also avoiding probate. For other estates, using beneficiary designations (i.e. Payable on Death or P.O.D.) can be a suitable solution.

  The process of figuring out the most appropriate tool to ensure your assets are distributed the way you want them to be is what makes it important to talk to an Elder Law attorney.  Too often, people feel that whatever they read on the internet or hear from their friend next door will work for them.  A proper estate plan is based on your individual situation, which includes your family needs, the financial assets, your goals, and your long-term care needs.

• Why is funding the trust so important?

  “Funding” your trust, as we call it, or making sure your assets go into your Revocable Living Trust either now or upon your passing is how the assets are administered through your trust.  Assets with beneficiaries such as a life insurance or annuities need not be transferred to your Revocable Living Trust during your lifetime, but you will commonly name the Revocable Living Trust as the beneficiary of the policy.

  We give all of our clients written instructions on how to transfer or re-title all of their assets as they complete their Revocable Living Trusts and are always available to answer questions on transferring assets.
  
  

• What if I die and my spouse remarries?

  This is an issue that is discussed far more today than previously because many of our older clients have seen or heard about situations where the estate plan was totally changed after mom or dad passed away, and usually to the detriment of the children of the couple.  

  While an inheritance should never be looked at as a birthright for a child, many clients do want to ensure that no matter which spouse passes away first, that the surviving spouse is provided for, while at the same time ensuring that whatever is left upon the death of the second spouse does not end up in someone else’s hands. Fortunately, this issue can be easily addressed in estate planning if it is an important issue for your family.

• Can I structure an inheritance for my child so that he/she does not receive all of it at one time?

  Yes, if you use a Revocable Living Trust.  One benefit of using a Revocable Living Trust for your estate planning is the flexibility it allows when determining how your assets should be distributed to future generations following your death.  It allows you to structure a child’s inheritance over time so that he/she only receives a portion at particular age benchmarks. 

  Additionally, it allows you to hold certain funds in trust for your grandchildren, should you wish to do so.  It also allows you to provide an inheritance for your children while also making a contribution to a charity, church, or non-profit organization. 
  
  

Other Frequently Asked Questions

• What is the difference between will and estate planning?

  A Last Will and Testament is a component of estate planning. Estate planning is the process to legally document your wishes regarding your inheritance after you pass away, and also to legally document your wishes concerning who can make medical and financial decisions for you if you become incapacitated. Nearly everyone has an estate (a bank account, a house, a car, etc.). Generally, people want their estate to avoid Probate Court when they pass away. A proper estate plan can ensure your assets avoid probate and are inherited by your loved ones. An estate plan also includes powers of attorney so that you can nominate a person to make medical and financial decisions for you if you become incapacitated. A Last Will and Testament is a component of estate planning, but does not avoid Probate Court. When a person dies, if their asset(s) go to Probate Court, a Last Will and Testament instructs the Probate Court on who should receive the asset, who should be in charge of your estate, whether your estate should be supervised by the Court, etc. If a person does not have a Last Will and Testament and their asset(s) go to Probate Court, then the Missouri intestacy laws (RSMo 474.010) would govern who inherits that person’s estate. A Will does not avoid Probate Court.

• What does an estate planner do?

  An estate planning attorney prepares legal documents and provides legal advice to ensure their client’s inheritance and end-of-life wishes are carried out when the client dies or becomes incapacitated.
  
  

• What is the difference between a probate lawyer and an estate lawyer?

  An attorney who practices probate law likely also practices estate planning law, and vice versa. One primary goal of estate planning is to avoid probate. An estate planning attorney prepares legal documents and provides legal advice to clients so that the clients’ assets will avoid probate upon the death of the client. If a person has failed to do an appropriate estate plan, then a probate attorney can help the person’s loved ones take the person’s assets through probate so the person’s heirs can inherit the assets.

Proper estate planning is necessary for the management of your assets and affairs after your passing.  If left untended, the state’s intestacy laws will dictate how your assets are distributed upon your death, which may not be how you want things.  Estates without proper estate plans may also be subject to a lengthy and expensive probate process.  

Elder Law is an area of the law that is constantly changing and books or materials on the internet are not always up to date, or specific to Missouri.  While there are pre-printed forms readily available on the internet for wills, powers of attorney, living trusts and living wills, such forms may not be valid in Missouri and may not meet your specific needs.  Use caution if you choose to complete such forms on your own because they can be confusing, and you cannot correct your mistakes when you have passed away or are disabled.

A qualified estate planning lawyer is trained and experienced with wills, trusts, powers of attorney, advance directives or living wills and the intricacies of estate and inheritance taxes.