Estate Planning in The State of Missouri
St. Louis Estate Planning, Medicaid Planning, and Probate Law Firm
There are many legal strategies involved in estate planning, including wills, revocable living trusts, irrevocable trusts, durable powers of attorney, and health care documents.
More About Estate Planning
Your Last Will And Testament
New clients often say that they do not have an estate plan. Most people are surprised to learn that they actually do have a plan. In the absence of legal planning otherwise, their estate will be distributed after death according to Missouri’s laws of intestacy. Of course, this may not be the plan they would have chosen. A properly drafted estate plan will replace the terms of the State’s estate plan with your own. Start the process and create your estate plan alongside an estate planning lawyer.
Estate Planning: Your Roadmap to Security
Crafting your estate plan is like planning the perfect race strategy; every detail counts towards securing a victory for your family’s future. Wills and trusts serve distinct, yet complementary roles in securing your legacy.
Wills provide clear instructions on the distribution of your assets upon your death, allowing you to appoint guardians for minors and express your final wishes. However, wills must undergo probate, a public and often lengthy legal process.
Trusts, on the other hand, offer a more flexible and private means of managing and transferring your wealth. Not only can trusts avoid the probate process, but they also provide options for managing your assets during your lifetime and beyond.
Different Types of Trusts
to Achieve Our Clients’ Goals
Trusts are incredibly versatile, designed to cater to a wide range of estate planning objectives. Various trust options exist based on what the client hopes to achieve and when they want the trust to be effective.
Testamentary Trusts
Are established within your will and take effect upon your death. Ideal for those who wish to specify conditions or stages for asset distribution, these trusts ensure that your legacy is managed according to your exact wishes.
Revocable Living Trusts
Are active during your lifetime, offering the flexibility to alter the trust’s terms as your circumstances change. Serving as a cornerstone of many estate plans, revocable living trusts streamline the wealth transfer process, ensuring privacy and reducing administrative burdens on your heirs.
Whether securing a child's education or providing for a philanthropic cause,
trusts can be customized to fulfill your specific aspirations.
Different Types of Trusts to Achieve Our Clients’ Goals
Avoiding Probate: Trusts expedite the transfer of assets, bypassing the time-consuming and public probate process.
Minimizing Taxes: Properly structured trusts can reduce estate and gift taxes, maximizing the inheritance for your heirs.
Protecting Your Legacy: Trusts offer protection against creditors and legal disputes, ensuring your assets are preserved and distributed according to your wishes.
Ensuring an Efficient and Convenient Planning Process
In today’s fast-paced world, we leverage the latest technology to enhance your estate planning experience. From virtual consultations to online payment systems and e-signature technology, we ensure that your estate planning process is as efficient and convenient as possible. At Formula Law, your peace of mind is our utmost priority, and our technology-driven approach is designed to fit your busy lifestyle.
Meet with Formula Law to Create Your Plan
Ready to take the next step in securing your legacy? At Formula Law, we’re here to guide you through every aspect of estate planning with compassion, professionalism, and personalized care. Book a call with us today, and let’s explore how we can tailor an estate plan that meets your needs and ensures your legacy flourishes for generations to come.
Powers Of Attorney
A power of attorney is a legal document giving another person (the attorney-in-fact) the legal right (powers) to do certain things for you. What those powers are depends on the terms of the document. A power of attorney may be very broad or very limited and specific.
All powers of attorney terminate upon the death of the maker, and may terminate when the maker (principal) becomes incapacitated (unable to make or communicate decisions). When the intent is to designate a back-up decision-maker in the event of incapacity, then a durable power of attorney should be used.
Durable Powers of Attorney should be frequently updated because banks and other financial institutions may hesitate to honor a power of attorney that is more than a year old.
Health Care Documents (Or Advance Directives)
An advance directive is a document that specifies the type of medical and personal care you would want should you lose the ability to make and communicate your own decisions.
Anyone over the age of 18 may execute an advance directive, and this document is legally binding in Missouri. Your advance directive can specify who will make and communicate decisions for you, and it can set out the circumstances under which you would not like your life to be prolonged if, for example, you were in a coma with no reasonable chance of recovery.
A document that goes hand-in-hand with your advance directive is an authorization to your medical providers to allow specified individuals to access your medical information. Without this authorization, your doctor may refuse to communicate with your hand-picked decision maker.
Book An Initial Call With Formula Law
Get your plan in place now before it’s too late! Having a solid plan for your estate is an essential bedrock of protecting you and your family.