Trusts have many uses. Perhaps the most important is that they can provide privacy at death. Garry Shandling is thought to have used a trust to provide privacy for those he left behind. Trusts for Privacy … [Read more...]
Your Executor – What Exactly Does He/She Do?
Although an estate plan can include numerous documents and tools, your Last Will and Testament is the foundation, or starting point. A properly drafted and executed Will can make or break your entire estate plan – as can the choice of executor. Unfortunately, people often overlook how important the role of executor is in the overall success of an estate plan. To make sure that you do not make that mistake, consider what your executor will be required to do: Locate your Will and all other … [Read more...]
What Are the Drawbacks of Probate in St. Louis?
If you are preparing to create an estate plan, or due to review and revise an existing plan, in St. Louis you have likely heard that probate avoidance is an important component of your estate plan. You may, however, not have a clear understanding of precisely why probate avoidance is such an important part of an estate plan. To understand why people choose to include probate avoidance strategies in their estate plan you need to understand the probate process better and the drawbacks of probate … [Read more...]
Probate in St Louis Missouri: Is It Always Required?
When someone dies the assets owned by the deceased must be accounted for and transferred to the intended beneficiary or heir of the estate. Probate is the legal process by which these goals are accomplished. Formal probate can be a time consuming and costly process. The good news is that formal probate is not always required in Missouri. Upon the death of an individual the law requires that the deceased’s property be accounted for before it can be passed down to heirs or beneficiaries. To … [Read more...]
Does Your Law Firm Do Probate?
If you recently found out that you were named as the executor of an estate, or you recently volunteered to be the personal representative of an estate, you may find that the job is much more time-consuming and complex than you realized. For this reason, most executors/PRs retain the services of an estate planning attorney to assist them throughout the probate process. People often ask us at Purcell and Amen if we do probates. Yes, we certainly do assist people through the probate process. The … [Read more...]
What Is an Executor?
For most people the cornerstone of their estate plan is their Last Will and Testament. Whether your Will is your entire estate plan or just the starting point for a complex plan, you must make a number of important decisions during the creation of your Will. One decision that people often take lightly is the appointment of an executor. This can be a huge mistake. In fact, appointing the wrong executor can significantly impact the success of your estate plan. When you die your estate will likely … [Read more...]
What Happens When Estate Planning Documents Conflict?
For most people, an estate plan consists of numerous documents. A Last Will and Testament provides the cornerstone of any estate plan; however, other ancillary documents may also be part of the plan such as a trust, insurance policies and bank accounts. What happens if two or more of these documents conflict? Let’s assume that Bob has a wife named Mary and two children—John and Beth. Bob dies of a heart attack. Bob’s Will specifically states that all of his assets are to be split evenly between … [Read more...]
Executors Beware – Don’t Mistake a Treasure for Trash!
If you are the executor for the estate of someone who has recently died, and you have never fulfilled the position of executor before, you may be overwhelmed with the duties that come along with the job. One of the first things you must do is to inventory the decedent’s estate for the purpose of the probate process. This requires you to list all of the decedent’s assets from valuable real property down to seemingly worthless personal possessions. Be careful, however, that you don’t miss a … [Read more...]
One Advantage to a Comprehensive Estate Plan – Privacy
Did you know that well known news anchor Peter Jennings was worth $50 million when he died and that his fourth wife received half of his estate pursuant to a prenuptial agreement? Do you want to know how much Whitney Houston as worth when she died or who she gave her money to? If you are curious, you can find out soon when her Last Will and Testament is made public. If you don’t like the thought of your estate details being made public when you die, you may want to consider adding an estate to … [Read more...]
What Does a Probate Court Do?
You may have heard the term “probate court” before, but never had a need to know what they do in probate court. If you are curious now, it may be because someone close to you has passed away. Probate courts are limited jurisdiction courts, meaning they only hear certain types of cases. Typically, a probate court handles wills, trusts and estate matters along with guardianships and conservatorships. Each state within the United States determines its own court system structure. For this reason, … [Read more...]
