Each of us will die eventually. This article looks at how planning can make our passing easier for our loved ones. Specifically, this article looks at how planning can maintain privacy for your loved ones. Many Reasons to Plan … [Read more...] about Many Reasons to Plan
It’s important to have a plan. If you don’t have a plan, your state law dictates who gets your property and makes decisions for you. Read on to learn more about a heart-breaking story of someone who didn’t plan and the consequences. Planning is Critical … [Read more...] about Planning is Critical
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...] about Trusts for Privacy
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...] about Your Executor – What Exactly Does He/She Do?
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...] about What Are the Drawbacks of Probate in St. Louis?
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...] about Probate in St Louis Missouri: Is It Always Required?
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...] about Does Your Law Firm Do Probate?
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...] about What Is an Executor?
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...] about What Happens When Estate Planning Documents Conflict?
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...] about Executors Beware – Don’t Mistake a Treasure for Trash!