Estate Planning
Wills
- Wills can designate the Guardian for children under 18. The Guardian is in charge of the children's physical well-being and the children will usually live with him or her.
- Wills affect any asset in a person's name which is not held jointly in a Trust, or is not designated to go by a Transfer on Death (TOD), or Payable on Death (POD) or beneficiary designations.
- Wills must be probated, which will cause attorney's fees and court costs to be incurred.
- In most cases, the use of a Trust will avoid the delay caused by probate and will save the family of the deceased money which would have otherwise been spent on attorney's fees.
- Missouri Statutes adopted by the Legislature calculate the minimum Probate fees to the attorney. The Missouri Statutes set the attorney's fee for probating an estate between 2% and 5%. For example, the attorney's fee, per statute, for a $100,000 estate is $3300.
- The attorney's fee to administer a trust at death is almost always lower than probating
an estate.
Living Trusts
- Avoid probate
- Names Trustee to distribute assets at death (instead of a Court-appointed Executor).
- Can accomplish estate tax planning to avoid estate tax.
- Avoids the Court's appointment of a Conservator in case of incompetence.
- Is less expensive to administer than a Will, because the assets in the Living Trust
avoid probate. - The assets are usually distributed to family members more quickly than a probate estate.
POWERS OF ATTORNEY
Financial Powers of Attorney appoint one or more persons to handle the following for you:
- Sign contracts
- Conduct banking transactions
- Open and close accounts
- Sign deeds
- Sell your house
- Sue in your name
- Handle many other financial transactions
You may tailor your Financial Power of Attorney to:
- be valid only in the event you become incompetent or if you are missing or held hostage (called a "Springing Durable Power of Attorney").
- be valid now but not if you become incompetent (called a "Power of Attorney").
- be valid if incompetence, or in the event you are missing or held hostage (Durable Power of Attorney).
Healthcare Powers of Attorney
A Healthcare Power of Attorney appoints someone to carry out your intent regarding healthcare decisions in the event you are unable to do so. If you expressed your intent in a Living Will, the person appointed (attorney-in-fact) should make the best decision possible under the given circumstances. You should provide your attorney-in-fact with a copy of your Living Will.
Living Wills
A Living Will is a statement of your intent regarding healthcare in the event you become incapable of expressing your desires. You may include a statement concerning feeding and hydration tubes. Share copies of your Living Will with your family and the attorney-in-fact named in your Healthcare Power of Attorney.
What to Bring to an Appointment
A List of:
- Bank accounts
- Life insurance policies
- Stocks
- Mutual funds
- Real estate
showing how each asset is owned.
If you have any of the following, please bring:
- Wills
- Trusts
- Powers of Attorney
- Living Wills
- Divorce decrees (if applicable)
Hamra Law Firm, LLC 636-530-1600 phone ~ 636-728-1681 fax NEAR CHESTERFIELD MALL
Sensitivity you want ... Strength you need ... Experience to achieve results
Susan E. Hamra
Attorney at Law
16141 Swingley Ridge Road
Suite 105
Chesterfield, Missouri 63017
