Begin 2014 with some Family Estate Planning
Make a New Year's resolution to keep your family and your estate protected
Family Estate planning is often difficult to think about. Very few of us like to think about passing away, but planning for this inevitable event now will make life easier for the loved ones you leave behind. The beginning of a new year is a great time to start your planning or to review your estate planning to see if any changes are needed. It's an unfortunate fact that only 2 in 5 Americans have a Will, and even less have done the planning needed to ensure a smooth resolution of their estate if death occurs.
A Resource to help you
The American Bar association has published a very nice resource on family estate planning that we would like to share with you. The full document can be viewed at http://www.americanbar.org/content/dam/aba/migrated/publiced/practical/books/family_legal_guide/chapter_16.authcheckdam.pdf
Per this guide -
"Estate planning pays real dividends--in results achieved, in dollars saved, and, most
importantly, in security and peace of mind. Moreover, estate planning doesn't have to be
expensive, traumatic, or, even especially time-consuming. Estate planning often saves money
by reducing taxes and the expenses of death. It saves time by speeding the process by which
property passes from you, at your death, to your family, friends, or anyone else you want to
have it. Finally, estate planning allows you to make the crucial decisions about the disposition
of your property and the care of your family. In a very real sense, estate planning makes you
the boss."
Q. What is an "estate?"
A. Almost everyone, single or married, has an estate. It consists of all your property, including
A. Almost everyone, single or married, has an estate. It consists of all your property, including
for example:
· real estate, for example, a home;
· personal property such as cars and furniture;
· intangible property such as bank accounts, stocks and bonds, and pension and social
security benefits, and the face value of your life insurance policies.
An estate plan is your direction for the distribution of all your property after you die.
Q. Isn't a will all I need?
only part. These days, it's common for a person to have a number of options, in addition to or
in place of a will, for distributing property. Pensions, life insurance, joint ownership, and trusts
can be used in lieu of a will to transfer property upon your death. As you plan your estate, you
might want to consider these, or similar alternatives, to the traditional will.
Q. How can an estate plan distribute my property quickly?
your estate plan. Options include: gifts made before you die; insurance or pension benefits
paid directly to them as the named beneficiaries; a living trust; using expedited will probate
available in many states for smaller estates; and taking advantage of laws in certain states that
provide partial payments to beneficiaries while the estate is in probate.
Estate planning can also minimize expenses by keeping the cost of transferring property
to beneficiaries as low as possible. For example, choosing a competent executor for your
estate and giving the executor the necessary authority to carry out your directives can save
money and simplify the administration of your estate.
Q. Would an estate plan help if I become mentally or physically incapacitated?
incapacity. This planning is especially important for a single person who may want to designate
someone other than a relative to manage his or her property and affairs in the event of
incapacity. A living will or a durable health-care power of attorney can enable you to pick
someone to make decisions for you about medical treatment, including decisions about using
or terminating life support systems.
You can select someone to direct your financial affairs in the event of your incapacity by
executing a durable power of attorney for financial matters. This type of power of attorneygives a specific named individual access to your assets and the authority to manage those
assets, to pay bills, and to take any other action needed to keep your financial house in order
during your incapacity. See the chapter titled "Rights of Older Americans" for more
information on living wills and similar legal documents designed for the purpose of providing
health care in the event of incapacity.Let us help you protect your estate and your family
At Phillips, McElyea, Carpenter and Welch, P.C., our Missouri estate planning lawyers and probate administration attorneys have the knowledge and experience to help you avoid these problems. We encourage our clients to let their wishes be known for the division of property and potential health care decisions. We do this by drafting documents, such as the following:
- wills
- trusts
- powers of attorney
- health care directives
- living wills
- guardianships
- conservatorships
- probate administration
Upon passing of your loved one, our Missouri probate administration attorneys can assist both personal representatives and/or trustees in administering and distributing estate and trust assets through final distribution to the beneficiaries.
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