An often overlooked matter in Estate Planning is leaving instructions to loved ones as to final arrangements, the funeral, burial, and related matters. This is likely the case because we get focused on stricly legal and financial matters – which is a natural thing to do. It’s also because this is work that the lawyer…
Beneficiary Deeds are a handy and valuable tool. Used properly, they transfer ownership of real estate instantly and automatically upon the death of the person or persons who created the deed, bypass probate, and they are relatively inexpensive. So — why doesn’t everybody use them all the time? The simple answer is — everything has a time…
With the absence of any Federal Estate Tax, at least as of right now, we occasionally are asked if Missouri has an Estate or Inheritance Tax. In a word – no. However, it’s not technically been repealed. Click here for an explanation from the Missouri Department of Revenue website. As you can see, it’s possible that…
A “Pour Over” will is a document that is used as a supporting document in a Trust Based Estate Plan. Trust based plans rely on “funding” or “retitling” of your assets, property, bank accounts, etc. A Pour Over Will is a backup instrument that is intended to take care of anything that was not funded properly,…
A Power of Attorney is “Durable” if it is still effective when the person who signed it is disabled. This person can be referred to by several terms, but we will call that Person the “Principal”. Before the enactment of Durable Power of Attorney statutes, Powers of Attorney generally only carried the authority that the…
Once again last week I got to explain to a client that Wills only work through the probate system. A very, very nice lady came in with her elderly mother’s will. It had been prepared by an out of town firm by a lawyer recommended by a financial planner. The will was simple, but valid. When…
Durable Powers of Attorney are instruments that literally everyone age 18 or over should have. Sooner or later the vast majority of us will be disabled and need for someone to handle our affairs. From time to time, however, we get calls and questions about how they work after the person granting the power dies….