When it comes to estate planning, in the event of death or incapacitation, it is important to answer several questions:
- Have you properly assigned where you and your family’s funds and assets will be transferred?
- Will they end up with the parties you desire, or elsewhere?
- Do you know the possible tax ramifications of your decisions?
Wills and trusts are invaluable tools that enable individuals and families to define who will be decreed assets after death. They also allow for control of assets and ensure management according to specifications at death or incapacity.
It is important to note that a will does not avoid probate. A proper trust, however, can define the executor of the estate and his or her scope of control over a trust.
When a trust defines dissolution rights, it is referred to as a revocable living trust and can define who will be left assets as well as who will manage them, should the owner of a trust be unable. A revocable living trust often functions as a will substitute to minimize possible probate costs because assets in a living trust are not subject to probate.
An irrevocable trust can significantly reduce estate taxes and can be an ideal financial decision, but these types of trusts cannot be easily amended or altered.
To arrive at the right resolution, it is critical to combine estate planning expertise with a comprehensive understanding of the goals of a decedent and his or her family. For more than five combined decades, we have been fusing these qualities to arrive at estate planning success for clients. We are ready to help you do the same.
Estate Planning Attorney Serving St. Charles and Surrounding Areas
Our lawyers at The Lake Law Firm know that as circumstances change, estate plans change as well. We view wills and trusts as living breathing documents and are ready to work directly with you to ensure that your wants and needs are ideally preserved while minimizing tax costs. Our goal is to preserve all assets and benefits to which you are entitled without compromising them.
To discuss any aspect of a Missouri will or trust in an initial consultation with one of our St. Louis wills and trusts attorneys, call 314-863-0077 or e-mail the firm.