Blended families face unique challenges when planning for the future. Estate planning must balance the needs of a spouse, biological children, stepchildren, and sometimes former spouses. Careful planning helps all loved ones receive fair consideration and ensures that...
Estate Planning
Professional vs. Personal Executor or Fiduciary: Pros and Cons
When planning your estate, choosing an executor or fiduciary is crucial. This decision significantly impacts the management and distribution of your estate. Here are some things you need to consider when making this choice: Executors vs. Fiduciaries Executors manage...
What are the legal implications of pet trusts in estate planning?
Estate planning often involves making arrangements for loved ones, but it can also include caring for pets. Pet trusts have become a popular tool to ensure pets are looked after when their owners pass away. Understanding the legal implications of pet trusts is...
Discussing estate planning with your parents
In Missouri, discussing estate planning with your parents is a vital step that can help ensure their wishes are respected and their assets are protected. While starting this conversation might seem challenging, addressing these topics early can help avoid confusion...
Why should you consider creating a special needs trust?
Creating an estate plan ensures your family's financial security and peace of mind. For families with a member who has special needs, this is especially important. Creating a special needs trust can be a lifeline for these individuals. These trusts safeguard both...
How can a trust benefit a charity and your relatives?
If you have a charity that you feel passionate about giving to, it is natural to wonder if you can leave money to that organization following your death. Still, you also have your children and possibly other relatives in mind to inherit from you. A trust can help you...
What are advance directives and how do they work?
When it comes to estate planning, you may not know much about advance directives. These are legal papers that let you detail what kind of medical care you want if you cannot communicate your wishes yourself. Taking a closer look at what advance directives are and how...
How to avoid beneficiary designation mistakes
One important aspect of estate planning involves naming beneficiaries for your assets. Whether it is a life insurance policy, retirement account or other financial assets, you must use proper practices to designate beneficiaries. You must also be aware of common...
How harmful is undue influence during estate planning?
Estate planning is a process that ensures people distribute a loved one's assets according to their wishes after they die. However, there is a hidden threat that can compromise the integrity of this process, commonly called undue influence. This subtle force can have...
When is it wise to revisit your estate plan?
Estate planning is an important financial step that helps ensure that your assets end up where you want them to end up. However, your circumstances and goals can change over time, making it important to regularly revisit your estate plan. By staying vigilant and...