The Tools You Need For An Effective Estate Plan
There are two misconceptions that are common these days. One is that only wealthy people need a will or a trust. The second is that there is plenty of time “later” to get these documents made.
The truth is that anyone with a full time job, house, spouse or kids can benefit from having a will. You do not need to be wealthy to have a will or a trust. The other truth is that “later” is now. There is no better time than right now to get the estate planning service you need. At Law Offices of Frank J. Niesen, Jr., we can help.
Who Needs A Will And Why?
Anyone can benefit from a will. This legal declaration can designate beneficiaries, what they receive from an estate, and more. Through a will you can also:
- Designate an executor to manage your estate
- Name a legal guardian for a minor child if both parents are deceased
- Avoid state-directed succession laws in the probate process
A will lets your loved ones know what you want. There is no second-guessing. When you work with our team, we can also ensure that all of your bank, retirement, life insurance, investment, pension, savings and other accounts have a documented beneficiary. This means that in the event of your death the funds in these accounts will circumvent the probate process and be paid out to the person you have chosen.
How Do I Ensure My Medical Preferences Are Followed?
There are legal tools to ensure that your wishes for medical care get carried out. A health care directive or “living will” allows you to indicate what type of medical interventions and care you’d like to receive should you become incapacitated. A durable power of attorney allows a designated person to make health care decisions for you, in line with your health care directive. At our firm, we will make sure that all of your planning reflects your wishes and is legally binding.
When Should A Person Create A Trust?
Contrary to popular belief, trusts are not only for the super rich. Here are the most common reasons for creating a trust:
- To control how much money is given to beneficiaries. A trust can be created so that payments are made in annual installments. This can ensure that those who are receiving the funds are not overwhelmed by a large windfall all at once.
- To hold assets outside of the probate process. This is because the trust assets are held in the name of the trust. They are given directly to the beneficiaries by the trustee upon the death of the person who made the trust.
- To create protection from taxes and creditors. This is very important with for example, rental property, which can be vulnerable to liability lawsuits.
- To provide financial support to a cherished charity.
- To provide financial security to a child with special needs without sacrificing state-subsidized income.
Any working professional who has minor children, a business, rental properties or even a home that is paid off can reap the protections a trust provides.
Knowledgeable And Efficient Probate Representation
The probate process has several steps and can be a confusing and time-consuming process. When you and your family are faced with all of the legal details of this process, give Law Offices of Frank J. Niesen, Jr. a call. We can provide clarity and work toward full resolution of the estate.
Get The Tailored Documents You Need
At Law Offices of Frank J. Niesen, Jr., we know that estate planning is not a “one size fits all” endeavor. We will sit down and go over what your goals are and then create exactly the documents you need. Call 314-421-5800 or send us an email indicating that you’d like more information. We serve clients in St. Louis and in both Missouri and Illinois.