Frequently Asked Questions

An estate plan is a collection of legal documents that helps protect you, your loved ones, and your assets during your lifetime and after your death.

Depending on your needs and goals, an estate plan may include a:

•  will

• revocable living trust

• durable power of attorney

• healthcare power of attorney

• living will (advance directive), and 

• other planning tools.

An estate plan allows you to decide who will manage your affairs if you become unable to do so and how your assets will be distributed after your death.

A will is a legal document that allows you to decide how your assets will be distributed after your death. It also enables you to:

• Name the individuals or organizations who will receive your property.

• Appoint an executor to administer your estate.

• Nominate a guardian for your minor children.

• Clearly express your wishes to help reduce confusion and potential family disputes.

Many people believe that only those with substantial assets need a will. In reality, a will is an important estate planning tool for individuals and families at every stage of life.

Without a valid will, your estate will generally be distributed according to state law, which may not reflect your wishes. A thoughtfully prepared will helps ensure that your intentions are honored and provides guidance for your loved ones during a difficult time.

Not sure whether a will is right for you, or whether you may also benefit from a trust? We're happy to discuss your options during your complimentary initial consultation.

Revocable Living Trusts

A revocable living trust is a legal tool that allows you to manage your assets during your lifetime and provide for their distribution after your death. Because the trust is revocable, you can generally change or cancel it at any time while you are living.

A properly funded revocable living trust can help:

• Avoid probate for assets held in the trust.

• Provide for the management of your assets if you become unable to do so.

• Simplify the transfer of assets to your beneficiaries.

• Maintain greater privacy than a will.

A revocable living trust is not the right choice for everyone. We'll help you determine whether a trust is appropriate for your needs and goals during your complimentary initial consultation.

 Living Will (Advance Directive)

A living will, also known as an advance directive, allows you to express your wishes about end-of-life medical care if you are unable to communicate those decisions yourself.

A living will can help:

• Communicate your preferences regarding life-sustaining treatment.

• Provide guidance to your healthcare providers and loved ones.

• Reduce uncertainty and emotional stress for your family during a difficult time.

A living will gives you a voice when you cannot speak for yourself and helps ensure that your healthcare wishes are understood and respected.

Transfer on Death (TOD) Deeds & Beneficiary Deeds

A Transfer on Death (TOD) Deed (Illinois) or Beneficiary Deed (Missouri) allows you to designate who will receive your real estate when you pass away, generally without the need for probate.

Some of the key benefits include:

• You retain complete ownership and control of your property during your lifetime.

• You can change or revoke the deed at any time, as long as you have the legal capacity to do so.

• The deed must be signed and recorded during your lifetime to be effective.

• Upon your death, the property can pass directly to your named beneficiary, helping to simplify the transfer process and reduce probate costs and delays.

A Transfer on Death or Beneficiary Deed can be an effective estate planning tool for many property owners. We'll help you determine whether it's the right option for your circumstances and overall estate plan.

Trust Funding

Creating a trust is only the first step. To be effective, many of your assets must be properly transferred, or "funded," into the trust.

Trust funding may include retitling real estate, financial accounts, and other assets so they are owned by the trust and work together with your overall estate plan.

Proper trust funding is an important step in helping your trust function as intended, avoid unnecessary probate, and simplify the management and distribution of your assets.

Probate is the court-supervised process of administering a person's estate after death. It may involve validating a will, paying debts and taxes, and distributing assets to heirs or beneficiaries.

Depending on the size and complexity of the estate, probate can be time-consuming, involve court costs and attorney fees, and become part of the public record.

With proper estate planning, many assets may be transferred outside of probate through tools such as revocable living trusts, beneficiary designations, joint ownership, or Transfer on Death (TOD) and Beneficiary Deeds.

We'll help you determine the estate planning strategies that best meet your goals and, where appropriate, help simplify the transfer of your assets.

Guardianship is a legal process in which a court appoints someone to make personal, medical, and, in some cases, financial decisions for a person who is unable to make those decisions independently.

Because guardianship generally requires court involvement, many people choose to include powers of attorney and other planning documents in their estate plan to help reduce the need for a guardianship proceeding if they become incapacitated.

If guardianship becomes necessary, the court will appoint a qualified individual to act in the best interests of the person who needs assistance.

Conservatorship (Missouri) and Guardianship of the Estate (Illinois)

Although the terminology differs, Missouri and Illinois have similar legal procedures for appointing someone to manage the financial affairs of an individual who is unable to do so.

• Missouri: A conservator may be appointed by the court to manage the financial affairs and property of an incapacitated or disabled person.

• Illinois: A guardian of the estate may be appointed by the court to manage the financial affairs and property of a person who has been adjudicated disabled.

Because these proceedings require court involvement, many individuals choose to execute a Durable Power of Attorney for Property as part of their estate plan. This document allows a trusted person to manage financial matters if they become unable to do so and may reduce the need for a court-appointed conservator or guardian of the estate.