{"id":889,"date":"2023-10-02T20:26:08","date_gmt":"2023-10-02T20:26:08","guid":{"rendered":"https:\/\/attorneycox.com\/?page_id=889"},"modified":"2024-07-11T15:41:43","modified_gmt":"2024-07-11T20:41:43","slug":"estate-planning-faqs","status":"publish","type":"page","link":"https:\/\/attorneycox.com\/estate-planning-faqs\/","title":{"rendered":"Estate Planning FAQs"},"content":{"rendered":"\t\t
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Estate Planning FAQs<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Estate planning is a complex area of law.\u00a0 There is no one, uniform solution as every situation is unique.\u00a0 That said, below are frequently asked questions to help make our initial consultation more productive for you.<\/p>

Please contact our office at 314-727-0163<\/a> to schedule a free initial consultation or schedule online<\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tCan I draft my own Estate Planning documents without an attorney?<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

The short answer is yes, you can. Whether those documents will be valid or do what you expect them to do is the million-dollar question. While there are numerous do-it yourself estate planning kits available online, I would never advise someone to go that direction. The \u201cone size fits all\u201d approach with these online kits often causes problems and unintended consequences. Such problems often are not discovered until after the person has passed away and when it\u2019s too late to correct those problems. Our office has seen do-it-yourself documents that are completely invalid under Missouri law. There is no replacement for the peace of mind it gives to have an experienced estate planning attorney draft your estate planning documents to your exact specifications. Having your documents professionally drafted will give you the confidence that things will go smoothly for your family after your incapacity or passing.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tWhat Estate Planning Documents does your office recommend?<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

It will take a consultation with you to make customized recommendations, but in general, our office recommends the following for most people:<\/p>

1. A Revocable Living Trust.

2. A Pour Over Will (the type of Will that accompanies a Trust).

3. A General Durable Power of Attorney.

4. A General Durable Power of Attorney for Health Care and Health Care Directive.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tWhat is a Will?<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

A Will is a legal document that states how you\u2019d like your assets distributed upon your death. You may dispose of your assets in any manner you choose with the exception that you usually cannot completely disinherit a spouse. A Will is also the only place where you can designate a Guardian for your minor children in the event of your untimely passing. A Will further allows you to appoint the person who will be in charge of distributing your assets after your passing (called the \u201cPersonal Representative\u201d or \u201cExecutor\u201d). Having just a Will does not avoid Probate Court. Wills always go through the Probate Court process.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tDoes a Will avoid Probate Court?<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

No. Assets that pass pursuant to a Will always have to go through Probate Court. Probate is the legal process that gives recognition to a Will, appoints a Personal Representative (Executor), and orders the distribution of a person\u2019s assets according to that Will. The purpose of Probate is to formally pass title of assets from the deceased\u2019s name to the beneficiaries listed in their Will.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tHow long does the Probate Court process take?<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

On average, it takes between 7-18 months to finalize the Probate Process.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tIs there a cost to go through Probate Court?<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

Yes, there are statutory fees paid to both the Personal Representative and the attorney handling the estate, and those fees can be staggering. Those fees are based on the total value of the deceased\u2019s assets in Probate and are as follows:<\/p>\n\n \n \n \n \n \n \n \n \n \n \n \n
Value of Probate Estate<\/th>\n Total Statutory Fees<\/th>\n <\/tr>\n
$100,000<\/td>\n $6,600<\/td>\n <\/tr>\n
$250,000<\/td>\n $14,850<\/td>\n <\/tr>\n
$500,000<\/td>\n $28,100<\/td>\n <\/tr>\n
$750,000<\/td>\n $40,600<\/td>\n <\/tr>\n
$1,000,000<\/td>\n $53,100<\/td>\n <\/tr>\n
$2,000,000<\/td>\n $93,100<\/td>\n <\/tr>\n
$3,000,000<\/td>\n $133,000<\/td>\n <\/tr>\n
$4,000,000<\/td>\n $173,000<\/td>\n <\/tr>\n
$5,000,000<\/td>\n $213,100<\/td>\n <\/tr>\n
$10,000,000<\/td>\n $413,100<\/td>\n <\/tr>\n <\/table><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tHow can I avoid Probate Court?<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

One of the major goals of any Estate Plan is to avoid your assets going through Probate Court. The best way to avoid Probate Court is to draft and fully fund a Revocable Living Trust. A properly funded Trust will allow your assets to pass to your named beneficiaries without going through Probate Court, thus saving time and the statutory probate fees. Although there are some drawbacks to doing so, Probate can also be avoided by naming beneficiaries on each asset (these are often called PODs or TODs \u2013 \u201cpayable on death\u201d or \u201ctransfer on death\u201d beneficiaries).<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tWhat is a Revocable Living Trust?<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

A Revocable Living Trust is a sophisticated Estate Planning Document that sets forth how your assets will be managed and distributed both during your lifetime and after your death. Most people prefer to draft a Trust over a simple living Will due to the numerous advantages of a Trust. See FAQ below discussing such advantages.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tAren\u2019t Trusts just for the very wealthy?<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

Absolutely not. Trusts have become a usual estate planning tool for everyday people.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tWhat will happen to my assets if I die without a Will or Trust?<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

Any asset that is jointly owned with another individual, will usually go to the other co-owner. Any asset on which you\u2019ve designated a beneficiary (POD or TOD) will usually go to that designated person. All other assets that are titled in your sole name will then be distributed as follows:<\/p>

1. If you have a spouse but no children, your entire estate goes to your spouse.

2. If you have a spouse and surviving children (who are all also your spouse\u2019s children), your spouse gets $20,000 plus 50% of your estate. Your surviving children or their descendants will equally divide the other 50%.

3. If you have a spouse and surviving children (one or more who are not your spouse\u2019s children), your spouse gets 50% of your estate and your surviving children or their descendants will equally divide the other 50%.

4. If you don\u2019t have a spouse, but have children, your entire estate will be distributed to your children or their descendants.

5. If you don\u2019t have a spouse, children or descendants, your entire estate will be distributed to your father, mother, brothers and sister, or their descendants.

6. If you don\u2019t have a surviving spouse, children, descendants, father, mother, brother, sister or their descendants, your entire estate will be distributed to your grandfather, grandmother, uncles, aunts or their descendants.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tWhat are the advantages of drafting a Revocable Living Trust instead of just a simple Will?<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

There are many advantages to a Revocable Living Trust, including the following:

1. Avoiding the 8\u201318-month cumbersome Probate Court process and the resultant delays in distributing assets.

2. Substantial money savings by avoiding Probate Court. The Probate fees set forth in an earlier question will be completely eliminated by drafting and funding a Revocable Living Trust. An attorney may still be needed to assist in the distribution of that Trust, but the costs are usually minimal when compared to the Probate Court fees.

3. Privacy. A Trust is a private document not open to the public.

4. Asset management upon incapacity. A Trust provides for continuity and back-up financial management of your assets during your disability or incapacity. Whoever you designate as the Successor Trustee will take over the management of your finances during such incapacity or disability and will use your assets to continue to care for you and your family.

5. Avoidance of a court appointed Guardian or Conservator. A Trust may avoid the necessity of having a Guardian or Conservatory appointed for you if you become incapacitated or disabled and are unable to manage your affairs.

6. A Trust is much easier to administer for the loved ones you leave behind.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tWill my beneficiaries have to pay an inheritance tax on any money I leave them?<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

It depends on the value of the deceased\u2019s estate. For most of us, there are no taxes levied on inheritances \u2013 the gift is received tax free and is not considered income. If the decedent\u2019s estate is over $12.92 million for an individual or $25.84 million for a married couple, estate taxed may be due. This is a topic that your Estate Planning attorney will inquire about and review if this may apply to you.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tWhat is a General Durable Power of Attorney?<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

A \u201cPower of Attorney\u201d is a document where you appoint a person to act as your agent. Making a Power of Attorney \u201cdurable\u201d means that such appointment is still effective after your incapacity. A General Durable Power of Attorney is primarily used to allow the person you appoint to handle your affairs in the event of your illness or disability. It allows your agent to handle all of your financial and personal decisions such as signing checks, paying bills, managing your money, dealing with taxes, dealing with your health insurance and benefit providers, and the like. Powers of Attorney are only effective while you\u2019re living and automatically terminate upon your death. If you don\u2019t have a Durable Power of Attorney, another person (even your spouse) does not have the legal right to sign documents for you and speak for you. Once you become incapacitated, it\u2019s too late to draft this document \u2013 it may be signed in advance of any such incapacity.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tWhat is a Durable Power of Attorney for Health Care and Health Care Directive?<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

This document is often referred to as an Advanced Directive and serves several purposes. In the first part, you appoint someone to make medical decisions for you if you\u2019re unable to make such decisions on your own (e.g, you\u2019re unconscious or otherwise unable to competently make such decisions). The second part of the document contains your health care directive where you set forth what type of medical treatment you want, or don\u2019t want, in the event there is no expectation of your recovery from a terminal illness or injury. Many people often decide to forego any \u201cextraordinary treatment\u201d if there is no chance of their recovery, but every person\u2019s wishes are different. Our office will discuss this in detail with you and customize this document to your exact specifications.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tDoes your office offer free initial consultations on Estate Planning matters?<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

Yes. If we\u2019ve never met before, we are glad to schedule a free initial consultation with you to discuss your situation, answer your questions, and offer our Estate Planning recommendations to you.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tHow does your office handle the Estate Planning Process?<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

The goal is to make your Estate Planning Process simple and stress-free. Our office offers free initial consultations to Estate Planning clients either in-person, via Zoom or over the phone (your choice). During tat initial consultations, we will find out what you\u2019re looking for, answer your questions, make recommendations, and lay out a general roadmap for the Estate Planning process. After that meeting, if you wish to proceed forward, we will provide you with a questionnaire to complete, and we\u2019ll schedule a follow-up meeting to gather information and discuss how you\u2019d like to set up your documents. We\u2019ll pour through each document in detail, discuss your options, and gather the information necessary to customize your Estate Planning documents to your specific needs. Approximately 7-10 days after that last meeting, we\u2019ll send you a complete draft of your documents for review. Along with the documents, you\u2019ll also receive detailed summaries of your documents that make them much easier to read and digest.

After you\u2019ve reviewed the documents, you can call, email or meet with us again to discuss any questions or changes that you may have. Once you tell us that the documents are in final form, we\u2019ll schedule a signing appointment where you\u2019ll come into the office to sign your documents before a notary public and witnesses. After that appointment, you\u2019ll receive your original signed documents for safekeeping along with an extra copy of everything. We\u2019ll also review some general instructions regarding your documents. If a Trust is one of the documents that our office drafted for you, we\u2019ll discuss your next step of moving assets into that new Trust. We\u2019ll supply you with very detailed \u201chow to\u201d instructions, and will review those instructions with you and answer any questions that you may have. That funding process usually doesn\u2019t take much time and most likely will only require you to go to your bank and the Driver\u2019s License office to adjust your car title. Everything else can usually be accomplished over the phone, via mail or online.

Overall, our office strives to make the Estate Planning process very easy and smooth.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tI\u2019m still confused about what Estate Planning documents I need. How can your office help?<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

Our office has vast experience in counseling clients in these difficult decisions. We strive to make Estate Planning as simple as possible for you. After we find out some information on you, your family, your finances, and your goals, we will explain your options and provide you with our recommendations. We\u2019ll explain those options in an easy-to-understand way that will allow you to make the final decisions on what documents you want to draft. Many people who come into our office for an initial consultation don\u2019t really know what documents they want or need, but leave that consultation with a much clearer picture of what documents will benefit them and their family.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Free Estate Planning Guide<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Download your FREE<\/b> copy of our Estate Planning Guide<\/i><\/b>.  We are so confident you’ll find our resource helpful, we don’t require anything from you to get it<\/b>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Recent Posts<\/h5>