Estate planning in the St. Louis Metro Area

Our Comprehensive and Holistic Approach to Estate Planning Services

An estate plan isn't about you, its about them.

Establishing an estate plan is a crucial step in ensuring that your children are taken care of after you pass away. Not only can it provide financial security for them, but it can also save them from the arduous and expensive probate process. With a well-drafted estate plan, you can clearly outline your final wishes and beneficiaries, avoiding any potential legal complications for your children. This allows for a smoother transition of assets and ensures that your children are provided for according to your wishes. Our experienced lawyers can guide you through this process and create a personalized estate plan that meets your specific needs and goals.

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Types of Documents Used in Estate Planning

How do we craft your estate plan?

An estate plan may include a variety of documents, tailored to the specific needs and circumstances of the client. These documents are designed to ensure that their assets are protected and properly distributed after their passing.

Wills

A last will and testament is an important legal document that sets forth the specific wishes of an individual when it comes to distributing their assets after they pass away. This document is a crucial part of estate planning and ensures that your assets are properly distributed to your desired beneficiaries in accordance with your wishes.

financial power of Attorney

A power of attorney is a legal document that grants an individual, known as the agent, the authority to make financial and legal decisions on behalf of another person, known as the principal. The agent is obligated to act in the best interests of the principal, and the power of attorney can be granted for a specific period of time or until it is revoked by the principal.

Trusts

A trust is a legal arrangement that allows a designated trustee to hold assets for the benefit of another person. Trusts can be used to manage and protect assets, provide financial support for loved ones, and minimize estate taxes. By creating a trust, individuals can have control over how their assets are disbursed and ensure that their loved ones are taken care of after they pass away.

irrevocable trusts

An irrevocable trust is a type of trust in which the grantor gives up their right to amend or revoke the trust. It is important because it provides asset protection and estate tax benefits. Some of the benefits include protecting assets from creditors, reducing estate taxes, and providing for more control over distribution to beneficiaries.

Transfer on Death Instruments

This is an important legal document that allows for the smooth transfer of assets to a designated beneficiary, bypassing the tedious probate process. When creating this document, it is crucial to consider all of your assets and choose the best beneficiary to ensure that your wishes are carried out effectively. .

healthcare power of attorney

A healthcare power of attorney is a legal document that designates an individual to make medical decisions on your behalf if you are unable to do so. It is used to ensure that your wishes and preferences are followed in the case of incapacitation. This document is important because it helps protect your interests and ensures your healthcare needs are met.

Frequently Asked Questions About Estate Planning

What is estate planning and why is it important?

Estate planning is the process of creating legal arrangements for the management and distribution of a person's assets and property after they pass away. It is a crucial aspect of financial planning because it guarantees that your desires are executed and your family is provided for in your absence. Through estate planning, you can designate who will inherit your assets, how they will be distributed, and who will oversee the process. It can also help minimize taxes and legal issues for your heirs. Ultimately, estate planning allows you to have peace of mind and leave a lasting legacy for your loved ones.

Should young families have an estate plan?

For a young family, having an estate plan is crucial in order to protect their assets and ensure their wishes are carried out in case of unexpected events such as illness or death. Without an estate plan, the state may determine the distribution of their assets, causing potential difficulties and disputes for their loved ones. It also allows parents to designate guardians for their children and make important medical and financial decisions on their behalf. Overall, having an estate plan provides peace of mind and protects the future of the family.

What types of services do you offer for estate planning?

We offer a comprehensive range of estate planning services, including transfer on death instruments, wills, powers of attorney, and more. We can also travel to you for your convenience and offer video consultations.

How long does it take to create an estate plan

Crafting a thorough estate plan takes into account the assets and unique needs of each family. While we strive to deliver a personalized plan within one week, more complex scenarios may require additional time and attention. Rest assured, we will work diligently to provide you with a comprehensive estate plan that meets your goals and safeguards your legacy.

Does a will avoid probate?

No, a will merely directs the state on how to distribute your assets. A will actually directs the probate court how to distribute your assets. There are other mechanisms in place, such as non-probate transfers can be used to keep your assets from going through probate

Do I need an attorney for estate planning?

Hiring an attorney for estate planning may not be a legal requirement, but it can be incredibly beneficial. With the help of a knowledgeable and experienced lawyer, you can ensure that all aspects of your estate plan are in compliance with your wishes and state laws. This can provide peace of mind and avoid any potential legal issues down the road. At Crowder & Scoggins, Ltd, we specialize in estate planning and will work closely with you to create a personalized plan that meets your unique needs and goals.

Why would I need a trust

A trust is a legal arrangement that acts as an insurance policy to protect against potential unknown events in the future. Unlike a will, a trust offers immediate management of assets by assigning a trusted individual to handle them. This provides a sense of peace of mind and security for both the owner and their loved ones, knowing that their assets are in good hands. In addition, trusts can also offer various tax and financial benefits, making them a popular choice among individuals looking to protect and manage their assets for future generations.

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