MISSOURI ESTATE PLANNING

Getting Started

Before Sitting Down to Work on Your Plan You Should Give Some Thought to What Your Priorities Are and

What Goals And Objectives You Want To Focus On In Your Plan

Trustee Duties and Responsibilities www.yourestatematters.com

Creating a comprehensive estate plan serves to protect you, your assets, and your loved ones. Despite this, over half of all Americans do not have an estate plan. One reason often given for failing to create a plan is that people simply don’t know where to start. Beyond the need for a Last Will and Testament, many people have no idea what should be included in an estate plan. Because your estate plan should be as unique and individual as you are, there is no formula for deciding what should be included in your plan. Only an experienced Missouri estate planning attorney can provide you with detailed guidance and advice; however, a better understanding of some estate planning basics can only help.

2

Trustee Duties and Responsibilities www.yourestatematters.com

Deciding on Goals, Priorities and Objectives

Your estate plan can accomplish far more than simply creating a roadmap for the distribution of your assets when you die. In fact, a well thought out estate plan can accomplish a wide variety of goals. Before sitting down to work on your plan you should give some thought to what your priorities are and what goals and objectives you want to focus on in your plan. Some common estate planning components include:

Medicaid planning Incapacity planning Trust creation and administration Asset protection Business succession planning Retirement planning LGBT planning Probate avoidance Tax avoidance Pet planning Special needs planning Long-term care planning

Protecting and Providing

For most people, an estate plan serves to protect and/or provide. Prior to getting to work on your plan, you need to decide who and what needs to be protected and for whom the plan should provide. For example, if you own your own business, the business needs to be protected in your estate plan by incorporating a business succession plan. If you have a special needs loved on in your family you will also want to protect him or her in your plan. Who you provide for in your plan is also a consideration. Are you focused only on providing for yourself during your golden years or do you also want to provide for children and/or grandchildren? Do you want to provide for future generations while you are still alive or only after your death? Along those lines, don’t forget about

3

Trustee Duties and Responsibilities www.yourestatematters.com

potential beneficiaries who have yet to be born when making your estate plans. Do you want to provide for all beneficiaries in equal shares or will certain beneficiaries receive a larger share? Do you want to make specific bequests or should everything be sold and the profits given to beneficiaries? Finally, don’t forget about less obvious beneficiaries such as charities

or even the family pet. Knowing you want to protect and provide in your estate plan is the easy part. Deciding on the details, however, requires serious contemplation.

Review Your Assets

Reviewing your assets may seem unnecessary; however, people often own assets that they forget about or that they fail to consider on a daily basis. Your estate plan should account for all real and personal property as well as tangible and intangible assets. In addition, your estate plan should be forward-thinking, meaning it should account for assets acquired after the plan is created as well. Take some time to consider what assets you now own or plan to own in the near future, including, but not limited to:

Your primary residence Vacation property Undeveloped land Investment property Interest in a business Intellectual property Copyrights, patents, or trademarks Bank accounts Investment accounts Stock and bonds Vehicles, boats, 4-wheelers, and anything else motorized

4

Trustee Duties and Responsibilities www.yourestatematters.com

Life insurance proceeds Inheritance Licenses Inventory Accounts receivable Equipment and tools of the trade Livestock Crops Firearms, jewelry and art Collectibles Household furnishings

Selecting Your Executor, Trustee and Other Important Roles

The overall success of any estate plan depends on the initial design of the plan and the ultimate implementation of the plan. The most well designed plan can fall apart if the wrong people are left to implement the plan. For this reason, care should be taken when choosing important roles within your plan, such as:

Executor – your Executor is responsible for probating your estate after your death and is named in your Last Will and Testament. People often make the mistake of naming someone to this role without giving much thought to the duties and responsibilities involved in the position of Executor. The Executor opens and closes the probate of your estate and oversees everything in between, including the location and valuation of all estate assets, preparation of all probate

5

Trustee Duties and Responsibilities www.yourestatematters.com

documents, notification to all beneficiaries and creditors of the estate and defending the estate against challenges. The executor is also responsible for paying any taxes owed by the estate which may require the sale of estate assets. Not only is the role of Executor a time consuming role, but it can be emotionally draining for a spouse, parent or child who is still grieving a loss. Keep all of this in mind when selecting an Executor.

Trustee – if you create a trust in your estate plan you must appoint a trustee. This can be an individual or entity and may be someone you know personally or a professional. The trustee is responsible for administering the trust as well as managing and investing assets held by the trust. Ideally, a trustee should have experience in money management and/or investing as well as a basic knowledge of the laws that apply to trusts. Although you can appoint a close family member or loved one as your trustee, it is frequently better to consider a neutral third party professional trustee to decrease the chance of a conflict arising down the road and increase the chance that the trust assets will grow at a better than average rate.

Guardian – should something happen to you, and your minor child’s other parent is unable or unwilling to care over the care of your child, a court will have to appoint a guardian. Your Will is your only opportunity to let the court know who your choice is for guardian of your child.

Agent – an Agent is someone to whom you grant authority in a power of attorney or advanced directive. As your Agent, the individual has the power to make legal decisions for you and/or healthcare related decisions to the extent authorized in the POA or AD. Given the authority granted to an Agent, care should be taken when choosing one.

Elder Law Answers, The Five Components of a Good Estate Plan

Artisan Wealth Management, Understanding the Fiduciary Roles in and Estate Plan

6

Trustee Duties and Responsibilities www.yourestatematters.com 7

Estate Planning and Elder Law Attorneys in St. Louis, MOSt. Louis Estate Planning Attorneys: Planning for Your Future Today

Missouri Estate Planning attorneys Amen, Gantner & Capriano, Your Estate Matters, L.L.C. are here to help you with legal issues regarding St. Louis Elder Law, Veterans Aid and Assistance, Probate, Wills, Trusts, Trust Administration, Powers of Attorney, Health Care Directives, LGBT, and all things required to establish a proper estate plan for the future of both you and your loved ones. Our law firm understands the varying dynamics of modern families and seeks to address these issues in the estate plan so your estate is distributed only to those who you request, instead of those who may be otherwise legally obliged to it. Estate planning can be a big project that requires consistent maintenance; however, our professional Estate Planning attorneys can organize all of the legal paperwork and logistics for you, while offering helpful legal advice along the way.

Amen, Gantner & Capriano, Your Estate Matters, L.L.C.10805 Sunset Office Dr., Suite #100

St. Louis, MO 63127Phone: (314) 966-8077

www.YourEstateMatters.com