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What are some of the benefits of a living trust?

When you are thinking about estate planning, you may have many different decisions and be unsure of which option is best. However, it is pivotal to review your different choices carefully and make sure that you move forward with the most advantageous plan, given your personal situation. For some people, living trusts are ideal. If you are thinking about creating a trust, it may be helpful to go over some of the reasons why these type of trusts are beneficial.

According to the Missouri Attorney General, there are different reasons why revocable living trusts are advantageous. For example, people who create this type of trust are able to avoid probate. By avoiding probate, a significant amount of money and time can be saved. Moreover, keeping an estate out of probate offers more privacy, which some people are concerned about. With a revocable living trust, you are also able to make certain changes to your trust while you are still alive. For example, if you have a change of mind, or if the circumstances involving you or a beneficiary change, you are able to modify your trust.

The basics of estate planning

Estate planning is a process applicable to anyone, and can seem an overwhelming task at first. Planning for the distribution of one's wealth after death is an important part of home ownership and can prove to be a successful and enriching experience.

It is important to first understand the basics of estate planning, and what each legal aspect means when applied to an individual's goals and plans. Missouri Protection and Advocacy Services gives a short and accessible list of definitions to those interested in estate planning. The list includes terms such as beneficiary, or the person receiving benefits provided in a trust, decedent, referring to a person who has died, and fiduciary, or one who is bound by law to act primarily for the benefit of another. The document provided by the MPAS also covers information regarding transfers of property, details of a will, and types of written trust.

Should you appoint more than one Durable Power of Attorney?

Setting up a Durable Power Of Attorney provides you with an agent to make critical life decisions if you become incapacitated. This person acts in your best interest, settling personal, financial and health care matters.

It can be overwhelming choosing a single individual to manage your most important decisions. But, you don’t have to choose just one. You can appoint a separate Durable Financial Power of Attorney and a Durable Health Care Power of Attorney.

Laws regarding your real estate purchase

Purchasing real estate can provide a home for your family, an area for recreation, a storefront for your business or an investment for the future. Along with the excitement comes the stress and worry about taking care of all details and ensuring that everything is completed on time. Even if you have previously made a real estate purchase in Missouri, there are several things that can go wrong with the transaction. We at TDD Attorneys at Law can provide knowledgeable guidance and experience to make the process as simple and smooth as possible.

 

Approaches to real estate development

Many steps are involved in the establishing of new residential development. The current state of residential development in St. Louis, Missouri is drastically different than it was in previous years, with fewer homes available due to various economic factors. Whether in the heart of downtown or in bordering counties, finding real estate in this area can be competitive and frustrating.

 

Estate planning at a younger age

Sometimes, when people picture estate planning, they think of middle-aged or elderly folks. However, planning ahead can be beneficial for adults of all ages and at TdD Attorneys at Law, our St. Louis law firm knows how true this is for many adults across Missouri. There are a plethora of situations that can arise which make an estate plan vital. Unfortunately, some younger people do not have such plans in place, which can be problematic.

Whether a younger person is involved in a car accident and passes away or loses their ability to communicate following an accident that occurred at work, there are diverse reasons why having an estate plan is smart for all adults. Without an estate plan in place, a young adult may find themselves unable to have any say in how their assets are distributed when something goes wrong. People do not always focus on the different ways in which a younger person can lose control of their estate, but having a plan in place can be valuable for the entire family.

Tips on selling your home

Selling your home in Missouri may seem like a challenging task. After all, buying a home is a huge investment, and many people enter into sales cautiously to ensure they’re making the right decision. Fortunately, there are a few things you can do to present your home in the best possible light and attract an array of interested buyers.

According to Forbes, throwing in some financial incentives to buyers can have a real impact on how quickly your home is sold. In this case, you can offer a transferrable home warranty capable of covering the new owner’s appliances for a period of one year after the sale. You can also provide money to help cover closing costs, which can be very expensive. In this case, you can cover part of the cost or pay for the closing in full to facilitate the process.

A will or a trust? What estate planning tool is best for you?

Creating an estate plan that meets your specific needs can provide tangible benefits to you and your family. An estate plan can consist of various documents that will provide clear answers to many questions, including:

  • Who will receive your assets upon your death?
  • Who will have the ability to make financial and personal decisions for you if you become incapacitated?
  • If you have minor children, who will take care of them upon your death?

If you are considering creating an estate plan, or if you have an estate plan and are thinking about updating it, you may thinking whether a will or trust is best for your needs. Below we will discuss the advantages and possible disadvantages of wills and trusts.

What is intestate succession?

North Jefferson County residents are constantly counseled to see to their estate planning early on in life. The main reason behind this advice is to help you retain control of how your assets are handled and dispersed. This leads to the inevitable question of what happens if you die without a will. Control over who gets what from your estate is then handed over to the state.

If you die without a will, your estate in then considered to be “intestate.” The state has developed its own guidelines how your assets and property should descend. These rules regarding intestate succession can be found in Section 474.010.1 of the Missouri Revised Statutes. According to these guidelines, your surviving spouse would receive:

  •          Your entire estate if you have no other surviving issue (descendants)
  •          The first $20,000 of value of the estate, plus one-half of the remaining balance If there are surviving issue that are descendants of you both
  •          One half of the estate of your surviving issue are not his or her direct descendants

Why you need title insurance

When you plan to purchase real estate in Missouri, you want to know that no legal problems will arise that call your ownership into question. If there is a title defect, this is exactly what you may be facing. We at TdD Attorneys at Law LLC are familiar with the various issues that you might encounter, and the role of title insurance in protecting your rights.

The American Bar Association explains that a title company should do a thorough search of public records to ensure that there are no title defects. However, there are instances where one could remain hidden until it is time for you to sell the property. A forged document, a bad title examination or other defect could cause significant financial losses for you. A title insurance policy covers these, as well as court costs if you must file a claim.

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