Estate planning ensures your wishes are met when disbursing your wealth to loved ones, friends, and favorite charities after you pass away. If you have not attended to estate planning recently, consider consulting with a knowledgeable estate planning lawyer now that you have assets to pass down.

Your attorney will discuss your wishes with you and provide the pertinent documents, but there can be some trouble with the process, especially if you executed a will or set up a trust years ago. An experienced estate planning attorney can meet with you to explore the issues with estate planning in Lake St. Louis that most affect you.

The Issue of Procrastination

Many people put off making a will or setting up a trust because they do not want to think about dying, but failing to make a will means the probate court will decide who inherits their assets after their death. Asset holders risk having their estranged spouses or children get what they did not want them to have. Additionally, when a will was executed years ago, it should be reviewed because assets are sold, executors move away or become incapacitated, and beneficiaries die.

A review of insurance policies and retirement accounts is also necessary for similar reasons. For example, an ex-spouse may have been named years ago as a beneficiary on a policy or account, leaving a current spouse with nothing. An estate planning attorney could identify and correct issues in Lake St. Louis.

Joint Accounts

Many assets circumvent probate, for instance, when a family home is titled in joint tenancy, the surviving spouse automatically owns the property upon the death of the joint tenant. A lesser-known issue involves adding a family member or friend to a checking or savings account because once the holder dies, the account is inaccessible until probate and banking rules are followed. In other cases, adding a person to an account also causes strife because family members entrusted with bank accounts are often disparaged by other family members who are not.

Consider Beloved Charities

Forgetting to mention a charity in a will means it cannot receive a supporter’s contribution. Charities can be beneficiaries, and charitable trusts or family foundations can be established. Those who wish to provide for family pets can set up trusts or name a guardian to care for them with a bequest in a will. Working on these estate planning issues with an attorney in Lake St. Louis could ensure a smooth transfer of money to your favorite charities when you are gone.

Death Taxes

Beneficiaries who live in states that have death or inheritance taxes are responsible for paying them. Dying may lead to federal estate and final income taxes that need to be paid.

The federal estate tax applies to assets valued at more than $13.61 million, and the tax rate ranges from 18 to 40 percent. Some income-generating trusts must also pay taxes, and a decedent’s administrator must file final personal income tax documents.

Resolve Your Issues with Estate Planning in Lake St. Louis

Our lawyers tailor your estate planning documents to your specific needs, but needs change, and if you have not reviewed your documents in years or you have procrastinated on putting them in place, sit down with us and talk about your situation or how it has changed so we can keep your estate planning up to date.

We will consider many situations, your needs and wishes, and how best to ensure what you wish to grant to beneficiaries comes to pass when it is time, including those that support your beloved charities. Call us now and set up a consultation to have your questions answered and your issues with estate planning in Lake St. Louis addressed.