A trust can be an invaluable tool for estate planning. Families, individuals and couples can use a trust to create a strong, clear and efficient plan. However, making mistakes within a trust agreement can diminish the value of this important document and in some cases can lead to catastrophic outcomes. Every client and every trust is different (and merits careful and personalized consideration) but the following items would almost always be a big mistake: 

1) Technical Errors.  A trust needs to be prepared and signed in a way that is clear and legally enforceable.  In my practice, I often see wrongly executed documents and patently unclear wording - and trust documents are no exception. Getting things right with regard to signing requirements, notarization where appropriate and including witnesses when required (they aren't always) is essential to having reliable and enforceable estate planning. 

2) Not Planning for Unforeseen Circumstances. A good estate plan and a good trust include provisions that consider a wide range of "what if" scenarios.  Planning for situations that may seem less likely or that are unknown is crucial in a Missouri trust.  For example, when we prepare a trust, we're always considering alternative plans in the event that a family member dies earlier than expected, becomes mentally incapacitated or experiences unforeseen life circumstances.  

3) Not Naming the Right People in the Right Places.  Naming the right people in the right places is crucial to good estate planning. We work hard to talk through and walk through various options when it comes to naming a trustee and of course naming the trust's beneficiaries. Having a trustworthy inner circle of people to help guide things after your death is helpful but even in situations where that's not possible, we always want to weight various options.

4) Not Understanding Available Options.  Estate planning with a trust affords a lot of flexibility and many options. There is no such thing as a "cookie cutter" plan and failing to understand available possibilities and choices can be catastrophic.  Of course, understanding the merits of a Will vs. Trust is an important starting point - but even within the realm of trust-oriented planning, there are so many tools and possibilities to help endure you and your family are reaching the most desired and best outcomes. Knowing what can be done and how to do it is critically important and failing to full understand available tools can lead to major misses and substantial problems. 

A Will is such an important part of any estate plan.  A Will can include various components and can accomplish various goals - but in any case it serves a valuable purpose.  In Missouri, there are particular requirements for signature, witnesses and similar details underscore the importance of having the right guidance and expertise for the creation of a Will. We help individuals and families with Wills, Trusts, Powers of Attorney and comprehensive estate planning. 
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As an estate planning attorney, my job is to make estate planning easy!  There are of course important complexities to navigate and sometimes challenging situations to plan for - but my goal is to make the process as smooth and painless as possible. Estate planning typically involves 5 steps (i) you reach out to me, (ii) we meet for a free meeting/consultation to answer questions and of course if you want to move ahead then we gather relevant information and discuss particulars (this meeting usually lasts about an hour), (iii) I prepare draft documents and send to you for review, (iv) you review and we discuss/change as much or as little as you'd like and (v) you come to our office for final signature.  In general, the process of estate planning takes about 3-4 weeks from start to finish.  Of course, in some instances there is a need for an expedited schedule and at other times, a client may want to review and consider for a longer period of time.  My job is to make it happen!  Need help or want to start with step 1? Give us a call or shoot me an email.

What's a power of attorney?  Do I need a power of attorney?  In many instances, the answer is a resounding "yes."  A power of attorney is a document by which you would grant to another person authority to make decisions for you.  This generally would not involve you "giving up" authority - but rather simply extending that authority to another person to be able assist you and act on your behalf.  This is done frequently as part of an estate plan - with any eye toward planning for what would happen if you became mentally incapacitated. There are various types of power of attorney documents (ex: financial, general, health) and getting the particulars right is critical.  The scope of authority granted, the timing of when that authority becomes effective and who you name as your agent are each crucial considerations.  For most people, a power of attorney is an essential part of a thorough estate plan.

At Schleiffarth Law Firm, we charge only flat fixed fees. No hourly rates.  We believe in fairness, transparency and simplicity.  You don't surprises and we don't want you to be surprised!  When we initially meet with a new client, we do not charge anything for our initial consultation and discussion.  As we move ahead, we provide a flat, fixed and totally transparent fee foe the work that you hire us to move forward on.  Part of making difficult situations easy is to make sure fees are fair, transparent and simple.  

Estate planning with kids is deeply important. Wills, Trusts and other documents can provide tremendous value to a family with minor children.  Undoubtedly, estate planning is important for nearly every individual and family but when children are involved, the needs become more pointed. Key questions come the the forefront such as (i) who will care for my children?, (ii) what assets/resources will be used to take care of them?, and (iii) what type of organization and structure will help things end up as smoothly as possible?  At Schleiffarth Law Firm, we understand that every family is different and the needs of children are unique - that's why we work hard to guide you through the important decisions about kids.  We make difficult easy!

An LLC (limited liability company) is a valuable tool for business owners.  Whether you own a single-owner business or a larger company with employees, an LLC provides structure and protection that can be invaluable.  LLC owners are referred to as "members" of the LLC.  One of the core benefits of an LLC is that liabilities of the company generally do not become liabilities of the members themselves.  This level of protection from personal liability is a central characteristic of an LLC and can be a crucial advantage to business owners.  At Schleiffarth Law Firm LLC, we help owners of business of all sizes. We work hard to make difficult easy!

#LLC #business law #stlouis

How much does a trust cost? Most people know that estate planning is important.  Wills, trust and powers of attorney are indeed crucial parts of planning for the "knowns" and "unknowns" of the future.  But how much will it cost to get the right plan in place?  What sort of fees will a lawyer charge? And will it be hourly, fixed fee or something else?  At Schleiffarth Law Firm, we work hard to make it easy to establish a thorough and complete estate plan.  Details matter and getting it right matters so we take the time and effort to work closely with each client to be sure they are totally taken care of.  But what should you expect to pay at the end of the day?  At Schleiffarth Law Firm, we charge only flat fixed fees - no surprises, no bills for meeting or calls, no wondering what the final bill might be - we provide a fixed fee right from the beginning.  In most cases, for a trust-based plan, this ranges from $1,700 to $3,000 depending on the complexity of your situation - but that fixed fee is determined and clearly communicated in our very first meeting.  We're here to help and we're here to make it easy.

Frequently, I'm sitting down with someone who's either perhaps a new client that we're working with on establishing an estate plan, or working with maybe a family when someone has recently passed away. 

And this question arises, well, what the heck is probate? Probate gets a bad rap (and rightly so!) - it has the connotation to it that it's something we want to avoid (and we usually do!). And so it's important to understand, what is probate? 

If I could boil it down to a sentence or two, I think probate is best described as the court-supervised process of making sure that the assets and the property that belong to someone who's now passed away ends up going to somebody. 

Now, of course, that raises questions about, well, what kind of planning do I want in place? Or how can I direct that? How can I make sure that it goes where I want it to go? 

One common goal of estate planning is to avoid probate.  This begs the questions: How bad is probate, anyway?  And why's it such a big deal to avoid it?

As a bit of background, it's important to understand what probate actually is.  In short, probate is the court-supervised process of ensuring and effectuating the transfer of assets from someone that has died to... someone else.  That "someone else" gets determined by the decedent's Will (if they had a Will) or by a set of Missouri laws (intestate succession) that dictate who gets assets when there is no Will.  There are three primary downsides the probate: (i) it's time consuming (at least 6-7 months and generally longer), (ii) it's fairly expensive (fees are generally payable to the administrator or personal representative of the estate as well as a lawyer), and (iii) it involves the headaches of court filings and related paperwork.

So, is probate that bad?   Probate can readily be avoided with proper advance planning, so in many instances, letting things wind up in probate is a major setback.  Probate is generally not a catastrophic blow to one's overall planning, but the cost and time can feel very wasteful. Alternatives can speed up the distribution process, save money and create a much smoother process.

How is probate avoided? Some fairly straightforward planning can keep assets out of probate.  Tools and techniques including a trust, beneficiary deed, beneficiary designations and other approaches can each be effective parts of an estate plan that avoid probate. Of course, every situation and individual is unique, particular approaches will vary accordingly.