Trusts — both revocable trusts and irrevocable trusts — are powerful and versatile estate planning tools that can be used to accomplish a variety of goals. But each type of trust comes with its own set of pros and cons. Deciding which type of trust to incorporate into your estate plan will boil down to your personal circumstances and what you’re trying to achieve with your estate plan. We’ve discussed the pros and cons of irrevocable trusts elsewhere. Now our Springfield trust lawyers turn their attention to revocable trusts.  Revocable Trusts: A Primer  There are two main types of t ..read more

Divorce is one of the most stressful ordeals an average person can experience, and not only due to the emotional toll it takes. It is well-known that divorce can also wreak havoc on the former spouses’ finances, with property division, alimony, and child support obligations all potentially playing a role. However, divorce can also have consequences for estate plans, particularly for those who executed their estate planning documents after they were married. If you are facing a divorce, a Branson estate planning lawyer can help you incorporate any necessary changes into your estate plan.  ..read more

Individuals who hold power of attorney (known as “attorneys in fact”) typically have extensive authority to make decisions on behalf of their principals, including most medical and financial decisions. But with great power comes great responsibility, and, unfortunately, attorneys in fact do not always act in their principals’ best interests. If you suspect that power of attorney abuse is occurring, please consider contacting our Springfield power of attorney counsel.  What Is Power of Attorney Abuse?  An attorney in fact is legally required to act in a fiduciary capacity on the princ ..read more

When you die and you have a will, the executor of your estate named in the will oversees the probate administration of your estate. They step into your shoes and are responsible for making an inventory of the estate; paying taxes, bills, and other expenses from the estate; selling assets to meet payment obligations (if necessary); distributing the estate’s assets to beneficiaries. Given the gravity of these responsibilities, you want to choose your executor wisely, and preferably with the advice of a Springfield probate lawyer.  Statutory Requirements  The eligibility requirements fo ..read more

The purpose of estate planning is to ensure that a person’s wishes are carried out exactly as they would have intended in the event of their death or incapacitation. Estate planning can only serve that purpose, however, if a person’s estate planning documents are true representations of the person’s wishes. While there are many legal formalities that are designed to ensure that this is the case, undue influence occurs far too often in probate law, particularly among the elderly. Below, our Springfield elder lawyers discuss what undue influence is and a few of its red flags to watch out for.&nb ..read more

Many people think (incorrectly) that estate planning and crisis planning only concern end-of-life decisions and what happens to your possessions when you die. In reality, they encompass much more than that. There are several estate planning tools that can prove invaluable during your life, particularly in the event that you become incapacitated and can no longer make major decisions for yourself. Without the proper legal tools in your incapacity toolbox, you may have no choice but to entrust major legal, financial, and life-and-death medical decisions to someone else — potentially even a stran ..read more

Making gifts to one’s heirs is typically fairly straightforward. The grantor decides which of his or her heirs to make provisions for, figures out how much they should receive, and names said heirs in his or her estate planning instruments, such as wills and trusts. However, making gifts to heirs with special needs can be a bit trickier, particularly if those heirs rely on public benefits for most or all of their income and medical care. If you have heirs with special needs, you should speak to a Springfield estate planning lawyer to ensure that you do not inadvertently jeopardize their benefi ..read more

Memory care is specialized care for patients living with Alzheimer’s disease, dementia, or other conditions that cause memory loss. Hospitals and nursing homes may have memory care units or a separate entity dedicated to this service. Memory care provides seniors with meals, opportunities to socialize, mentally stimulating activities, and support for their caregivers. Benefits of Memory Care People living with memory dysfunction need specialized care. Although there is often an expense involved with getting care, the benefits make it worthwhile. Some of the many benefits of memory care may inc ..read more

Probate law and estate planning are complex concepts. While many people may think they understand how estate planning works, it is far more nuanced than most realize. Estate planning — similar to life insurance — is one of those topics most people instinctively avoid, as it tends to remind them of their own mortality. However, myths and misconceptions about what estate planning is and what it accomplishes can have serious unintended consequences for individuals and their families. Here are real answers to some of the most common myths our Springfield estate planning lawyers routinely hear.&nbs ..read more

Individuals who have power of attorney — known as “attorneys in fact” or “agents” — often wield an extraordinary amount of power over their principals. This can include both their bodies and their finances, depending upon which type of power of attorney the principal grants to the attorney in fact. With such potentially wide-ranging authority, attorneys in fact are bound by a fiduciary obligation to their principals. This extends to the their management of the principals’ finances through Missouri’s “prudent investor rule,” as explained by our attorneys who handle Springfield power of attorney ..read more