Better think again.

According to Jayson Lenox of Niedner, Bodeux, Carmichael, Hull, Lenox and Pashos L.L.P. located in Historic St. Charles, Missouri, most people just have not taken the simple steps to create a Will. While it may not seem like your most pressing concern, creating a Will & Trust could spare your family a tremendous amount of headache.

The benefits of creating a Will & Trust start with finances and assets, but aren’t limited to this area by any means. Just by having a Will, you can insure that your assets are distributed how you have wish. Forego having a Will, and your assets and items end up in Probate Court.

Avoiding Probate

Instead of taking a standard 2-6 months for assets to be distributed after death, Probate can take 12-18 months! Probate is not only time consuming; it’s also costly. For example, Probate Fees for $500,000 worth of assets would be in the neighborhood of $28,000. This is a staggering amount, especially when considering it could easily be avoided by creating a Will & Trust.

One Hour Of Planning

Lenox goes on to to say that much of the stress of dealing with the loss of a loved one and how their assets are handled, could be saved in as little as an hour of planning. A Will can quickly be produced after an office visit that takes about an hour in length. Still not convinced? The price of creating a Will package starts as low as $250.

Aside from the financial implications of not having a Will & Trust, the hardships that can arise within families after a death can be reason alone to create these important legal documents. Families already have to endure the stress of coping with a loss. Throw in the task of trying to decide who gets what, when motives and interests among the parties involved can be very different, and it is instant fuel for a family conflict – the worst kind of civil war. Take the advice of a good Will & Trust attorney: The benefit and gain far outweigh the small amount of effort it takes to create a Will.

What About The Kids?

Going a step farther, a Will allows for parents to decide who would take on the responsibility of children left behind. In the unfortunate case that children are left parent-less, it is important to decide in advance who would take responsibility for kids. Rather than children becoming wards of the state and their fate decided in a court room, that burden can be removed by creation of a Will & Trust. All responsible St. Louis area parents should stop for a moment and think about that scenario and the level of uncertainty and doubt it would cause a child to have.

An added benefit of a Will & Trust, is that the creator also can dictate how and when those assets are distributed to children. Should you pass early, is it important that funds are designated for your child’s college education? Will they need additional funds for extras such as clothing, a personal computer or even a car? Failing to designate this ahead of time means the funds will be under the supervision of Probate Court. This means that every cent spent must be documented and accounted for; and you’ll pay the court for the privilege. The costly fees for Probate Court will cut into the child’s inheritance, leaving less for them than initially planned for.

Power of Attorney

Along the same lines, a Power of Attorney over Finances and Health Care are also recommended by every good Law Office. A Power of Attorney outlines a person’s wishes for what happens to them while they are still alive. In the event a loved one becomes incapacitated either mentally or physically, or is just no longer to care for themselves or their affairs, a Power of Attorney handles the important questions. Questions such as “Who will take care of everyday business and affairs of the loved one?” or “If our loved one is hospitalized and incapable of making decisions for themselves, ‘Exactly what are their wishes?” These are all situations that can be handled much easier by creating a Power of Attorney. Not only is creating a Power of Attorney convenient and helpful to families, they are also inexpensive to create. A Power of Attorney can be created for as low as $125.

Not everyone wants to think too far ahead when it comes to planning for what happens when they have passed. A Will & Trust, as well as a Power of Attorney over both Finance and Health, can help to ease what is often already a tough and painful situation. Niedner, Bodeux, Carmichael, Huff, Lenox and Pashos, L.L.P., handles this type of planning for people in St. Charles County, Warren County, Lincoln County and St. Louis County, Missouri and is very sensitive to family matters such as these. Call today (1.888.572.2192) with questions on how to plan for the future.

A power of attorney is a legal document in which a person (called the principal) delegates legal authority to another person (called the agent). The power of attorney gives the agent authority to make decisions for the principal in financial, property, and legal matters. Most states specify the proper legal form for a power of attorney, and some legislatures have approved statutory forms for powers of attorney. Generally the principal’s signature on a power of attorney form must be witnessed by a Notary Public.

Are there different types of powers of attorney?

There are three basic types of powers of attorney: nondurable, durable, and springing. A nondurable power of attorney is a power of attorney given to an agent to handle a specific transaction, such as the sale of real estate. A durable power of attorney permits the agent to act on behalf of the principal until the principal revokes the power or until the principal’s death. Durable powers of attorney continue in effect even if the principal becomes incompetent (unable to conduct his or her own affairs). A springing power of attorney becomes effective at a future date when a specific event occurs, such as the principal’s illness or disability. A springing power of attorney is effective until the principal’s death or until it is revoked by a court.

Who should be appointed as agent under a power of attorney?

Under a power of attorney, the agent has legal authority to act on behalf of the principal regarding the principal’s personal and financial affairs. Consequently, a trustworthy person should be selected to serve as agent. Generally, the best choices for agents are a close family member, a trusted friend, or a professional.

Can multiple agents be appointed?

It is possible to appoint multiple agents. The principal can require the agents to act jointly in making any decisions involving the principal’s affairs or can permit them to act separately.

What is the agent’s legal authority under a power of attorney?

The principal can continue to act while legally competent to make decisions, and the agent can only perform the duties specified by the principal. Under a power of attorney, the agent may be given legal authority to buy or sell the principal’s real estate, manage the principal’s property, and handle the principal’s bank accounts. The agent can also make gifts on behalf of the principal, deal with the principal’s tax issues, make legal claims, and supervise litigation.

What are the agent’s duties to the principal?

The agent is the representative of the principal and is required to act in the best interest of the principal. The agent is a fiduciary of the principal and must maintain standards of honesty, loyalty, and fairness to the principal. The agent must keep the principal’s property separate from the agent’s own property and must maintain separate bank accounts for the principal’s assets. The agent is also required to keep financial records of any activity on behalf of the principal and to provide an accounting of the principal’s property.

Is it possible to revoke a power of attorney?

The principal can revoke a power of attorney at any time by informing the agent of the revocation in writing. A power of attorney also can be revoked if the agent fails to act in the best interest of the principal.