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Part 1 - What are my Duties as Agent under a Power of Attorney?  When you agree to serve as an agent under a Missouri power of attorney (POA), you take on serious legal and ethical responsibilities. Missouri law, specifically RSMo Section 404.714, outlines the duties of an agent and establishes penalties for bad faith actions. Failing to act appropriately as an agent can result in significant legal and financial liability. In this blog, we’ll explore the key duties of an agent under a Missouri POA and the potential consequences of acting in bad faith. Duties of an Agent Under Missouri Law 1. Act in the Principal’s Best Interests The agent must act in good faith and prioritize the interests of the principal (the person granting the POA) above their own. Decisions must align with the principal’s expressed wishes and objectives, as outlined in the POA document. 2. Follow the Terms of the POA

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In Missouri, a power of attorney (POA) is a critical document that allows a person (the principal) to designate another individual (the agent) to act on their behalf. However, under RSMo Section 404.710, certain powers are so significant that they must be expressly granted in the POA document for the agent to exercise them. If these powers are not specifically included, the agent lacks the authority to perform these actions. Here’s a breakdown of the powers that must be expressly granted in a Missouri POA: 1. Creating, Amending, or Revoking a Trust To create, modify, or revoke a trust on behalf of the principal, the POA must explicitly authorize the agent to do so. Trust-related actions often involve substantial financial and legal implications, making it essential for the principal's intent to be clear. 2. Making or Revoking Gifts The agent cannot make or revoke gifts of the principal's property without express permission. This includes gifts to family members, charities, or other beneficiaries. Such powers must be explicitly outlined in the POA to prevent unauthorized...

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In Missouri, a guardian or conservator is appointed by the court to help individuals who cannot make important decisions for themselves due to a disability, illness, or incapacity. A guardian manages personal affairs, such as healthcare and living arrangements, while a conservator handles financial matters. When Is a Guardian or Conservator Needed?Guardians or conservators are typically needed when an adult cannot make sound decisions or protect their health, safety, or finances due to mental or physical limitations. The person who needs the guardian or conservator is called a "ward" Who Can Serve?Relatives, friends, or professionals can serve as guardians or conservators if they meet qualifications set by the court. They must be over 18, of sound mind, and without conflicts of interest. How to ApplyTo apply, file a petition in the local probate court. You must provide evidence of the person’s incapacity, such as medical records or statements from healthcare providers. A court hearing will determine the need for guardianship or conservatorship. The court will also determine if the ward should retain the right to marry, vote or drive. If the...

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A living will is a declaration expressing an individual’s desire that certain death-prolonging procedures be either withheld or withdrawn. Missouri law requires a living will to be dated and signed before two persons if not entirely in the declarant’s handwriting.  Hannam Law strongly recommends that individuals consider executing before hospitalization or surgery. Individuals wishing to provide broader instructions (which apply beyond death-prolonging procedures) should consider advance directives.  These are documents which instruct that in the event the individual becomes incapacitated, certain treatments should be withheld or withdrawn, such as artificially supplied nutrition or machinery which would maintain them in a persistent vegetative state. The preceding article is for information purposes only and is not intended to be legal advice. For help with a guardianship or conservatorship, please consult a Missouri probate attorney such as Hannam Law.

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A power of attorney is a legal document by which you appoint a person to act as your agent.  The agent also called your attorney-in-fact. Once your attorney-in-fact acts within the scope of the authority spelled out in the power of attorney, his or her actions are legally binding on you, just as though you performed the acts yourself. The power of attorney can be general—authorizing the agent to act for you on every kind of subject or matter which may legally be handled through an agent.  However, certain powers must be named specifically. In Missouri, the power of attorney may be durable, meaning that it is still effective if you become incapacitated. So, for example, if you experience incapacity due to a stroke and had in place a durable power of attorney, your attorney-in-fact could use your funds to pay your bills and arrange for nursing services.  You also have the option to make the power of attorney effective only on incapacity.  This is called a “springing” power of attorney.  Healthcare Powers of Attorney are also permitted.  These documents nominate a person to either consent to determine which health care, medical...

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The revocable living trust is an essential part of a comprehensive estate plan. A trust is simply an agreement that decides how to manage and distribute a person’s property during his or her lifetime and also upon death. A revocable living trust usually involves three set of parties: The settlor or grantor who provides the property to be placed in the trust; the trustee who holds title to the trust property and is responsible for managing the trust property according to the terms of the trust; and the beneficiaries who will receive the income and principal of the trust. For example, a married couple (the settlors) may create a family trust in which they place their property into the trust, serve as trustees during their lifetime and as beneficiaries receive the income or principal from the trust during their lifetimes. Often, the trust will name the settlors’ children or a charity as the beneficiaries after the death of the settlors This type of trust is “living” because it is created during the settlor’s lifetime and is “revocable” because the settlor reserves the right to change or revoke the trust during his or her lifetime Revocable...

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A will is a legal document that states who receives your property when you die.  A will does not avoid the necessity of probate and must be “probated” within one year of the maker’s death to have legal effect. You may title your property in other ways so that probate is not necessary. In order to make a valid will, you must be at least 18 years old and be of a sound mind.  In Missouri, the will must be signed and the signature witnessed by two persons.  Best practice is to also have a notary acknowledge the signatures of the witnesses and the maker so that the will is self-proving. If you die without a will, the law decides who receives your property.  For this reason, a will is an important part of any estate plan.  For assistance with preparing your will, call Hannam Law today. The preceding article is for information purposes only and is not intended to be legal advice. For help with a guardianship or conservatorship, please consult a Missouri probate attorney such as Hannam Law.

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