Estate Planning

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will is a declaration expressing an individual’s desire that certain death-prolonging procedures be either withheld or withdrawn.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which instruct that in the event the individual becomes incapacitated, certain treatments should be withheld or withdrawn, such as artificially supplied nutrition or machinery which would maintain them in a persistent vegetative state.

Continue reading

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...

Continue reading

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...

Continue reading

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.

Continue reading