Don’t let the complicated terms associated with estate planning deter you from meeting with an estate planning attorney in Jefferson City, Mo. Our complete guide to key terms used in estate planning is here to break down complex terms and help you feel prepared to meet with an attorney. Once you have a grasp on the key terms, call the expert attorneys at Bandré, Hunt & Snider to determine your estate plan.
Complete Guide on Key Terms Used in Estate Planning Throughout Mid-Missouri
What Is Estate Planning?
Estate planning is the process of arranging one’s property and affairs to ensure their assets and legacy are taken care of if something were to happen to them. In simple terms, estate planning is the process of planning ahead for your family. While there are many components that go into estate planning such as financial planning and distribution, managing your affairs to ensure your loved ones obtain your inheritance is the overarching goal. If you are interested in learning more about how to properly plan your estate, call our estate planning attorneys in mid-Missouri today.
What Is A Trust?
A trust is a legal arrangement that allows a third party (or trustee) to direct assets to the appropriate beneficiary at the right time on behalf of the grantor (or trustor). In estate planning there are various types of trusts created to achieve tax, financial or personal objectives.
- A Trustee, or Co-Trustees, hold the legal title to the trusts assets. Their job is to manage and distribute the assets in accordance with the terms and conditions specified in the trust.
- A Grantor, or Trustor, is the person that establishes the trust.
Types of Trusts Used in Estate Planning
- A-B Trusts
- Disclaimer Trust
- Equitable Trust
- Family Trust
- Insurance Trust
- Irrevocable Trust
- Marital Trust
- Qualified Domestic Trust
- Qualified Personal Residence Trust
- Qualified Terminable Interest Trust
- Reservoir Trust
- Revocable Living Trust
- Special Needs Trust/Supplemental Needs Trust
- Spousal Option Trust
- Testamentary Trust
What Is A Will?
A will is a legal document that expresses a person’s wishes as to how their property will be distributed and who will be in charge of the property upon their death. While a will may seem very similar to a trust, there are key differences to ensure your property is properly managed. Determine whether a will or trust is better for your family and call our expert estate attorneys in Jefferson City, Mo today!
- A Living Will, or an advance healthcare directive, is the legal document in which someone nominates another person to make medical decisions on their behalf when they are unable to do so for themselves.
Other Terms Used In Estate Planning Throughout Missouri
Attorney in Fact
The person authorized and appointed to conduct the affairs and deal with the property of another. This person does not have to be an attorney, but can be any adult appointed under the Power of Attorney.
Conservatorship or Guardianship
Appointment of a person to manage another’s property and personal affairs because they are a minor or incapable of watching over their own affairs.
Designated Beneficiary
Individual beneficiary of a retirement account. This term is used commonly under the IRS regulations.
Estate Tax
Tax imposed by the US government and some specific states on the transfer of property from the decedent to heir or beneficiary.
Fiduciary Responsibility
The legal obligation and ethical relationship a person holds with one or more additional parties. The fiduciary is legally obligated to ethically take care of the money in which the other party entrusted them to.
Gross Estate
The total value of everything the person owned at the time of their death.
Joint Ownership
When the ownership of an asset is shared by more than one person. For example, a business may be owned by more than one owner.
Choosing Dedicated And Experienced Estate Planning Attorneys In Jefferson City, Mo
Here at Bandré, Hunt & Snider, our goal is to not only manage your assets, but to form relationships with our clients to ensure their wealth is built, managed and preserved. With a unique process, our team sits down with you to work through the various areas of estate planning and establish a plan that best suits your family. Call our team of experts today to learn more about estate planning in Jefferson City, Mo.