What About The Revocation Of A Durable Power Of Attorney?

Fri, 16 May 2008 00:21:44 GMT

The death of the principal revokes even a durable power of attorney, except for a third person relying on the power of attorney who does not know of the death. Also, the principal may revoke a durable power of attorney at any time, either orally or in writing. It is recommended that, when possible, the revocation be written.

Can A Revocable Living Trust Be Changed Or Revoked?

Tue, 29 May 2007 21:19:00 GMT

Yes. The grantor ordinarily reserves the right in the trust document to amend or revoke the trust at any time during his or her lifetime. This enables the grantor to revise the trust (or even terminate the trust) to take into account any change of circumstances such as marriage, divorce, death, disability or even a change of mind. It also affords the grantor the peace of mind that he can undo what he has done. Upon the death of the grantor, most revocable living trusts become irrevocable and no changes are then allowed.

Does The Revocable Living Trust Reduce Income Taxes Or Estate Taxes?

Tue, 29 May 2007 21:19:00 GMT

During the grantor`s lifetime, the revocable living trust has no effect on the income tax which the grantor will owe. In fact, if the grantor is the trustee or a cotrustee, all income earned on assets held in the trust is reported directly on the grantor`s income tax return and the trust is not required to file a return. After the grantor`s death, the trust is taxed at the same rate as a probate estate. However, as mentioned above, a probate estate may enjoy certain relatively minor income tax advantages. Regarding the estate tax, proper planning can often reduce the amount of tax payable upon the grantor`s death. For the most part, estate tax planning can be equally accomplished through proper drafting in either a will or a revocable living trust. However, there are minor differences. For instance, under current tax rules a lifetime gift directly from a living trust to a donee will be subject to estate tax if the grantor dies within three years of making the gift. This threeyear rule does not apply to gifts made directly from an individual to a donee.

How Are Guardianship And Conservatorship Proceedings Commenced?

Tue, 29 May 2007 21:19:00 GMT

Proceedings are commenced when a petitioner files an application for the appointment of a guardian and/or conservator in the probate division of the circuit court in the county in which the minor or alleged incapacitated or disabled person (the respondent) resides. Attorneys must represent the petitioner and the respondent. After application is filed, the court will set a date for a hearing. In the case of a minor, notice of the application must be served before the hearing: upon the minor (if over the age of 14 years); his or her parents and spouse, if any; anyone having care and custody of the minor; and any agency charged with supervision, control or custody. In the case of an alleged incapacitated or disabled person, notice of the application must be served: upon the respondent; his or her spouse, parents, children or other close relative over the age of 18 years; any person acting in a representative capacity with respect to any of the respondent`s financial resources; and any person having care and custody of the respondent.

How Are Guardianship And Conservatorship Terminated?

Tue, 24 Jun 2008 14:40:25 GMT

Guardianship and conservatorship for a minor terminate when the minor reaches 18 years of age. If there was a conservatorship estate for the minor, the conservator prepares and files with the court a final accounting of the administration of the estate. Upon the court`s approval of the final accounting, the conservator transfers the estate to the former protectee and, upon filing a final receipt with the court, the conservator and guardian are discharged by the court from any further responsibility. On the other hand, guardianship and conservatorship for an incapacitated and disabled person terminate only when the protectee is found to be competent by the court or upon the death of the protectee. When either of these two events occur, the conservator prepares a final accounting for the court and the conservator and guardian are discharged in much the same manner as with the termination of a minor`s estate. In some cases when the estate of the protectee has been completely exhausted, the conservator may be discharged by the court upon filing a final accounting but the duties of the guardian will continue until such time as the ward is found to be competent by the court or dies.

How Is Property Transferred At Death?

Tue, 29 May 2007 21:19:00 GMT

The probate division has been established primarily to protect the rights of one`s heirs, beneficiaries under a will and creditors, and to assure the orderly transfer of property. However, if an individual disposes of all property prior to death, either by gift, living trust, joint accounts with right of survivorship, payondeath accounts, beneficiary accounts or other similar transferondeath provisions, then there may be no need to probate the estate, as the distribution of such property is not affected by the terms of a will or the laws of intestate succession. However, in the case of most individuals dying with property in Missouri, some involvement with the probate division will be necessary.

The assets of the deceased, except for any real estate passing to heirs or devisees under the will, are held and managed by the Personal Representative during the administration of the estate. The Personal Representative makes distribution of the estate when the administration is ended and the Personal Representative has reported all transactions to the probate division for approval.

The earliest that an estate may be closed and distribution made to the heirs or beneficiaries is approximately six (6) months after the opening of the estate. However, it is unusual for all administrative duties to be finalized within that period of time.

Is A General Durable Power Of Attorney Or A Living Will Still Needed?

Tue, 29 May 2007 21:19:00 GMT

Although the function of a general durable power of attorney is beyond the scope of this FAQ, a grantor of a revocable living trust should also consider establishing a general durable power of attorney to accomplish objectives which cannot be attained with a trust and to complement what is accomplished by a trust. A living will has an entirely different function from a revocable living trust and the two should not be confused. Whether a person has a trust ordinarily has no bearing on the decision to have (or not to have) a living will.

Is A Revocable Living Trust An Adequate Substitute For A Will?

Tue, 29 May 2007 21:19:00 GMT

No! Even though a revocable living trust may be considered the principal document in an estate plan, a will should accompany a revocable living trust. This type of will, referred to as a pour over will, names the revocable living trust as the principal beneficiary. Thus, any property which the grantor failed to transfer to the trust during his or her lifetime is added to the trust upon the grantor`s death and distributed to (or held for the benefit of) the beneficiary in accordance with the terms of the revocable living trust. There cannot be an absolute assurance that all property will be transferred to a revocable living trust during the grantor`s lifetime. For instance, the probate estate of a person who dies as a result of an auto accident may be entitled to any insurance settlement proceeds. These settlement proceeds can only be transferred from the estate to the trust pursuant to the terms of a will. Without a will, the proceeds would be distributed to the heirs under the Missouri laws of descent and distribution. Also, a parent cannot appoint a guardian for minor children in a revocable living trust. This can be accomplished only in the will.

Is The Conservator Or Guardian Personally Liable For The Debts Of The Protectee Or Ward?

Tue, 29 May 2007 21:19:00 GMT

No, as long as the conservator indicates that he or she is acting on behalf of the protectee or ward in a representative capacity. In addition, neither the conservator nor the guardian assumes personal responsibility for the protectee`s or ward`s debts which may have been incurred by the protectee or ward prior to the court`s determinations that he or she is an incapacitated or disabled person. Of course, unauthorized use of the protectee`s estate or misappropriation of the protectee`s property by either the conservator or guardian will likely require revocation of legal authority as conservator or guardian by the court and may result in personal liability for any harm or loss suffered by the estate.

May Safe Deposit Boxes Be Jointly Held?

Tue, 29 May 2007 21:19:00 GMT

Under Missouri statutes, safe deposit boxes may be jointly rented. This type of registration must be specifically noted in the rental agreement with the bank or safe deposit box company. With a jointly rented safe deposit box, the surviving joint tenant will have immediate access to the box upon the death of the other joint tenant. However, even though a safe deposit box is rented in joint names, that alone does not mean that all of the assets contained in the box are also jointly owned. Also, joint ownership of a safe deposit box may complicate matters rather than making them simpler.

Must I Sign A Power, And If I Do, Will It Be Followed?

Tue, 29 May 2007 21:19:00 GMT

No person can be forced to sign a power of attorney, especially one for health care decisions, which cannot be required for admission to a hospital. Once created, your directions must be followed. If a physician or other health care provider declines to follow your instructions due to religious beliefs or moral convictions, such health care provider must transfer the care of the patient to another physician or facility who will honor the patient`s instructions. For this reason, it is always advisable to discuss these issues with your physician in advance of any hospitalization or extensive treatment.

Should I Use A Joint Account For Help In Writing Checks?

Tue, 29 May 2007 21:19:00 GMT

No. Some people will place a child or someone else on a checking account as a joint tenant to help them write checks to assure that bills are paid in the event the original owner is unable to do so. Upon the original owner`s death, the entire account will belong to the other person; other heirs will not share in it. Oral understandings about what is to be done with the account balance upon death are frequently misunderstood and often forgotten. Furthermore, the surviving joint tenant may be subject to gift tax liability if he or she attempts to share the funds in the account with other intended heirs after the original owner`s death. Anyone with a concern or needing help in this area should see their lawyer about a durable power of attorney or place a trusted person on the account as agent.

What About Establishing Title To Real Estate?

Tue, 29 May 2007 21:19:00 GMT

The administration of an estate in the probate division also serves to establish clear title to any real estate that the deceased may have owned at the time of death. Real property passes directly to one`s heirs, or to one`s devisee if a will is admitted to probate; thus, it does not technically form a part of the probate estate unless it becomes necessary to sell the property to pay debts or for certain other reasons as set out in the statutes.

However, even though real property does not always form a part of the estate, if there is no probate administration it may be impossible for the heirs to pass clear title to the property for one year after death. This is due to the fact that, in Missouri, a will may be filed at any time within one year after the death of the individual executing the will and that will could possibly alter the ownership of the property.

Similarly, creditors may take actions to enforce claims that could force the sale of real property. However, if an estate is probated, the period of time in which the title to the real property can be so affected is reduced to approximately six months after the opening of the estate.

What About Payment Of Death Taxes?

Tue, 29 May 2007 21:19:00 GMT

Another important function of the probate division is to provide for the collection of any taxes which might have been due by reason of the deceased`s death or on the transfer of his or her property. The administration of the estate normally may not be closed until all death taxes (state and federal), final income taxes, fiduciary income taxes and personal property taxes have been paid. The Missouri Estate Tax Law has completely eliminated Missouri death taxes for most small and medium sized estates. Thus, a Missouri Estate Tax Return is necessary only for estates for which a federal estate tax return must be filed. Such estates are those involving more than $600,000 of probate and nonprobate assets.

What About The Rights Of Creditors And Collection Of Debts?

Tue, 29 May 2007 21:19:00 GMT

The probate division serves as a forum through which creditors of the deceased can protect their claims and seek payment. Also, the Personal Representative of the estate can pursue and collect payment of any debts that may have been owed to the deceased, as well as seek the recovery of property owned by the deceased which is in the possession of others.

What About The Surviving Spouse's Rights?

Tue, 29 May 2007 21:19:00 GMT

A common misconception is that, upon death, all of an individual`s property passes directly to the surviving spouse. This is simply not the case. In Missouri, if a person dies without having left a will, the surviving spouse is entitled to receive onehalf (1/2) of the estate if the deceased is survived by children, and the first $20,000 from the estate if the surviving spouse is also the parent of all of the surviving children. This share is in addition to certain exempt property and other statutory allowances. The exempt property is that which the spouse or the unmarried minor children are entitled to receive absolutely, without regard to any provisions the deceased might have made for the disposition of other assets. The exempt property includes the family Bible, books, clothing, household appliances, furniture, one automobile, and the like. The support allowance is an award made to the surviving spouse for his or her maintenance (and that of the unmarried minor children) for a period of one year after the deceased`s death. The amount of the award is judged by the family`s previous standard of living.

On the other hand, in Missouri (even if an individual leaves a will) the spouse cannot be completely disinherited unless some form of contractual arrangement has been made before death. For example, a spouse is entitled to receive as his or her minimum share either onehalf (1/2) of the deceased`s property if there are not children or grandchildren, or onethird of the property if the deceased spouse is survived by children or grandchildren.

This participation in the deceased`s estate is subject to the claims of creditors, and is in addition to the survivor`s statutory allowances and exempt property as discussed above. However, in determining the statutory percentages, certain other property received by the survivor (such as life insurance, joint property and trust assets) must also be taken into account.

If the deceased leaves a will giving the spouse less than these percentages, the spouse may within a specified time elect to take against the will and thus receive the statutory share instead of the provisions made in the will. The probate division is required to notify the surviving spouse of this right of election shortly after the will is probated. Omitted spouses, or those who were married after the deceased`s will was executed, may claim an intestate share of the estate. In certain cases, similar provisions are also included for any children who might have been born after the will was executed.

What Are Some Of The Advantages Of A Revocable Living Trust?

Tue, 29 May 2007 21:19:00 GMT

In addition to the savings in probate expenses, the avoidance of probate administration has other advantages. The administration of a revocable living trust at the grantor`s death is normally a private matter between the Trustee and the beneficiaries. Unlike probate, there are few public records to reveal the nature or amount of assets or the identity of any beneficiary. Property can often be distributed to the beneficiaries shortly after the grantor`s death, avoiding much of the delay encountered with probate administration. Also, probate court approval is not necessary to sell an asset in a trust, thus avoiding further delay. In addition to the avoidance of probate administration in Missouri, ancillary probate administration in other states where real estate is owned can be avoided by transferring the outofstate real estate to a revocable living trust. For those owning real estate in several states, this can be a significant advantage. If the grantor becomes physically or mentally incapacitated, property held in this trust remains available to the grantor without the requirement of a court supervised guardianship or conservatorship. The successor trustee named in the trust document takes charge to manage the assets in the trust and pay the grantor`s bills. The successor trustee can be a trusted relative or friend, or can be a professional trustee such as a trust company or a trust department of a bank. Missouri law does not require an individual serving as successor trustee to be a Missouri resident. However, certain restrictions apply to banks or trust companies whose principal place of business is located outside the state of Missouri. Since the activities of the successor trustee are not ordinarily supervised by a court or other independent third party, the selection of the successor trustee should be carefully considered. The grantor is not limited to naming only one trustee. Two or more individuals may be named to serve as cotrustees or a combination of individuals and a corporate trustee may be named. If an individual is to serve as successor trustee, the grantor should consider whether the trustee is to be bonded. The grantor`s decision should be clearly stated in the trust document. If a bond is required, the trustee normally pays the bond premium from the assets in the trust. Under a recent change in Missouri law, professional corporation stock may be owned by a trust.

What Are Some Of The Disadvantages Of A Revocable Living Trust?

Tue, 29 May 2007 21:19:00 GMT

While the advantages of a revocable living trust receive most of the public attention, the disadvantages should also be considered. Since a revocable living trust is a more complex legal document, it is often more costly to establish. Also, deeds and other transfer documents must be prepared transferring the grantor`s assets to the trust, a process which can require a substantial investment of the grantor`s time. The use of a revocable living trust requires more ongoing monitoring to ensure that assets remain in the trust and that newly purchased assets are titled in the trust. For instance, a grantor who transfers funds to a second financial institution (perhaps to obtain a better interest rate) must remember to advise the new institution to title the new account in the trust. After the grantor`s death, some of the income tax rules applicable to a trust are not as liberal as those available to a probate estate. For example, a probate estate may elect to use a fiscal year as its tax year, while a trust is restricted to the calendar year. Trusts must pay estimated income tax payments while a probate estate is exempt from this requirement for the first two years. Trusts are also subject to other tax rules that do not apply to probate estates.

What Are Some Other Considerations In The Use Of A Revocable Living Trust?

Tue, 29 May 2007 21:19:00 GMT

Certain legal issues regarding the use of a revocable living trust have not been answered under Missouri law. For instance, it is not clear whether an individual can disinherit his or her spouse by transferring all assets into a revocable living trust. Also, while a divorce automatically disqualifies a divorced spouse under a will that was signed prior to the divorce, the same may not be true with a trust. A revocable living trust may not be appropriate for certain assets. If stock is owned in a subchapter S corporation, the trust must comply with certain technical income tax requirements to avoid terminating the subchapter S status. Also, if the trust is named as the primary beneficiary of a qualified pension or retirement plan, or an IRA account, a surviving spouse will be precluded from completing a spousal rollover and deferring the income tax until later.

What Are Some Other Functions Of The Probate Division?

Mon, 04 Jun 2007 21:51:22 GMT

In addition to its role in administering decedents` estates, the probate division has general supervisory jurisdiction over the estates of minors and those adults whom the court finds to be disabled or incapacitated. Thus, if individuals cannot handle their own affairs, either because they are under age or in some way disabled, the probate division may then step in (upon proper application, hearing and determination) and appoint a conservator to look after these matters for them. In a similar manner, the probate division may appoint a guardian for the care and custody of a minor or of an incapacitated adult unable to care for himself or herself. In metropolitan areas, the probate division handles probate and similar matters exclusively. However, in the smaller counties, judges of this division may have other judicial duties as well.

What Are The Duties Of A Guardian And A Conservator?

Tue, 29 May 2007 21:19:00 GMT

A guardian must always act in the best interest of the ward. The guardian of a minor is charged with responsibility for the minor`s custody and control, and must act and make decisions relative to the minor`s education, support and maintenance. A guardian of an incapacitated person must act and make decisions relative to the ward`s care, treatment, shelter, education, support and maintenance. A guardian must assure that the ward resides in the least restrictive setting reasonably available and receives all medical care that he or she may need. A guardian may give necessary legal consent for the ward`s treatment. However, a guardian may not admit the ward to a mental health facility for more than 30 days without a court order. A guardian must report to the court, at least annually, on the ward`s physical condition. A conservator, under the supervision of the court, is responsible for the protection and management of the protectee`s financial estate. The conservator must properly and prudently invest the protectee`s assets, apply such assets for the protectee`s care and maintenance, and account for all funds received and expended on behalf of the protectee. Because of the strict accounting requirements imposed by law and the necessity of obtaining a court order authorizing most expenditures from the estate, the conservator must work closely with an attorney in order to administer the protectee`s estate properly, no matter how large or small it may be.

What Does It Mean To Be Incapacitated Or Disabled?

Tue, 29 May 2007 21:19:00 GMT

As defined by Missouri law, an incapacitated person is one who is unable by reason of any physical or mental condition to receive and evaluate information or to communicate decisions to such an extent that he [or she] lacks capacity to meet essential requirements for food, clothing, shelter, safety or other care such that serious physical injury, illness, or disease is likely to occur. Similarly, a disabled person is one who is unable by reason of any physical or mental condition to receive and evaluate information or to communicate decisions to such an extent that the person lacks ability to manage his [or her] financial resources. Under certain circumstances, the court may appoint a conservator for a person who has disappeared or is detained against his or her will.

What Is A Conservator?

Tue, 29 May 2007 21:19:00 GMT

A conservator is a person or a corporation, such as a bank or trust company, appointed by a court (again, usually the probate division of the circuit court) to manage the property of a minor or of an adult person who has been legally determined to be disabled.

What Is A Durable Power Of Attorney?

Fri, 25 Apr 2008 13:53:17 GMT

Many people are unaware that an ordinary power of attorney is revoked, and the agent`s power to act for the principal automatically stops, if the principal becomes incapacitated.

Under Missouri law, and the law of many other states, a power of attorney with proper wording may be made durable. This means that the power of the agent to act on the principal`s behalf continues despite the principal`s incapacity, whether or not a court decrees the principal to be incapacitated.

Through a durable power of attorney, an agent may continue to act on your behalf even after you have had a stroke or other incapacitating illness or accident. If the power of attorney so provides, the agent can use your funds to pay your bills, can contract for nursing home services for your benefit and can make basic health care decisions for you.

An aging parent may wish to give a durable power of attorney to a responsible adult child so that the child can act on the parent`s behalf and carry on routine matters in the event the parent is disabled or incapacitated. In many instances, this arrangement is far better than making the child the joint owner of the parent`s bank accounts and other property and assets.

To create a durable power of attorney in Missouri, the title to the document must include the word durable and the document must state: This is a durable power of attorney and the authority of my attorneyinfact shall not terminate if I become disabled or incapacitated. In many other states, the document must state in substance that this power of attorney shall not be affected by subsequent disability or incapacity.

It is possible to create a durable power of attorney so that it will only go into effect when the principal is incapacitated or when some other stipulated event or condition occurs. This is ordinarily called a springing durable power of attorney.

What Is A Guardian?

Tue, 29 May 2007 21:19:00 GMT

A guardian is a person who has been appointed by a court (usually the probate division of the circuit court) to have the care and custody of a minor or of an adult person who has been legally determined to be incapacitated.

What Is A Power Of Attorney?

Fri, 28 Mar 2008 21:28:06 GMT

A power of attorney is a document by which you appoint a person to act as your agent. An agent is one who has authorization to act for another person. The person who appoints the agent is the principal; the agent is also called the attorneyinfact. If you have appointed an agent by a power of attorney, acts of the agent within the authority spelled out in the power of attorney are legally binding on you, just as though you performed the acts yourself. The power of attorney can authorize the attorneyinact to perform a single act or a multitude of acts repeatedly.

What Is A Tenancy In Common?

Tue, 29 May 2007 21:19:00 GMT

A tenancy in common is another form of coownership. It is the ownership of an asset by two or more individuals together, but without the rights of survivorship that are found in a joint tenancy. Thus, on the death of one coowner, his or her interest will not pass to the surviving owner or owners but will pass according to his or her will or, if there is no will, by the law determining heirs.

What Is Probate?

Tue, 29 May 2007 21:19:00 GMT

Most people are familiar with the operation of the civil and criminal divisions, having seen trials portrayed on television and described in various newspaper articles. However, to the average person, the role of the probate division (formerly the probate court) is a complete mystery. In fact, many people remain unaware of the existence of the probate division until they are faced with the many financial and legal details that may arise on the death of a close friend or relative.

What Is Simplified Probate Administration?

Tue, 29 May 2007 21:19:00 GMT

Two types of probate administration are permitted by the Probate Code, supervised or independent. As the names suggest, the probate division closely monitors a supervised administration; such an estate requires court approval for many actions of the Personal Representatives, who must also file annual accountings, or settlements, which are fully reviewed and audited by the probate division. Independent administration is more informal and eliminates the need for supervision by the probate division and annual settlements. An estate may be independently administered if so designated in the deceased`s will, or if the beneficiaries all agree.

What Is The Legal Effect Of A Judicial Determination Of Incapacity Or Disability?

Tue, 29 May 2007 21:19:00 GMT

The answer depends upon whether the court has made a finding of total disability and incapacity or only partial disability and incapacity. If the court finds that a person is only partially disabled and partially incapacitated, the person is still presumed competent and loses only those rights specified in the order. A person who has disappeared or is being detained does not lose any rights. On the other hand, if the court finds a person totally incapacitated or totally disabled, or both, the person is presumed to be incompetent for all legal purposes. A person who has been determined by a court to be disabled is referred to as a protectee and a person who has been determined by a court to be incapacitated is referred to as a ward.

What Powers Are Granted By General Powers Of Attorney?

Mon, 04 Jun 2007 21:51:22 GMT

Under Missouri law before August 1989, a valid power of attorney had to spell out in detail all of the authorizations granted to the agent. Under a new Missouri law adopted in August 1989, it is possible to have a general power of attorney that authorizes the agent to act for the principal on every kind of subject or matter that may legally be handled through an agent, with certain specific exceptions mentioned below. However, it is still recommended that the power of attorney include as much detail as possible.

What Specific Cautions Must Be Made In Preparing And Granting Powers Of Attorney?

Tue, 29 May 2007 21:19:00 GMT

An effective durable power of attorney, and especially a springing durable power of attorney, needs to be very carefully worded and you should seek the assistance of a Missouri lawyer who practices in this area. Furthermore, you should use great care in the selection of your attorneyinfact. Remember, you are trusting not only your property, but perhaps your life, to the person you appoint.

Who Can Advise You About A Revocable Living Trust?

Tue, 29 May 2007 21:19:00 GMT

You should never sign a revocable living trust document without the advice of a Missouri attorney who practices in this field of law. He or she will be able to advise if a revocable living trust is right for you.

Who Can Be The Trustee?

Tue, 29 May 2007 21:19:00 GMT

A grantor who desires to manage his or her own financial affairs and who is physically and mentally able can (and ordinarily should) serve as trustee. But provisions should be made in the trust for a successor trustee to take charge in the event the grantor becomes unable to continue for any reason or in the event of the grantor`s death. Or, the grantor may simply desire to be relieved of asset management responsibilities, whether temporarily or permanently.

Who May Be Appointed Guardian And Conservator?

Tue, 29 May 2007 21:19:00 GMT

The same person is usually appointed both guardian and conservator, although it is possible for different persons to be appointed with respect to the same minor or incapacitated and disabled adult. Parents have the first priority for appointment as conservators for the estates of their minor children, although such appointment is necessary only if the minor will receive property from some source other than his or her parents, such as the settlement of a personal injury action, an inheritance from a decedent`s estate or some other source of property or income. Parents are the natural guardians for their children and need not be appointed as such by a court. However, if a minor has no parents, then the court may consider a guardian and conservator chosen by the minor if the minor is over the age of 14 years. The court may also consider a person named in the will of the last parent to die. In any event, the person appointed by the court must be suitable and qualified. If the minor is unable to choose a guardian and conservator and if the last surviving parent failed to designate a guardian and conservator in his or her will, then the court will appoint the most suitable person, usually an adult brother or sister or other close adult relative who is willing to serve. An incapacitated or disabled person may designate his or her own guardian or conservator if, at the time of the hearing, the person is able to communicate a reasonable choice to the court. In addition, any competent adult person may designate a suitable person to serve as guardian or a suitable person or eligible corporation to serve as conservator, if done in writing and witnessed by at least two witnesses within five years before the date of the hearing. (Frequently such designations are made in Durable Powers of Attorney, which are discussed elsewhere in this publication.) If no suitable person has been nominated by the incapacitated or disabled person, the court will consider appointing, in order: the spouse, parents, adult children, adult brothers and sisters and other close adult relatives. If there are no relatives willing or able to serve, the court may appoint any suitable person (such as a close friend) or, if no one steps forward, the public administrator. A person need not be a resident of the state of Missouri to qualify for appointment as a guardian or conservator. However, the court may consider the fact of nonresidency when determining who may be suitable for appointment as a guardian or conservator.

Will A Joint Tenancy Avoid Probate Expenses?

Tue, 29 May 2007 21:19:00 GMT

To some extent, joint holdings will reduce probate involvement and expense. However, while joint assets will avoid the formal estate administration that is required when property passes under a will, other costs may well arise. Steps must be taken to reregister the assets in the survivor`s name and to comply with the various state and federal tax requirements. The process is not as quick and easy, nor as inexpensive, as one might think. In addition, placing assets in joint names with another, especially someone other than a spouse, creates uncertainties and subjects the assets to the disadvantages discussed below.

Will A Revocable Living Trust Avoid Probate Expenses?

Tue, 29 May 2007 21:19:00 GMT

Property held in a revocable living trust at the time of the grantor`s death is not subject to probate administration. Thus, the value of the property is not considered when computing the statutory fee for the personal representative or the estate attorney. Also, the amount of any required bond for the personal representative will be reduced to the extent the property is held in the trust and not subject to probate administration. Nevertheless, certain expenses associated with the death of a person are not eliminated. Deeds to real estate transferring the property from the trust to the beneficiaries must be prepared. Estate tax returns must be filed when the total value of the property owned at death (including assets in a revocable living trust) exceeds $600,000 in value (or a lesser value in certain cases). The decedent`s final income tax returns must still be filed and income tax returns for the trust must also be filed.

Free Durable Power Of Attorney FAQs

Thu, 26 Nov 2009 15:06:02 GMT

Free Durable Power Of Attorney FAQs

Free Estate Planning FAQs

Thu, 26 Nov 2009 15:06:02 GMT

Free Estate Planning FAQs

Free Estate Taxes FAQs

Thu, 26 Nov 2009 15:06:02 GMT

Free Estate Taxes FAQs

Free Guardianship FAQs

Thu, 26 Nov 2009 15:06:02 GMT

Free Guardianship FAQs

Free Power of Attorney FAQs

Thu, 26 Nov 2009 15:06:02 GMT

Free Power of Attorney FAQs

Free Probate FAQs

Thu, 26 Nov 2009 15:06:02 GMT

Free Probate FAQs

Free Trusts FAQs

Thu, 26 Nov 2009 15:06:02 GMT

Free Trusts FAQs

Free Wills FAQs

Thu, 26 Nov 2009 15:06:02 GMT

Free Wills FAQs