guardianship Archives The Quitmeier Law Firm of Kansas City

What’s the Difference between a Will and a Trust?

Trusts are only for rich people, right? Nothing could be further from the truth because trusts are often an excellent choice for many Americans with average wealth. So, what is the difference between a will and a trust and which one is right for you?

What is a Will?

A will is a legal document that indicates how you want your assets to be apportioned when you die. You can revoke or change your will at any time. You can also name a guardian for your minor children in your will.

There are some disadvantages to wills. First, wills are of no use in the event that you become incapacitated, because a will springs into existence only when you die. So if you have a will and become incapacitated, your relatives will have to go to court to have a guardian and/or conservator appointed. Second, if you die with a will in place, your will must go through a process known as probate. This is a court process that is entirely public, expensive and can be lengthy. Anyone can go down to the courthouse to take a look at how many assets you had at your death and how much debt you had.

What is a Trust?

A trust is a legal document that designates a person to manage your property. There are many different kinds of trusts, but one of the most popular is a revocable living trust. A revocable living trust can be revoked or changed by you at any time before you die (as long as you are mentally competent), and it holds title to your assets during your life. Upon your death or incapacity, the revocable living trust makes it easy to transfer title of your assets to person(s) named in your trust. Trusts can also be structured to lessen the impact of estate taxes.

One disadvantage of a trust is that you have a bit more work to do setting up the trust and moving your assets into it. However, once you do, the heavy lifting is done and when you die, your family will greatly benefit by easy transfer of title and avoiding the lengthy and expensive probate process. Further, with a trust, the process is entirely private.

Our knowledgeable wills and trusts attorneys can help you decide whether a will or a trust is right for you. Contact us today.

Estate Planning for Your Child’s Life

When children are young, parents are busy — very, very busy. There are recitals to attend, soccer games and academic competitions, not to mention everyday care of the children. Not surprisingly, making long-term plans to ensure your children are protected if something should happen to you often takes a back seat.

While many consider estate planning essential only for the elderly, that is simply not true. It is very important to make such plans, perhaps even more so, if you have minor children. Here are the best ways to protect your children to ensure their safety and care:

Name a Guardian: If you and your spouse were to die simultaneously or become incapacitated, it’s important to leave instructions as to who you would want to raise your minor children. A guardian is a person who will raise a child to adulthood if parents can’t do it themselves. Parents often put off choosing a guardian because it is uncomfortable to think about or perhaps because the parents cannot agree on who the guardian should be. It’s important for parents to overcome these hurdles and make a selection, because if you don’t and something happens to you, a judge who knows nothing about you will choose the person who will raise your children. Your estate-planning lawyer can help you name a guardian in a will and can also help you revise your will should you later change your mind.
Provide for Your Children’s Financial Future: Because minor children aren’t allowed by law to manage money on their own, you should set up a trust or name an adult in your will to manage the children’s money until they are adults. Your estate-planning attorney can advise you about the best plan for your family to ensure that taxes are minimized and that your children’s financial future is protected.

If you are ready to protect your children through estate planning, our experienced and knowledgeable attorney at The Quitmeier Law Firm can help protect your children’s future. Contact Us.

Do You Need a Guardianship?

A legal guardian is a person appointed by the court to undertake responsibility for someone who is unable to take responsibility for himself. The person over whom a guardianship is sought is known as a ward. A ward may be either a child under the age of 18, an adult suffering from a disability or a senior citizen. A guardian may only be appointed by court order.

Some of the general powers and duties of a guardian include:

providing for the ward’s care
treatment
education
support and maintenance

A ward needs a guardian if he cannot take care of himself in any of these areas and is not competent to make decisions. In that case, a guardian is needed to watch over and take care of the ward.

A guardian has the legal power to decide where the ward lives and the level of care required. A guardian of an adult ward is not responsible for the financial support of the ward. A guardianship differs from a conservatorship in that a conservator only has the power to make financial decisions on behalf of the ward.

Missouri law has a preference for appointing blood relatives as guardians whenever possible.

The courts will first consider:

Any person designated by the incapacitated person
A person previously named as an attorney-in-fact when the ward was not incapacitated
A relative
Parents are the guardians of minors unless the parents are deceased, refuse to serve, or are judged unfit.

A parent may designate a guardian in a will, but a hearing is still necessary to determine if the designated person is capable of performing the duties of a guardian because wills only take effect upon the death of their makers.

There are many safeguards in place to prevent the abuse of power in a guardianship position. These abuses, however, still occur. If a guardianship is necessary, it is important that the incapacitated person be represented by a family law attorney in order to ensure that the person’s interests are protected.

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