Before sitting down to work on your plan, you should give some thought to what your priorities are and what goals and objectives you want to focus on in your plan. Learn more about Missouri estate planning in this presentation.

1. MISSOURI
ESTATE PLANNING
Getting Started
Before Sitting Down to Work on Your Plan You Should
Give Some Thought to What Your Priorities Are and
What Goals And Objectives You Want To Focus On In Your Plan

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Creating a comprehensive estate plan serves to protect you, your assets, and your loved
ones. Despite this, over half of all Americans do not have an estate plan. One reason
often given for failing to create a plan is that people simply don’t know where to start.
Beyond the need for a Last Will and Testament, many people have no idea what should
be included in an estate plan. Because your estate plan should be as unique and
individual as you are, there is no formula for deciding what should be included in your
plan. Only an experienced Missouri estate planning attorney can provide you with
detailed guidance and advice; however, a better understanding of some estate planning
basics can only help.

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Deciding on Goals, Priorities and Objectives
Your estate plan can accomplish far more than simply creating a roadmap for the
distribution of your assets when you die. In fact, a well thought out estate plan can
accomplish a wide variety of goals. Before sitting down to work on your plan you should
give some thought to what your priorities are and what goals and objectives you want to
focus on in your plan. Some common estate planning components include:
Medicaid planning
Incapacity planning
Trust creation and administration
Asset protection
Business succession planning
Retirement planning
LGBT planning
Probate avoidance
Tax avoidance
Pet planning
Special needs planning
Long-term care planning
Protecting and Providing
For most people, an estate plan serves to protect and/or provide. Prior to getting to
work on your plan, you need to decide who and what needs to be protected and for
whom the plan should provide. For example, if you own your own business, the business
needs to be protected in your estate plan by incorporating a business succession plan. If
you have a special needs loved on in your family you will also want to protect him or her
in your plan. Who you provide for in your plan is also a consideration. Are you focused
only on providing for yourself during your golden years or do you also want to provide
for children and/or grandchildren? Do you want to provide for future generations while
you are still alive or only after your death? Along those lines, don’t forget about

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potential beneficiaries who have
yet to be born when making your
estate plans. Do you want to
provide for all beneficiaries in
equal shares or will certain
beneficiaries receive a larger
share? Do you want to make
specific bequests or should
everything be sold and the profits
given to beneficiaries? Finally,
don’t forget about less obvious beneficiaries such as charities or even the family pet.
Knowing you want to protect and provide in your estate plan is the easy part. Deciding
on the details, however, requires serious contemplation.
Review Your Assets
Reviewing your assets may seem unnecessary; however, people often own assets that
they forget about or that they fail to consider on a daily basis. Your estate plan should
account for all real and personal property as well as tangible and intangible assets. In
addition, your estate plan should be forward-thinking, meaning it should account for
assets acquired after the plan is created as well. Take some time to consider what assets
you now own or plan to own in the near future, including, but not limited to:
Your primary residence
Vacation property
Undeveloped land
Investment property
Interest in a business
Intellectual property
Copyrights, patents, or trademarks
Bank accounts
Investment accounts

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Stock and bonds
Vehicles, boats, 4-wheelers, and anything else motorized
Life insurance proceeds
Inheritance
Licenses
Inventory
Accounts receivable
Equipment and tools of the trade
Livestock
Crops
Firearms, jewelry and art
Collectibles
Household furnishings
Selecting Your Executor, Trustee and Other Important Roles
The overall success of any estate plan depends on the initial design of the plan and the
ultimate implementation of the plan.
The most well designed plan can fall
apart if the wrong people are left to
implement the plan. For this reason,
care should be taken when choosing
important roles within your plan, such
as:
Executor – your Executor is
responsible for probating your
estate after your death and is
named in your Last Will and
Testament. People often make the mistake of naming someone to this role
without giving much thought to the duties and responsibilities involved in the
position of Executor. The Executor opens and closes the probate of your estate

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and oversees everything in between, including the location and valuation of all
estate assets, preparation of all probate documents, notification to all
beneficiaries and creditors of the estate and defending the estate against
challenges. The executor is also responsible for paying any taxes owed by the
estate which may require the sale of estate assets. Not only is the role of Executor
a time consuming role, but it can be emotionally draining for a spouse, parent or
child who is still grieving a loss. Keep all of this in mind when selecting an
Executor.
Trustee – if you create a trust in your estate plan you must appoint a trustee. This
can be an individual or entity and may be someone you know personally or a
professional. The trustee is
responsible for
administering the trust as
well as managing and
investing assets held by
the trust. Ideally, a trustee
should have experience in
money management
and/or investing as well as
a basic knowledge of the
laws that apply to trusts.
Although you can appoint
a close family member or
loved one as your trustee, it is frequently better to consider a neutral third party
professional trustee to decrease the chance of a conflict arising down the road
and increase the chance that the trust assets will grow at a better than average
rate.
Guardian –should something happen to you, and your minor child’s other parent
is unable or unwilling to care over the care of your child, a court will have to
appoint a guardian. Your Will is your only opportunity to let the court know who
your choice is for guardian of your child.

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Agent – an Agent is someone to whom you grant authority in a power of attorney
or advanced directive. As your Agent, the individual has the power to make legal
decisions for you and/or healthcare related decisions to the extent authorized in
the POA or AD. Given the authority granted to an Agent, care should be taken
when choosing one.
Elder Law Answers, The Five Components of a Good Estate Plan
Artisan Wealth Management, Understanding the Fiduciary Roles in and Estate Plan

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Estate Planning and Elder Law Attorneys in St. Louis, MO
St. Louis Estate Planning Attorneys: Planning for Your Future Today
Missouri Estate Planning attorneys Amen, Gantner&Capriano, Your Estate Matters, L.L.C. are
here to help you with legal issues regarding St. Louis Elder Law, Veterans Aid and Assistance,
Probate, Wills, Trusts, Trust Administration, Powers of Attorney, Health Care Directives, LGBT,
and all things required to establish a proper estate plan for the future of both you and your loved
ones. Our law firm understands the varying dynamics of modern families and seeks to address
these issues in the estate plan so your estate is distributed only to those who you request, instead
of those who may be otherwise legally obliged to it. Estate planning can be a big project that
requires consistent maintenance; however, our professional Estate Planning attorneys can
organize all of the legal paperwork and logistics for you, while offering helpful legal advice along
the way.
Amen, Gantner&Capriano, Your Estate Matters, L.L.C.
10805 Sunset Office Dr., Suite #100
St. Louis, MO 63127
Phone: (314) 966-8077
www.YourEstateMatters.com