Schormann Law Firm, LLCSchormann Law Firm, LLC2026-04-27T05:37:38Zhttps://www.schormannlaw.com/feed/atom/WordPress/wp-content/uploads/sites/1201267/2020/04/cropped-site-icon-32x32.jpgOn Behalf of Schormann Law Firm, LLC<![CDATA[Will vs. living trust in Missouri: What’s the difference?]]>https://www.schormannlaw.com/?p=476272026-04-27T05:37:38Z2026-04-27T05:37:38ZChoosing the wrong estate planning tool can cost your family time, money and privacy. Understanding how these two documents work in Missouri helps you make a more informed decision.
What a will does
A will is a legal document that names beneficiaries and directs how your assets are distributed after you die. UnderRSMo 474.320, a valid Missouri will must be written, signed by someone at least 18 years old and of sound mind and witnessed by two competent people. A will also lets you name a guardian for minor children. No other estate planning document gives you that option.One limitation matters above all others: a will does not avoid probate. It directs the probate process but only takes effect after a court admits it as evidence. That process is public and Missouri's Case.net system makes filed wills searchable by anyone.
What a living trust does
A living trust holds your assets while you are alive and distributes them according to your instructions. You name a trustee to manage and transfer those assets. Because the trust owns the property rather than you, assets pass to beneficiaries without going through probate court.A living trust also activates during your lifetime. If you become incapacitated, your successor trustee can step in immediately. A will cannot do that.
Key differences at a glance
Both tools serve estate planning purposes but they work differently in several important ways:
Probate: A will goes through court; a living trust typically bypasses it.
Privacy: A will becomes a public record; a trust does not.
Timing: A will takes effect only at death; a trust is active immediately upon funding.
Guardianship: Only a will can name a guardian for minor children.
Cost: Wills cost less to create; trusts reduce probate expenses later.
Neither option is universally better. Your assets, family situation and goals all shape the right choice.
Deciding which tool fits your situation
Simpler estates with minor children often benefit from a will. Complex estates with real property in multiple states or detailed distribution conditions may call for a living trust. Many Missouri families use both documents together to cover all scenarios.
Talking to a Missouri estate planning attorney
An attorney can review your specific assets, family structure and goals before recommending a path forward. Speaking with a lawyer may clarify how Missouri law applies to your situation, walk you through your estate planning options and help you build a plan that protects your family.]]>On Behalf of Schormann Law Firm, LLC<![CDATA[3 reasons why you need to create your Missouri estate plan today]]>https://www.schormannlaw.com/?p=476252026-02-12T10:43:41Z2026-02-12T10:43:41ZYou can decide who inherits your property
Writing your will is a fundamental part of creating an estate plan, and if you pass away without one, the state will decide who inherits your property. This can be a problem if there are assets you want to give to specific people, such as your children or your spouse.
Under Missouri law, if you have a spouse and children and pass away without a will, your spouse may receive $20,000 worth of intestate estate along with half of your properties and assets by default. Your children share the other half. By writing an estate plan, you can decide who your assets will go to.
You can name guardians and protect your minor children
Another benefit of creating an estate plan is the ability to formally nominate guardians who will care for your minor children after you pass away. Without an estate plan, the state will decide who raises your children. This can potentially lead to family disputes and your children might enter the guardianship of someone you may not approve of.
By appointing them guardians, as well as conservators to manage their finances, you can ensure that your children receive care and support from people you trust.
You can plan for emergencies and potentially avoid probate
Unlike wills, you do not have to pass away for your estate plan to take effect. You can plan for incapacity, such as falling ill or becoming comatose, allowing you to entrust your assets to your family and friends.
You can accomplish this by appointing a durable power of attorney to handle your finances and a healthcare power of attorney to make medical decisions on your behalf. Similarly, you can use trusts to allow a third party to hold and manage your assets. Assets under trusts generally bypass probate.
Planning for the future
Creating an estate plan can be emotionally taxing. By writing out your will and determining how your estate will be handled after your passing, you may have to confront your own mortality. Similarly, there are also many factors to consider that might be stressful, such as complex family dynamics and difficult decisions regarding asset distribution.
However, estate planning can provide peace of mind. There is a lot of comfort in knowing your affairs are in order. The knowledge that your children and your belongings are in good hands can reduce any anxiety about the future you may have.]]>On Behalf of Schormann Law Firm, LLC<![CDATA[How can you choose the right trustee for your family in Missouri?]]>https://www.schormannlaw.com/?p=476242025-12-22T07:54:42Z2025-12-22T07:54:42ZChoosing a trustee is one of the most important decisions in your estate plan. This person or institution controls how your assets are managed and distributed. The right choice can protect your family and reduce conflict. The wrong one can create delays, disputes and court involvement.
Why the trustee role matters under Missouri law
A trustee has clear legal responsibilities in Missouri. They must handle trust assets carefully, follow the instructions in the trust and act in the beneficiaries’ best interests. Missouri law also requires trustees to keep beneficiaries reasonably informed and to share regular updates about trust property, debts and payments.Because these obligations are enforceable, trustee mistakes can expose your family to litigation or court supervision. That risk makes careful selection essential.
Key qualities to look for in a trustee
A trustee needs more than good intentions. The role takes time, judgment and follow-through. Before naming someone, think about whether they can realistically handle the job. Important qualities include:
Trustworthiness and honesty: Must do the right thing and put beneficiaries first.
Basic financial ability: Should understand money matters or know when to get help.
Fairness: Must treat all beneficiaries equally, even during disagreements.
Time and commitment: Needs to be available for an ongoing responsibility.
Organization: Must keep records, meet deadlines and communicate clearly.
These qualities matter because many Missouri trusts last for years. If a trustee becomes overwhelmed or disorganized, problems can arise even if their intentions are good.
Family trustees versus professional trustees
Many families debate whether to name a relative or a professional. Each option has benefits and risks.A family member or close friend may understand your values and family dynamics. They may also cost less. However, they can lack technical experience or struggle to remain neutral when emotions run high.A professional or corporate trustee offers expertise, objectivity and continuity. They are less likely to be influenced by family pressure. Fees and a less personal relationship are the tradeoffs.Missouri law also imposes eligibility rules. Trustees must be at least 18 or be a Missouri corporation. If you name a nonresident individual or foreign corporation, you must also appoint a Missouri resident individual or corporation as a co-trustee.
Recommended steps to ponder on
Selecting a trustee is not just a personal decision. It is a legal one with long-term consequences. A Missouri estate planning attorney can explain trustee duties, review eligibility issues and help you balance family dynamics with legal and financial realities. That guidance can help ensure your trust works as intended and protects your family from avoidable risk.]]>On Behalf of Schormann Law Firm, LLC<![CDATA[How a good estate plan protects your family]]>https://www.schormannlaw.com/?p=476232025-10-29T16:06:54Z2025-10-29T16:06:54ZEnsuring guardianship for minors
The most immediate protection an estate plan offers is the ability to designate a guardian for your minor children legally, which is a critical decision in your will. If both parents pass away without a clear designation, the decision falls to a Missouri probate judge.
While judges focus on a child’s best interests, they do not know your family, your values or your wishes. Naming a guardian helps ensure that someone you trust raises your kids, removing emotional and legal uncertainty during a time of grief.
Establishing trusts to safeguard assets
Minor children in Missouri cannot legally inherit most assets outright. Without a trust or other planning, the inheritance will be managed either by a court-appointed conservator (typically required for larger estates and terminated at age 18) or by a custodian under the Missouri Uniform Transfers to Minors Act, which can hold the funds until the child reaches age 21.
A revocable living trust helps mitigate this risk by allowing you to add provisions that fit your family’s needs, such as:
Setting staggered distribution ages, for example, 25, 30 and 35
Protecting assets from your children’s potential future creditors or divorce proceedings
Furthermore, properly funding a trust allows assets to pass to your heirs privately and immediately. This key step helps you avoid the public and often lengthy Missouri probate court process entirely.
Minimizing financial burden and debt
Probate, which assets in a will must go through, can be expensive due to court fees, publication costs, and statutory minimum fees for both the personal representative and the estate's attorney, which are based on a percentage of the estate's value. These procedural costs and administrative debts can significantly erode an inheritance.
Using nonprobate tools like trusts and proper beneficiary designations on retirement accounts ensures these funds pass directly to your family, shielded from the estate's debts. By clearly outlining every asset and beneficiary, you can eliminate potential legal disputes among heirs, ensuring a fast, efficient transfer of wealth and leaving more for the people you love.
The gift of clarity and security
A comprehensive estate plan helps provide stability and security for your family's future. It protects both their emotional and financial well-being. Establishing a personalized plan that truly safeguards your family requires the knowledge, precision and compassion of a skilled estate planning attorney.]]>On Behalf of Schormann Law Firm, LLC<![CDATA[Can a trust protect my inheritance?]]>https://www.schormannlaw.com/?p=476222025-08-29T07:23:11Z2025-08-29T07:22:24ZWhy inherited assets may be at risk
The following risks often appear after you receive the inheritance:
A trust is a legal arrangement that lets you transfer assets to a trustee. The trustee manages those assets based on instructions you provide. In Missouri, you may choose a revocable trust, which allows changes during your lifetime but offers limited protection. You may also consider an irrevocable trust, which provides stronger safeguards because the assets are no longer under your personal ownership.
Missouri’s Uniform Trust Code outlines key requirements for creating and managing a trust:
Retitle real estate to transfer it into the trust.
Ensure trustees follow fiduciary duties and reporting rules.
Structure the trust to comply with enforcement and beneficiary protections.
These rules affect how assets move into the trust and how trustees carry out their responsibilities. Understanding both the structure and the legal requirements helps set your expectations.
Secure your inheritance with a lasting plan
A trust offers more than just protection from immediate financial threats – it provides a framework for managing your inheritance wisely. With the right structure, you can preserve assets, pass them on to future generations and set clear guidelines for responsible use. Trusts also help reduce family conflict, avoid probate, and ensure your legacy reflects your values and long-term goals. It’s a powerful tool for lasting financial security.]]>On Behalf of Schormann Law Firm, LLC<![CDATA[Are Your Digital Assets Protected in Your Estate Plan?]]>https://www.schormannlaw.com/?p=476212025-06-24T20:00:45Z2025-06-24T20:00:45ZHow can you create an estate plan that incorporates your digital assets?
Your will and trusts, if you have some in place, are most likely going to address concrete assets, such as your money, real estate and personal property. But they might leave a gap that allows your digital assets to slip through the cracks. To prevent that from happening, you should consider taking the following steps:
Identify all your digital assets: Your online presence may be so expansive that it’s hard to immediately call to mind all of your digital assets and accounts. Yet, you need to identify them all if you want to protect them through estate planning. So, be sure to take some time to reflect on what accounts you may have, recall what passwords you use and write down the answers to any security questions that may be in place to protect your accounts.
Figure out who you want to handle each digital asset: There may be one person you’re comfortable giving access to all your digital assets. But in some cases, that approach doesn’t make sense. For example, if you have an online platform that you use to make money, such as an Etsy site, then you may not want to leave that to your minor child. Instead, it’s probably a better idea to leave access and control of that platform to your spouse or a business associate who can continue to use it to generate revenue, if they so choose.
Consider naming a digital asset executor: In your will, you can specify who will be responsible for allocating access to your digital assets while also following your instructions for how digital assets should be handled. If you have certain accounts or online posts that you want deleted, for example, then you can specify that the digital executor is responsible for carrying out that task.
Make sure your digital assets are specifically addressed in your estate plan: You don’t want your digital assets to fall through the cracks. So, it’s in your best interests to ensure that you’ve taken the appropriate legal steps to incorporate them into your estate plan. This may mean generating a more detailed will or modifying an existing one. Your attorney can review your estate plan and work with you to ensure that your goals regarding digital assets are met.
Don’t leave estate planning to chance
There’s a lot that goes into the estate planning process. Yet, it’s all too easy to overlook something that winds up posing a problem for your estate and your loved ones. These issues can prove costly to navigate, and they can raise tensions amongst family members. If you want to head off those issues, then now is the time to start thinking about the best way to create a holistic estate plan that addresses your digital assets.]]>On Behalf of Schormann Law Firm, LLC<![CDATA[4 ways to update your estate plan after a divorce ]]>https://www.schormannlaw.com/?p=476192025-05-10T12:35:08Z2025-05-10T12:35:08ZDivorce is more than the end of a matrimonial union; it’s also the beginning of a major legal and financial reset. While most people focus on dividing assets and settling custody agreements, one area that’s often overlooked during this transition is estate planning.
Whether you’re in the middle of a divorce or recently finalized one, your estate plan likely needs significant updates. If left unchanged, your ex-spouse could remain in control of decisions or assets that no longer align with your wishes. What do you need to know to protect your legacy and regain control?
1. Update beneficiaries immediately
One important step you should not overlook after divorce is to update the beneficiaries on your financial accounts. This includes:
Life insurance policies
Retirement accounts (like 401(k)s and IRAs)
Payable-on-death (POD) bank accounts
These designations override your will, meaning that if your ex is still listed, they may receive those funds regardless of what your updated estate plan says. Don’t forget to revisit these forms because your divorce decree does not handle everything. You must update each account separately to help ensure your assets go to the right people.
2. Revoke or revise wills and trusts
Suppose your will or trust names your ex-spouse as executor; you should revise this after divorce. Revoking your old will and drafting a new one is the cleanest way to reset your estate plan. The same goes for trusts. If you and your ex created a joint trust during your marriage, you’ll need to determine how to split or terminate it. Once this is done, you can set up a new trust to reflect your post-divorce intentions.
3. Address joint ownership of property
Suppose you owned property jointly with your now ex-spouse; after divorce, you may still co-own property like a house or investment account. Failing to change the ownership structure could result in your ex inheriting that property if you pass away unexpectedly.
4. Appoint new decision-makers
Suppose you chose your spouse to make medical and financial decisions on your behalf if you’re incapacitated; you’ll likely want to name someone else after divorce. Review and update these designations to reflect someone you trust with your health and finances. Divorce reshapes your future in many ways, and your estate plan should reflect your evolution. By enlisting informed legal support to update your documents and make strategic changes, you can help ensure your assets are protected and your loved ones are provided for. ]]>On Behalf of Schormann Law Firm, LLC<![CDATA[How to avoid probate in Missouri]]>https://www.schormannlaw.com/?p=476182025-02-25T07:40:54Z2025-02-25T07:39:58ZProbate can be a lengthy and costly process for settling an estate. In Missouri, probate involves the court overseeing the distribution of a deceased person's assets. This can lead to delays and additional expenses, which many people prefer to avoid.
Fortunately, with proper planning, you can bypass probate and ensure your assets transfer smoothly to your beneficiaries. Understanding the options available can help you make informed decisions and protect your estate.
Is it possible to avoid probate?
To avoid probate in Missouri, you can use several strategies. One of the most effective methods is establishing a living trust. By placing your assets in a living trust, you can ensure they pass directly to your beneficiaries without going through probate. As the trustee, you manage the assets during your lifetime, and a successor trustee takes over upon your death to distribute the assets according to your instructions.Joint ownership with rights of survivorship offers another way to avoid probate. When you hold property jointly with another person, the property automatically transfers to the surviving owner when one owner passes away. This method is commonly used for real estate and bank accounts.Beneficiary designations also play a crucial role in avoiding probate. Accounts like life insurance policies, retirement plans and payable-on-death bank accounts allow you to name beneficiaries who will receive the funds directly upon death.Additionally, Missouri law permits using transfer-on-death (TOD) deeds for real estate. By filing a TOD deed, you can designate a beneficiary to receive your property after your passing, thus bypassing probate.
What are the potential benefits of avoiding probate?
Avoiding probate can offer significant advantages for both the estate and its beneficiaries. By keeping the estate out of probate, you can simplify the transfer process and reduce potential complications.
Reduced Costs: Probate can incur significant expenses, including court fees and legal costs. Avoiding probate helps minimize these financial burdens.
Privacy Protection: Probate proceedings are public, exposing details about the estate. By avoiding probate, you keep these matters private.
Faster Asset Distribution: Probate can take months or even years, delaying asset distribution. Non-probate transfers allow beneficiaries to receive their inheritance more quickly.
Without probate, you maintain more control over how and when your assets are distributed, ensuring they align with your wishes.
Seeking legal support
Avoiding probate can streamline the estate settlement process and provide peace of mind. However, navigating the legal requirements can be complex and you may want to seek help from a legal professional. They can guide you through the process, ensuring your plans comply with Missouri law and effectively protect your assets. Their direction can help you create a comprehensive estate plan tailored to your needs and goals.]]>On Behalf of Schormann Law Firm, LLC<![CDATA[5 common estate planning pitfalls]]>https://www.schormannlaw.com/?p=476142025-01-07T20:45:06Z2025-01-07T20:45:06ZPitfall #1: Not updating your estate plan regularly
One of the benefits of having an estate plan is making sure your assets go to the people you want to benefit from your estate. A failure to regularly update these beneficiaries is one of the most common mistakes. This can result in unintended beneficiaries getting assets from your estate.
But how often should you update your plan? It is a good idea to review it with any major life events, such as marriage and divorce as well as the birth or death of a family member.
Pitfall #2: Failing to consider all assets and beneficiaries
Another frequent oversight is not accounting for all assets or failing to clearly designate beneficiaries for each asset. This can lead to disputes among heirs and potential legal challenges.
Pitfall #3: Not accounting for tax implications
Estate taxes can significantly affect the value of the assets your beneficiaries receive. Not considering these implications can result in a larger tax burden than necessary, potentially diminishing the value of the estate and leaving heirs with a surprise tax bill.
Pitfall #4: Neglecting to plan for incapacity
Many individuals focus solely on the distribution of assets after death and neglect to plan for potential incapacity. This oversight can leave critical decisions about health care and finances in the hands of the courts.
Pitfall #5: Failing to seek professional guidance
Attempting to create an estate plan without professional legal advice can lead to errors and omissions that jeopardize the plan's effectiveness. Estate law can be complex, and state laws vary, making professional guidance crucial. Use of fill-in-the blank forms are not tailored to your specific situation and can result in unintended consequences.
Estate planning is a vital and intricate process that requires careful consideration and regular updates. Avoiding these common pitfalls can help to better ensure that your estate plan reflects your intentions.]]>On Behalf of Schormann Law Firm, LLC<![CDATA[The process of appointing a guardian in Missouri]]>https://www.schormannlaw.com/?p=474192021-02-25T15:44:31Z2021-02-25T15:44:31ZSubmit the petition for guardianship to the court
The first step in the process is to submit a formal request seeking guardianship of an individual who is currently a ward of the state. A person could be a ward because a spouse, adult child or other primary caregiver suddenly passed on. At the time this request is made, you'll need to provide the names of the ward's relatives, the value of the ward's estate and proof that an adult is actually incapacitated in the form of interrogatories from the ward’s physician. If you are applying to be appointed as guardian of a minor child, you may have to complete a criminal background check.
You will be questioned during a separate hearing
A hearing will be scheduled to determine if you have standing to become a ward's new guardian. You may also be required to answer questions about your ability to provide care to a minor child or incapacitated adult. If the ward is a minor, you will need to prove that the child's parents are deceased, incarcerated or otherwise unable to provide for his or her needs.
There is a chance that multiple hearings will need to take place to ensure that you are a suitable guardian. It's not uncommon for a judge to take several days to review the evidence presented during a proceeding and make a decision.
The death of a loved one can be an emotionally devastating event, and this may be especially true for someone who lost a primary caregiver. An attorney may help you obtain the legal ability to fill that role during a probate proceeding.]]>