Category: Estate Planning

Tips and Advice on Estate Planning for Blended Families

• January 23, 2024
• Kelvin Birk
• Estate Planning

When couples get together and blend their families, that often includes children from previous marriages or relationships.  This can bring great joy, but it also can bring conflicts and complications due to the various relationships, obligations, and financial considerations involved. As long as everyone is well and gets along, things may go smoothly; but how do you make sure every member of the family is treated fairly and taken care of if one spouse dies and issues arise?

The answer is to make sure you do proper estate planning now, while your mind is clear and you are able to do so. Estate planning can be complicated even for simple families, but when remarriages and new rel [...]

What is a Discretionary Trust?

• January 22, 2024
• Kelvin Birk
• Estate Planning

Sometimes giving money or assets outright to a beneficiary – such as a child, a grandchild, or a special need loved one – is not ideal for distributing your wealth in an estate plan.

When setting up a trust, using a discretionary trust provides peace of mind because of the protections this type of trust provides to your loved ones who may not have the skills required to safeguard the assets you give to them.

So, what is a discretionary trust? A discretionary trust, also referred to as a discretionary support trust, is a type of trust set up for the benefit of one or more beneficiaries where the trustee has discretion over how to distribute the trust assets among th [...]

When Should I Update My Estate Plan?

• July 29, 2021
• Kelvin Birk
• Estate Planning

Creating an estate plan is one of the most important things you can do to protect and provide for your family in the future.  With a little bit of time and a skilled estate planning attorney, you can create a customized trust or will and estate plan that anticipates your unique needs and leverages the most advantageous use of your assets.

Whether it’s by providing for heirs, avoiding onerous taxes, overseeing property and real estate or creating charitable giving opportunities, an estate plan can lay out all of your current and future wishes in a neat and comprehensive document. To ensure the bes [...]

Can a Beneficiary Sue a Trustee in Missouri?

• February 9, 2021
• Kelvin Birk
• Estate Planning

Yes, a beneficiary can sue a trustee. But a beneficiary must prove that a trustee has breached their fiduciary duty. A beneficiary cannot mount a successful challenge simply because he/she has a personal grudge against the trustee or because he/she simply feels the trust is unfair as it was created by the trust owner.

To mount a legal challenge, a beneficiary must show that there was malfeasance, conflict of interest or incompetence on the part of the trustee.

There’s a lot to know about trusts and estate disputes, and challenging a trustee is rarely something you want to do on your own. With the help of

Do You Have to Do Probate When Someone Dies?

• February 9, 2021
• Kelvin Birk
• Estate Planning

Losing a loved one or family member is a terrible time, filled with grief and loss. Not only are you hurting inside, but you also have to deal with funeral details and other legal matters. This is especially true if the person died without a valid will and their estate must go through probate.

If you’re wondering whether you have to do probate when someone dies, the answer is “sometimes.” In Missouri, if a person’s estate is very small, then the law will allow you to skip probate in favor of a simplified process. Otherwise, you’ll go through probate, though this is significantly easier and quicker when the deceased person has a valid will or estate plan with clear d [...]

Who’s On Your Estate Planning Team?

• December 5, 2019
• Kelvin Birk
• Estate Planning

Estate planning is not just about what happens to your stuff when you die. It is about coordinating all aspects of your life so (i) you can be taken care of during times when you are unable to care for yourself, and (ii) your money and property are distributed to the individuals you have selected upon your death, in the way you want.

While you may visit an estate planning attorney to have your legal documents (i.e., will, revocable living trust, powers of attorney, and living will) prepared, this is only one component of making sure that your ultimate estate and financial goals are carried out. In order to accomplish this large and important task, you need a team made up of the [...]

The Role of an Agent Under a Power of Attorney

• November 27, 2019
• Kelvin Birk
• Estate Planning

For most people, the phrase “power of attorney” means very little. Even for those educated on the subject, it is easy to forget exactly who serves what role and why. Whether you are unfamiliar with the concept or simply need of a refresher, keep reading to learn what it means to be an agent under a power of attorney. At Birk Law Firm, we regularly draft powers of attorney as part of an estate planning package of documents.  Also, we will draft only a power of attorney if that is all that you are needing at that time.

To start, it helps to understand what is being asked of an agent under a power of attorney. A person appointed to the role becomes a re [...]

It’s Planning Season

• October 2, 2019
• Kelvin Birk
• Estate Planning

Just as there is a planting season on the farm, for each season there is planning that you must do with your business or on the farm. In order to be successful, this planning must be done thoughtfully and in advance. Your life is no different. To properly plan for the next season in your life and the lives of your family, a well-executed estate plan is a must. Below are a few documents to consider when crafting a plan to protect yourself, your family, your business or farm, and your legacy.

Birk Law Firm is experienced with supporting farmers, ranchers, and other business owners in achieving their estate planning goals.  Call Birk Law Firm if you have [...]