Each year individuals pass away without a will, leaving the law to decide what happens to their assets. You've worked hard to build and maintain your business. It's important to plan ahead and make sure your wishes regarding your business are carried out the way you would like. We have the experience to assist you in making plans to protect your business assets.
Planning for the Future of Your Business
With 40 years of legal experience, our attorneys are extremely familiar with the laws governing businesses in Missouri. At the law office of Mariea & Sigmund, LLC, we serve business owners and companies in and around Lake of the Ozarks and Columbia.
Working specifically in the areas of real estate, business law and estate planning, we will guide you through the legal terrain surrounding your plans for the future. We will work with you to design a customized estate plan based on your specific business goals.
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The area of business estate planning is complicated and the laws vary depending on your business structure. Our experienced lawyers will help you to control the future of your business. Read more about how we can assist you in planning your estate.
At Mariea & Sigmund, LLC, our attorneys bring 40 years of experience to the areas of business real estate, business law and estate planning. If you own a Missouri business, we can help guide you through the steps to building and securing your future. Contact us online or call 573-635-7699.
Powers of Attorney
A power of attorney is a legal document in which a person (the principal) designates and authorizes another person (the agent or attorney-in-fact) to transact business or make certain decisions on his or her behalf. When a power of attorney is in effect, the agent essentially steps into the shoes of the principal and makes decisions that are legally binding on the principal. Powers of attorney can grant broad, general authority (known as a general power of attorney) or they can limit the attorney-in-fact's power to act on behalf of the principal to particular situations (known as a special power of attorney). Because there are many different types of powers of attorney available to address a variety of situations, powers of attorney are extremely useful estate planning tools. If you are interested in drafting a power of attorney, contact Mariea & Sigmund, L.L.C. in Jefferson City, Missouri, to schedule a consultation with an estate planning attorney.
Durable Powers of Attorney
In general, the authority granted under a power of attorney terminates upon the death or incapacity of the principal. On the other hand, a durable power of attorney remains in effect or becomes effective if the principal becomes incapacitated or mentally incompetent. Because a durable power of attorney remains in effect during the principal's incapacity or becomes effective only if the principal becomes incapacitated, a person can sign a durable power of attorney to prepare for the possibility that he or she may become unable to manage his or her financial, medical or other affairs.
Powers of Attorney for Medical Care
A power of attorney for healthcare (also called a medical directive, an advance directive, a physician's directive, a written directive or a durable power of attorney for healthcare) allows a person to grant another person the authority to make healthcare decisions on his or her behalf while he or she is unconscious or if he or she becomes mentally incompetent or otherwise incapacitated. A health care proxy (also called a proxy directive) is a legal document by which a person designates another person to make healthcare decisions regardless of his or her incapacity.
Another estate planning tool authorized by law in many jurisdictions is a living will. A living will (also called a declaration of a desire for a natural death or a directive to physicians) allows a person who is unconscious or incapacitated to express his or her desires regarding the use of extraordinary measures to extend his or her life when there is no reasonable expectation that he or she will regain consciousness or recover.
Even if you have a legally enforceable power of attorney for healthcare, health care proxy or living will, your should discuss fully your preferences regarding medical care with the person or persons you have designated to make healthcare decisions on your behalf.
Powers of Attorney for Financial or Property Transactions
A power of attorney can also be used by a person to grant another person the authority to manage his or her finances, buy or sell property, file tax returns or handle other legal transactions on his or her behalf. However, there are a few powers that a person may not typically delegate to his or her agent. For example, a person may not legally authorize his or her agent to prepare a will, vote or seek a divorce on his or her behalf.
Conclusion
Comprehensive estate planning typically includes documents to protect an individual’s interests during his or her lifetime as well as documents to ensure that his or her wishes will be carried out after his or her death. If you have questions about powers of attorney or other estate planning tools, contact an estate planning lawyer at Mariea & Sigmund, L.L.C. in Jefferson City, Missouri, to schedule a consultation.
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