Estate Planning Attorney in Missouri: Protect Your Legacy
An estate planning attorney will create a plan for your assets that will protect your estate in case you become incapacitated and can no longer make the decisions needed to administer them. This includes asset protection, the transfer of assets to family members in the case that you die, or the dispersal of your assets.
However, estate planning also covers situations where you are temporarily unable to manage your estate. If you fall ill or suffer an accident and need time to recover, the planning documents will ensure that a person you designate will manage your assets until you recover. This makes having an estate plan useful at any age, especially if you own property or have a family.
These documents can also help reduce some of the taxes that you pay, provided that you choose the proper type of trust for your assets. The plan can also include other documents, like a living will and a financial or medical power of attorney.
At what age should I start estate planning? The short answer is: As soon as possible
Estate planning can serve as a guarantee that if anything unexpected happens to you, your family will still have access to all of your assets. Our lives are constantly changing. Our families are growing, we save up and buy more things. Luckily, these documents are flexible. You can always adjust your estate plan, and doing so comes with several advantages.
For example, Many individuals name beneficiaries for one or more of their bank accounts. This means that those assets do not need to be included in the estate plan. However, all the other assets that the designated person is not a joint owner of, will need to be in the estate plan.
From vehicles to personal items such as jewelry, everything must be included in the estate planning documents. Those that are not will have to go to probate regardless of their value. The process will, in turn, reduce the value of the estate, but having a well drafted estate plan prevents this.
What Should an Estate Plan Contain?
- Last Will & Testament: These are essential and dictate how your assets are to be distributed after your death. They also name a guardian for your minor children.
- One or more Trusts: The trusts outline how your next of kin will gain access to your assets. Some trusts can be revoked during your lifetime, while others are irrevocable without legal action but will give you tax savings on the assets included in them.
- Powers of Attorney: POAs designate the individual(s) of your choice to handle your finances or make healthcare decisions in your name if you lose the ability to take them yourself.
- Living will: This will gives your family and doctors instructions on what to do if you require continued life support. It dictates what actions your next of kin should have doctors take in the even that you need to be resuscitated, be fed through feeding tube, whether you are to be kept on life support or not, etc.
- Healthcare Consent for Minors: The document names another individual to make healthcare decisions for your minor children if you are unable.
Do I Need a Lawyer for an Estate Plan?
While there are individuals that choose to create these documents themselves, not having a professional to guide you can lead to loopholes and sections that are open to interpretation. Furthermore, the documents need to follow specific legal standards for the court to deem them valid. If the estate plan is considered invalid, your estate will go through probate as if it was never created.
How to Contact Luckenbill Lawyers for Estate Planning Attorney?
Book a meeting now with Luckenbill in County of Boone, State of Missouri to create a Power of Attorney that will always work in your favor.
