Wednesday, November 8, 2017

What You Need to Prepare for Your Estate Plan

A plan made in advance naming whom you want to receive the things you own after you die is known as an estate plan. This type of document can relieve a lot of stress on your family and help to avoid your assets from going to someone you do not wish to have them. A legal professional can help solidify your estate plan to ensure your assets are squared away. Our Lake of the Ozarks law firm has provided a list of some information you should have on hand, before preparing your estate plan.

Financial Statements

Any financial statements from your investments and bank accounts should be brought with you to plan your estate. These documents can help show where your financial assets are located. It's also a good idea to have an idea of who you intend to take over ownership of these financial accounts in mind.

List of Assets & Liabilities

Like your financial statements, assets and liability information should be brought to the meeting, as well. You can also decide who will take over these responsibilities upon your passing. This list can be helpful when dividing up assets and liabilities to pass on.

Life Insurance Policies

As you are planning your estate, any life insurance policy information is helpful. Bring your policies along with you in order to accurately assign someone to take ownership.

Who You Intend to Leave Estate With

Updated addresses and other contact information for the individual(s) you intend to leave your estate is needed. This can make the transfer of your assets much easier after you pass. The exact name and addresses for individuals or institutions that you plan to name in your will are necessary.

Information for Guardianship

If you have children under the age of 18, it's important to have specific individuals named to take over guardianship of your children. If you can, it's also a good idea to select an alternative guardian. When children are involved, it's best to have someone named as the guardian to avoid a child going into government care.

Inheritance Disbursement

For beneficiaries who are minors or young adults, it can be helpful to line out the distribution of the trust. This can reduce the chance of a younger heir getting carried away with an excess of money or assets. You can set up your estate to pay out in smaller amounts over time versus a large lump sum or you can put off the disbursement until your child has reached a more mature age of your choosing.

No matter what your age, it's important to have an estate plan in place. This document can help show exactly who you intend to take over ownership of each of your assets. It's a nice gesture for your friends and family to have this documentation in place before you pass. Here at Gibbons Law Firm, we can help handle all of your needs for an estate plan. Contact our law office at the Lake of the Ozarks to schedule your consultation today!

Remember, your initial consultation with Gibbons Law Firm is always free.

Your Trusted Legal Resource

Gibbons Law Firm
2820 Bagnell Dam Blvd, Suite B4
Lake Ozark, MO 65049
(573) 348-2211

Follow us on...

No attorney-client relationship is created by the publication of this blog.

No comments:

Post a Comment