Thursday, July 26, 2018

Estate Planning FAQ's

An estate plan is an important document that helps you decide how you would like your property distributed after you pass. This document can help relieve stress as your family handles your assets. This can also help ensure your property does not go to someone you don't intend to have it. Control your assets by setting up an estate plan. Our lawyer at the Lake of the Ozarks is here to help you navigate this emotional process of establishing your estate plan. As you work to get your plan in place, you may have a few questions about the process. Take a look below to find the answers to frequently asked questions about estate planning.

FAQ #1: What do I need to prepare an estate plan?

Any financial statements from your investments and bank accounts should be gathered as you plan your estate. A complete list of your assets is also helpful. Have a good idea of who you'd like to leave each asset with ahead of time. This can help cut down on the time and help get some of the emotional details out of the way.

FAQ #2: What can I do for my minor children?

If you have beneficiaries who are minors or young adults, you can line out a distribution of the trust. This can help reduce the chance of a young heir getting carried away with a large amount of money or assets. You can dictate how you would like your money to be dispursed to your underage child.

FAQ #3: When should I make a change to an estate plan?

Anytime a major life change takes place, you will likely need to make updates to your estate plan. If your marital status changes - whether getting married or divorced - you should update your plan. The birth of a child is another reason you should update your estate plan. If your assets or income change drastically, it may be time to make changes, as well. The passing of a beneficiary will require a change to your plan to ensure you have all beneficiary information up to date.

FAQ #4: How much does it cost to establish an estate plan?

Each situation is unique and your estate plan requirement may differ from someone else. It's not a one-size fits all task. Contact our Lake of the Ozarks attorney to get an estimate for your estate planning process.

Now that you know the answers to common questions regarding estate plans, you're ready to move forward with finalizing your documentation. If you have further questions about the process, feel free to contact our Lake of the Ozarks lawyer today. Gibbons Law Firm can help you set up the right documentation for your estate plan. It's a great way to relieve a heavy burden on your children and make these decisions ahead of time! As your Lake of the Ozarks lawyer, we look forward to helping you set up your estate plan.

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

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

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