If 2020 has taught us anything, it is that you should plan for the unexpected! This has been a tough year with everything that has happened in the world. That much is for sure. However, you can make a plan and make your wishes known if something tragic happens to you. Our estate planning attorneys at the Lake of the Ozarks are here to give you a few reasons why you should have will in 2020 in this week's blog. Need help getting your will created? Call Gibbons Law Firm today! We can be reached at 573-348-2211.
Reasons To Have a Will in 2020
TO CARE FOR YOUR 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 disbursed to your underage child.
TO PREPARE FOR LIFE CHANGES THAT MAY COME YOUR WAY.
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.
Estate Planning Tips for 2020
Know That No Two Situations Are Alike When It Comes To Estate Planning.
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.
Be Prepared When You Meet Your Attorney And Have All Your Financial Statements Ready.
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.
Ready To Get Your Will Created By A Professional?
All of us here at Gibbons Law Firm hope that you found this blog enlightening and helpful when it comes to your estate planning. We know how important it is to have a will, if you don't have one already, we strongly encourage you to get one. If you have any questions about the process, we are here to help! Please give us a call today for your free consultation. We can be reached at the phone number listed below. You can also follow us on our social media platforms listed below to stay up to date on our latest announcements and legal tips.