The Dos and Don'ts of Estate Planning for Parents
Name a guardian you trust completely to care for your minor children in the unexpected event you pass away before they are of age.
The guardian you pick should be someone you feel the children are comfortable with and that is incredibly responsible. Understand that the guardian you name is the person who will care for your children and provide for them in the event you aren't physically able to anymore. This is an extremely important role and should not be taken lightly.
Consider purchasing a life insurance policy.
Many people may not consider life insurance because they don't understand it's true purpose. Keep in mind that life insurance can give you peace of mind, knowing your loved ones will be provided for financially in the event that you pass away. When searching for a life insurance policy be sure that it is for the proper amount your family would need. It needs to be a policy that works for YOUR needs and not the other way around.
Forget to update your beneficiaries as you experience life changes.
A good example of a life change that may give you a reason to change your beneficiary is you got remarried and still have your ex listed as a beneficiary. You may want to change that from your ex to your children or your current spouse, depending on what you feel. The point here is to just pay attention to what you put in your estate plan as times change because you never know what can happen.
Forget to store your important documents in a safe place.
If you pass away in an untimely fashion, your loved ones will likely be consumed with grief. Keeping that in mind, you could make things easier on them by storing your important documents, such as your will, funeral instructions, special requests, etc. - in a safe place that they can access if they need to.
Gibbons Law Firm is Here For Your Estate Planning Needs!
We hope you found these tips enlightening. Having an estate plan in place is so vital. It gives you the opportunity to make your wishes known at a time where you physically aren't able to. If you don't have an estate plan in place, we strongly urge you to call an experienced estate planning attorney at the Lake of the Ozarks today. Gibbons Law Firm can be reached at (573) 348-2211 and your first consultation is free. We are committed to prompt communications with clients during engagements, consistently providing sound legal advice, answering questions, and guiding clients through difficult legal situations. Call today for more information.
Remember, your initial consultation with Gibbons Law Firm is always free.
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