Estate planning can be a difficult process. No one likes thinking about their death and leaving their loved ones. However, estate planning properly can save your loved ones a world of stress during a time where they are already mourning you. Our estate planning lawyers at the Lake of the Ozarks are here to give you some pointers on what to do in this process, in this week's blog. Call today for your free consultation. Gibbons Law Firm can be reached at 573-348-2211.
Estate Planning: Do You Have Everything YOU Need?
MAKE YOUR MEDICAL WISHES KNOWN AHEAD OF TIME
A living will or healthcare directive allows you to dictate in advance what type of medical care you do (or do not) wish to receive if something happens to you. This is becoming an increasingly popular and important document for individuals.
MAKE SURE YOUR POWER OF ATTORNEY IS SET.
This is a document that will give the person that you choose the authority to represent you. They can use this in legal, financial, or personal matters.
AVOID DISPUTES AMONG HEIRS BY HAVING A WILL.
This is generally going to be at the top of the list, no matter your age, position, job, marital status, or how many kids you have. If you have real estate, other property, minor children, or assets, you will need a will. If you think this covers pretty much everyone, you are right.
HAVE YOUR FINANCIAL INFORMATION READY TO GO WHEN YOU MEET YOUR LAWYER.
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.
UPDATE YOUR WILL WHEN NEEDED.
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.
Our Estate Planning Lawyers Are At Your Service!
All of us at Gibbons Law Firm are here to help you in this important process. We hope that you found this blog helpful. You're never going to want to sit down and start thinking about what happens when you die, but that doesn't make this process any less important. Make your wishes known before it's too late. We're here to help. Give us a call at the number listed below to schedule your free consultation. Follow us on our social media channels listed below to stay up to date on our latest announcements.
Remember, your initial consultation with Gibbons Law Firm is always free.