Life Changes - When You Need To Update Your Will

If you already have a will in place, Gibbons Law Firm commends you! It is something that far too many people put off and don’t get done. But not having a will, or having one that is not accurate or up-to-date, can be tragic if your estate has to go through probate and your ultimate wishes are not honored. As estate planning attorneys at Lake of the Ozarks, we know a will can also make it much easier for your heirs to get through the process of dividing your assets at a time when they’re already mourning. Unfortunately, families can sometimes end up in disputes and a will can help avoid fights from sparking over your assets. But if a will is not up-to-date, it can be as bad as not having one at all. If you would like to learn about three common life circumstances that can trigger a need to update your will, read on! This blog has the answers you are looking for.

1) Beneficiary Passes

When you love someone enough to make them beneficiary to your will, it is heartbreaking when they pass away. The last thing you’ll be thinking about is needing to update your will. But if your beneficiary has passed, and you don’t name a new one, your will can become irrelevant and ineffective in honoring your wishes for your estate. If the person you’ve named as your beneficiary passes away, you will want to reach out to an experienced estate planning attorney in mid-Missouri to have your will updated appropriately.

2) Divorce

If you have gotten a divorce since you had your will made, or are planning to divorce soon, and your spouse or ex is named in your will, that may be something you want to update. Our estate planning attorneys know just how to make the updates you need to support your wishes

3) Grandkids

Your kids have always meant the world to you, and now that you have grandchildren, they do too! As your children grow into adulthood and have children of their own, you may want to leave something for your grandchildren in your will. If your adult children are thriving and doing well on their own, it may be better for you to focus your efforts on securing your grandchildren‘s future educational needs, for example. A simple modification to your will can take care of that and make sure that your assets go to the people you want to receive them. If it is your desire to leave your grandchildren part of your state to help them get a head start in life, we can help you document your wishes legally.

Does your will reflect your life changes?

If the answer is no, we encourage you to schedule a consultation with Gibbons Law Firm to get that taken care of right away. You don’t want the courts deciding who will receive your assets, so let us help you document your wishes and protect what you have worked so hard to earn. If you have any questions whatsoever about updating your will at Lake of the Ozarks, we are happy to help. Be sure to follow us on social media using the links below to stay informed of all of our latest tips and information.

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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Last Will or Revocable Living Trust - Which One is Best for You?

Regardless of your income or the size of your family, estate planning is something you do not want to neglect. For the most part, estate planning means determining and documenting your wishes for your children, and for managing your assets and liabilities when you pass. Your assets and liabilities will change throughout life, so may the size of your family. So, your estate plan should be updated periodically. At Gibbons’s Law Firm, we are very familiar with the process and have helped countless people put their affairs in order. Over the years, our estate planning attorneys at Lake of the Ozarks, have noticed that people have some misconceptions about some common estate planning tools. So, this week we wanted to talk about living wills and revocable trusts. If you would like to know what they are, what the differences are between them, when you should use each one, or if you need both, we invite you to read this blog.

Last Will and Testament

It sometimes surprises people to learn that having a will in place does not keep your estate from going through probate.  It does, however, determine who should inherit your property if you pass away.  But the most important aspect of a will is to appoint a guardian for your children. If something happens to you while your children are under the age of 18 a will can ensure who will be appointed to take care of your children. Because it is generally more straightforward and simpler, getting a will put in place is less expensive and takes less time than a revocable living trust.  It also becomes public record upon your death.

Revocable Living Trust

A revocable living trust is similar to a will, except it allows much more detail and control. You can use a revocable trust not only to determine that your children get your assets, but you can choose at what age you want your children to receive those assets. Some parents prefer their children to be at least 25 before having the responsibility of managing large amounts of money or valuable property. Because it is more complex, a revocable living trust can be more expensive and take more time to prepare. But it does allow your estate to avoid probate, which can make up for the initial cost. Probate procedures can take months or even years. With a revocable living trust, your assets can be transferred directly to your heirs without going through the probate process. Another difference is that a revocable living trust does not become public record upon your death the way a will does.

Gibbons Law Firm Can Help

Knowing whether you need a will or revocable living trust, or both is something Gibbons Law Firm can help you with. Our mid-Missouri estate planning attorneys know how to keep your belongings out of probate and ensure your wishes are honored. We are here to make it easy for you to plan your estate and keep it up to date as your life changes. We encourage you to call our law firm in lake Ozark to schedule a free consultation. We would be happy to look at your situation and help create a plan to ensure that you decide what happens to your children and assets if something happens to you, not the courts.  If you found this blog helpful and would like to stay informed with all our latest announcements and information, use the links below to follow us on social media!

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

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Estate Planning – A Basic Checklist

While it may seem uncomfortable to think about what will happen when you pass, perhaps it is better to consider the question “In what ways can I still be there for my loved ones even after I am gone?”  At Gibbons Law Firm we know that having a good estate plan in place is an act of love.  But far too many people put it off … not because they think it is not important, they know it is.  But they put it off because they think it is going to be too awkward.  

Our estate planning attorneys at the Lake of the Ozarks are familiar with the estate planning process and skilled at guiding our clients through with comfort and ease.  We are here to help make the idea of estate planning a little less intimidating for you.  So, we want to share a short checklist of things you will need for your estate plan, so you don’t feel overwhelmed, or delay any longer.  If you do not yet have an estate plan, keep reading this blog to learn how to get started gathering the things you will need!

1) Assets

You will want to start a list of your assets.  Think about properties like your house, and car(s), bank accounts, life insurance policies, retirement plans, etc.  Also consider valuables like jewelry, guns, coin collections, and such.  But keep in mind, some families have more conflict over personal items like photographs or sentimental things so it can be good to include those in your estate plan as well.  The less you leave open for debate the more peaceful it may be.

2) Liabilities

Having a list of your liabilities is also helpful.  Include any mortgage(s) or lines of credit, and other loans or debts that you are responsible for.

 

3) Needs

What are the needs of your family now and in the future?  That will be an important question to direct where your assets will go.  For example, how much will be needed to cover your children’s care and educational needs?  Does your life insurance policy reflect those needs?   Who will be a guardian to your children?  You will want to name someone who you have talked to and is in agreement; and have a backup if possible.

 

4) Beneficiaries

Who do you wish to inherit your assets?  Designating who gets what, or how things will be distributed, can save your family a lot of time, money, frustration (and potential conflict). 

 

5) Directives

Outlining your wishes and naming the people who will represent you if you are unable is another key part of estate planning.  Your Mid-Missouri estate planning attorney will help you document your medical wishes with a medical care directive, and help you assign power of attorney or limited power of attorney based on your needs and wishes. Your attorney will know and guide you if there are other directives needed for your personal situation and can advise you as you decide on who these important representatives should be.

Call Gibbons Law Firm to Schedule an Appointment!

Getting an estate plan in place is not as daunting as it may seem.  If you have been avoiding the conversation about what will happen when you pass away, but know it is something you really should get taken care of, Gibbons Law Firm understands.  It is our goal to make the entire experience easy and stress free and we know just how to do it with the right team of legal experts to walk you through the process.    If you have any questions, don’t hesitate to contact our law firm in Lake Ozark for a free consultation.  Be sure to follow us on our social media channels listed below for more tips and helpful information! 

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

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When You Should Update Your Estate Plan

As much as we often like to imagine that we are invincible, no one will live forever. At a certain point, hopefully once we are well into old age, we will pass away. When that happens, our earthly belongings won't be all that remain - our assets, our debts, and our financial responsibilities will also be left behind.

Building Your Estate Plan

Estate planning is the process of organizing your estate so that all aspects will receive appropriate care and attention after something happens to you. Since it is impossible to predict when something may happen, we encourage all adults to have an estate plan regardless of their age. Your estate planning needs may vary depending on your marital status, whether or not you have children, the number and financial value of your assets, debts, and belongings, and other factors.

Updating Your Estate Plan

Once your initial estate plan has been established, you may need to update it periodically to ensure that it reflects your current wishes. This week, our Lake of the Ozarks estate planning attorney is here to discuss when you should consider updating your estate plan.

Changing Marital Status

If you already have an estate plan in place, it is important that you update it when you get married. Though many of your belongings may be automatically transferred to your surviving spouse upon your death, it is best not to assume that this will always be the case. If you do not want your spouse to receive immediate access to some of your assets, it important to specify this in your estate plan as well. Since your desires will likely change in the event of a divorce, you will also want to remember to update your estate plan if your marriage should end.

Having Children
Raising children is a big responsibility. Food, shelter, clothes, guidance, support, companionship... your little ones will look to you for absolutely everything. If something happens to you, your children will need someone else to provide for their needs. So as to ensure that each child's needs will be met, we recommend updating your estate plan every time you have (or adopt) a new child. The most important aspect of this will be to appoint a replacement guardian for your children, but you can also use your estate plan to dictate how your assets should be divided among your children and at what age they should receive access to these assets.

Purchasing A Large Asset
If you have recently bought a home, boat, car, or other expensive asset, we recommend you update your estate plan to reflect this new possession. You can use your estate plan to identify whom should inherit this asset after you pass, but that will not be your plan's only purpose. Assuming that you financed your purchase, your estate plan will also fill the important role of specifying how any remaining debt on this belonging is to be repaid. 

Changing Financial Situations
The format your estate plan follows will depend on your overall financial situation. If you first built your estate plan when you were just starting out, you may want to update it once your career is well established and your income has increased. You may also want to consider updating your plan if you receive a significant influx of money from an outside source, such as inheritance or lottery. By the same token, a decrease in financial status may also be cause to update your estate plan. 

Contact Gibbons Law Firm For Estate Planning Assistance
Planning your estate is an important responsibility, and one that should not be overlooked. If you pass away without a proper estate plan in place, your assets may become tied up in probate for several months (or possibly even several years) before it can be passed on to your heirs. 

Whether you are building your estate plan for the first time or updating an existing plan, we hope you'll consider Gibbons Law Firm in Osage Beach when the time comes. Your initial consultation with our Lake of the Ozarks general practice law firm is always free.

Your Trusted Legal Resource

Gibbons Law Firm

4075 Osage Beach Parkway, Suite 300

Osage Beach, MO 65065

(573) 348-2211

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