Reasons Why YOU May Need to Update Your Will

Having your will made may feel like a major undertaking, but with the proper legal help it doesn’t have to be overwhelming at all. Once you have your will made, it is also important to keep it updated. Many people put it away and don’t think about it once they have it drawn up. But there are several life circumstances that will trigger a need for you to update your will. Usually those are circumstances that keep you pretty busy and the last thing you think of is having your will updated. So we wanted to give you some ideas in today’s blog so you can be prepared and recognize when it’s time to update your will.

Having a Child

Having a child can change a lot of things, and it definitely will affect your estate planning. It may trigger you into thinking about things like life insurance, and also your will. Even if you already have children, when you have another child you want to make sure they are included in your will and your estate plan.

Your Child Turns 18

When your child has their 18th birthday, they will legally be considered an adult. So, when your child is approaching their 18th birthday and getting ready to graduate, make an appointment with your estate planning attorney Lake of the Ozarks to make sure you have considered how that will affect your will and estate plan. For instance, you will no longer need to include plans for guardianship for your adult child past their 18th birthday. 

Grandkids

Once you experience the joy of having grandchildren, there’s no doubt you’ll want to include them in your will. This can include financial assets, and sentimental heirlooms. If it is your wish that grandkids receive certain parts of your estate, Gibbons Law Firm can make sure they are included in your will and your wishes are known.

Change in Beneficiary

If something happens to your beneficiary, and they pass away, you will need to update your will to name a new beneficiary. That can be a very sad and devastating situation, and we will help you through that with understanding and compassion at a time of loss for you.

Charity Donation

If you have become very involved with a charity organization since your will was last drawn up, you may want to update your will to include that charity in your estate plan. That is definitely something that we can help you with.

Keep Your Will Up-to-Date

Life changes happen, and some of them will affect your estate planning and choices regarding your will. It’s easy to let a will become outdated, life is busy and it’s not exactly the first thing we think about every day. But that is why we wanted to share this blog with you. Just having it top of mind that when certain situations happen in life, you should give us a call to bring your will up-to-date at Lake of the Ozarks. It doesn’t have to be complicated, in fact, we make it easy for you. So, if you have experienced one of these life-changing circumstances since the last time you updated your will, give us a call and we’ll get you taken care of. If you enjoyed this blog and would like to hear more tips and information from Gibbons Law Firm, we have links to our social media channels below so you can follow us on your favorite platform.

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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What Life Changes Might Cause You to Need to Update Your Will?

Unfortunately, too many people put off even having a will made. Then once they do, they put it away and don’t think about it again. But if your will is not up-to-date, it can be almost as bad as not having a will at all. You know that if something happened to you, it would be devastating for your loved ones. The last thing they need to think about is how your assets should be divided or having to go through probate. Our estate planning attorneys in Lake Ozarks can help if you do not have a will or have not had it updated.  You don’t have to put it off. Because Gibbons Law Firm knows how important it is to have a proper and accurate will, we wanted to talk about a few life circumstances that might trigger your need to update your will. If you want to be prepared and know when to recognize it’s time to update your will, just keep reading this blog.

Getting Married

If you already have a will in place when you get married, you may have other relatives listed as beneficiaries. Once you get married, you may want to make some changes.

Having a Child

It’s so easy to forget, with all the things you have to think about when you have a newborn. But it is important to make sure that your will reflects your current life situation and includes (all) your kid(s).

Kids turning 18

When your child has his/her 18th birthday, their legal status changes in some ways. That means it is time to sit down with your attorney and make the relevant updates to reflect your child’s new status as an adult.

Having Grandkids

When you have grandkids, you may want to include them in your will and make sure they get certain assets of yours. Our estate planning attorneys in mid-Missouri can help you make sure they are included and your wishes are known.

New Charity

If you have become very involved or dedicated to a charity or cause since you updated your will last, you may want to include them in your estate plan. Many wonderful charities are able to survive and continue doing good work because of donations they receive from estates. If you have a cause you care deeply about, we can help you include them in your will. 

Beneficiary Dies

This is a life event where thinking about your will is the last thing on your mind. Usually, people appoint someone they are very close to you as a beneficiary, so the passing of that person may be very devastating. You can trust Gibbons Law Firm to help you with that update with compassion and consideration for what you are going through.

Let Us Help You Get Your Will Up-to-Date!

These are just a few examples of situations in life that should remind you to talk to your attorney and review your estate plan. Life changes and your will should too. That’s why Gibbons Law Firm is here. Whenever you have questions about estate planning or updating your will at Lake of the Ozarks, feel free to give us a call! We know how important it is, and we are proud of you for taking that step to look out for those you care about. If you would like to hear more tips and information from our law firm in Lake Ozark, be sure 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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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.

Your Trusted Legal Resource

Gibbons Law Firm

2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

(573) 348-2211

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Looking out for your Kids - Estate Planning for Single Parents

With all you do for your child each day, it is not uncommon for a single parent to not really think about estate planning.  It is the last thing you want to think about and perhaps painful when you do. As a single parent, it never escapes your mind that your child depends on you for everything he or she needs.  You will always want the best for your child no matter what.  But parents don’t know where to start when it comes to estate planning and can become overwhelmed before they even get started.  

At Gibbons Law Firm in Lake Ozark, we want you do know that it doesn’t have to be complicated.  We have helped many single parents through the process, and we are here for you too.  So, we thought we would share 3 things to consider in this blog that we hope will make it easier for you to get started.

Guardianship

Deciding who will raise your children if you were to die may be the most difficult part of estate planning for single parents.  It also is extremely important. If your child’s other parent is not able or willing to raise your child, who would make decisions for him or her regarding medical care, education, religion, extracurricular activities, where they live and everything else? Often, a close family member will be chosen, like a parent or sibling of the late parent. But it also may be a close friend or someone who you trust to love your child like their own. It is good to consider things like parenting styles and philosophies, and your vision for your child’s home environment, safety, and future.  If those are congruous with yours it may be easier on your child to adjust to a new home, especially when they are already feeling disruption and loss. Whoever you choose, it is important to speak with them before making your decision, so you know they are willing and able to take on the responsibility of raising your child. 

Life Insurance

You bear the expenses of raising a child every day and you know better than anyone that it is not cheap.  A life insurance policy can make all the difference in your child’s future security and financial stability if you were to pass away before they are of age.  However, it is also important that any money there to provide for your child serves its purpose in going towards your child’s needs.  Gibbons Law Firm would be happy to talk with you about trusts and ways to dictate how and when the money will be available to your child. That way you can allow him or her to reach an age you feel they will be financially mature and self-responsible before having unrestricted access to the money. 

Will

Having a will is probably the most important thing in your estate plan as it can designate everything else. Without a will, the state will determine everything from who your child lives with to what they inherit.  Our attorneys are experienced in estate planning at the Lake of the Ozarks and can help you keep the state from making these critical decisions instead of you.

We know it is an uncomfortable subject, but we also know it is an important conversation to have.  At Gibbons Law Firm, we strive to make the process easy for you and have done so for many of our clients.  Our estate planning attorneys in Lake Ozark are happy to answer your questions and guide you in the right direction to a solid estate plan. Don’t wait to schedule your consultation.  Your first one is FREE, and we look forward to helping you!  If you found this blog helpful, you can catch regular tips and information by following our social media links below. 

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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Life Changes...And So Should Your Estate Plan!

Making changes to an estate plan is not something that many people think about. Once a plan is created, it is typically left alone. This is not always for the best though. A number of factors in your life should have a direct impact on your estate plan. It's important to keep this document updated as often as possible to ensure what you want to happen is carried out, after your time on earth. If you have gone through some recent life changes, take the time to update your estate plan with our Lake of the Ozarks law office. We can help you make amendments to your plan. Below you can find examples of life changes that may occur in which you should make changes to your existing estate plan at the Lake of the Ozarks.

Change in Marital Status

State in your plan who you specifically want to receive your belongings. If you have a change in marital status, be sure to update your estate plan as soon as possible. It's important to update your estate plan information whether you're recently married, getting remarried, or going through a divorce.

Birth of a Child

Don't forget about your estate plan as you welcome a new bundle of joy into the world. This can help protect your child or children, should something happen to you. An important piece of information in your estate plan is to designate guardians for your child if you and your spouse are not around. Ensure your wishes are carried out, especially when it comes to your children, by thoroughly updating your estate plan.

Increase or Decrease in Assets

Further changes may be required to update your estate plan if you experience a change in your assets or income. This increase can actually leave your beneficiaries with more tax burden and possible estate administration fee. You can help to minimize the taxation by structuring your estate plan differently. A legal professional can help share options with you and advise you as the best option for your unique situation.

Passing of a Beneficiary

Your estate plan may be the last thing on your mind as a loved one passes. Don't forget to make changes to your plan should something happen to a person listed as a beneficiary on your estate. Keep in mind you can designate the portion intended for the beneficiary who passed to go on to his or her children.

Relocation to Another State

Every state has a different set of estate laws. Many of them are consistent but minor changes may be required to execute your plan in a different state. Be sure to keep this document updated and follow any new changes in the law that may happen. Even if you are simply relocating to a new home in the same state, this property will need to be added to your plan while the old property will be removed.

Disability or Illness

Your care will need to be established in your estate plan, as well. Should an illness or disability incapacitate you or one of your beneficiaries, you will want to designate someone else to be in charge of that portion. State your desires on a regular basis, before a serious illness or disability renders you unable to do so.

An estate plan can help to make sure your wishes are carried out exactly how you intended them. It's an important document to have completed, no matter what your age. If you haven't established an estate plan for you and your family, take time to schedule an appointment with our Lake of the Ozarks law firm. We can help you create an estate plan to fit your wishes, should something happen to you.

The unexpected is the only thing you can expect in life. That's why planning ahead and keeping an estate plan updated on a regular basis is key. Protect your family and ensure your wishes are carried out when you make changes to your estate plan on an as-needed basis. If you're looking to make changes to your estate plan, contact Gibbons Law Firm today. We can help you amend your existing plan and ensure your current wishes are carried out.

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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