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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3 Estate Planning Tips for New Parents

Congratulations on your new baby! We wish you the best as you welcome your new little one into the family. Our estate planning lawyers at the Lake of the Ozarks would like to give you a few tips for putting together a great estate plan that reflects your new little bundle of joy, in this week's blog. This is an important document you should have drawn up as soon as possible. Gibbons Law Firm can help you with this vital process. Call our Lake of the Ozarks law firm today at (573) 348-2211.

3 Estate Planning Tips for New Parents

Designating a Guardian

1. Designate a guardian you can trust.
Guardian is the term used to describe the person you designate in your will to care for your minor children in the unfortunate event you pass away before they are of age. This should be someone you trust more than anyone else as they will be the provider and legal guardian for your children.

2. Keep in mind that the guardian you name will likely be responsible for your child's money.
Until your child reaches the age of 18, whoever you name as their guardian will likely be in charge of the child's financial assets.

3. Keep your child from going into the foster system.
Designating a guardian means you HAVE THE SAY in who cares for your children at a time you are not physically able to. If you haven't named a guardian for your children and you don't really have a next of kin, there's a possibility they could end up in the foster system. If you have more than one child, there likely is no guarantee they would end up in the same home. Prevent this and name a guardian in your will.

Allow The Experts To Help You With Your Estate Plan!

Gibbons Law Firm can make sure there are no unknowns with your estate planning process. Get your legal questions answered by our experienced estate planning attorneys at the Lake of the Ozarks. We offer free consultations and you should never go into this process being unsure of how something works. Gibbons Law Firm is committed to prompt communications with clients during engagements, consistently providing sound legal advice, answering questions, and guiding clients through difficult legal situations. As an experienced lawyer and litigator, Roger Gibbons’ clients benefit from legal advice that is well-balanced and based on comprehensive knowledge and understanding of the law in many areas. We invite you to contact our firm to set up an appointment to meet with us about any estate planning questions or issues that you may have. We will listen to your concerns and give you straightforward and honest advice. Call (573) 348-2211 today. You can also learn more about the legal services we provide by visiting our website at www.GibbonsLawFirm.com. Follow 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.

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Gibbons Law Firm

2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

(573) 348-2211

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The Difference Between a Will & a Revocable Living Trust

Estate planning is an important step to ensure your wishes are carried out after you pass. While this is a topic many don't like to think about - it's important to plan ahead. If you fail to prepare your estate, your family may spend years and a large amount of money fighting to get property in their names through probate. Lessen the burden of your loss for your family by preparing a plan with an estate planning attorney near the Lake of the Ozarks.

Wills and trusts are important documents that are commonly used in the estate planning process. They both can be updated periodically so that they meet your needs as your financial and family situations change. It is not until your death that these documents become officially set in stone. Though similar, these documents each offer different advantages and serve different purposes. Here is a quick look at some of the primary purposes these documents serve and how they differ.

Will

A will is an estate planning tool that allows you to identify who should inherit your property after you pass away. It is relatively inexpensive to prepare, but it does not prevent your estate from being passed through probate after your death, which can be an expensive as well as time-consuming process. At the time of your death, your will becomes public record.

One of the most important uses of a will is to appoint a guardian for your children under the age of 18 in the event that something unexpected should happen to you. A will is the only estate planning tool that can be used for this purpose. Minors cannot legally own property, so if you wish to leave property to children under the age of 18, you will have to appoint someone else to manage the property until your children's 18th birthdays.

Revocable Living Trust

A revocable living trust is an alternative estate planning tool. With the exception of appointing a guardian for your children, it serves many of the same purposes that a will does - that is, it can be used to identify who should inherit your assets. Revocable living trusts allow for much greater detail and control in the planning process, however. For example, you can choose at what age your wish your children to inherit your assets (such as 25 instead of the "default" age of 18).

A revocable living trust can also be used to appoint a trustee and/or power of attorney to manage your assets, healthcare decisions, and other important responsibilities in the event that you become incapacitated.

A revocable living trust is often more expensive and more time-consuming to prepare than a simple will, but it helps make up for the additional cost by allowing your estate to avoid probate. Instead of being tied up in probate procedures for months or even years, your assets should be able to be distributed directly to your heirs. Another advantage of a revocable living trust is that it remains private after your passing - it does not become public record like a will does.

Gibbons Law Firm Can Help

As an experienced lawyer at the Lake of the Ozarks, we know how important it is to prepare your estate plan in mid-Missouri. To help keep your belongings out of probate and ensure whomever you wish to possess them does, make sure your estate plans are in order and updated on a regular basis. Gibbons Law Firm can help you prepare your estate plan to ensure your 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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Life Changes... and So Should Your Will

Updating your will is an important task, although many individuals don't do so. It's not something that people think about often but should be done on a regular basis. There are many changes that take place in one's life and they typically call for updates to a will. A number of factors in your life can directly affect your will. It's important to keep this document up to date as often as possible. Our Lake of the Ozarks law office can help keep your will updated. If you've gone through life changes recently, it's time to make changes to your will. We can help you make any needed amendments to your will. Below you can find examples of life changes that may call for changes to be made to your existing will.

Beneficiary is Deceased

When a loved one passes away, your will may be the last thing on your mind. It's important to make a change in your will if someone who you have named as a beneficiary has passed away. You can always have these funds passed on to the individual's beneficiary.

Growth of Family

Whether you have a child or adopt, this new family member may need to be added to your will. If you intend for your assets to be split between your kids, you need to include the names of said children. This can help to protect your child or children, should something happen to you. You will also want to include WHO will gain custody of your kids, should you pass away.

Children turn into an Adult

Once your kids enter into adulthood, you may want to make changes to your will. Many times individuals will set a guardian until the child has reached the age of eighteen. After your child reaches this age, they will be able to take care of themselves and do not need a legal guardian. Your will can be changed to take off guardianship of your kids after they are adults. You may also have your assets set to disperse differently after they have reached adulthood.

Change in Marital Status

Your will should state specifically who you wish to receive your belongings. An update should be made if your marital status changes. Whether you get married or divorce, this life change can have a big impact on your will.

Change in Assets

If you experience a significant increase or decrease in income, you may want to update your will. An increase can actually leave your beneficiaries with a higher tax burden if you have not planned accordingly.

The only thing you can expect in life is the unexpected. That's why keeping your will updated is so important. Whether you want to change a beneficiary or have updates to make to financial totals, it's important to keep your will as up to date as possible. Your will can help carry out your wishes after you pass. Make sure your property and other assets go to exactly who you wish with an updated will. If you're looking to make changes to your will, contact Gibbson Law Firm today. We can help update your will and ensure your wishes are carried out. Remember, your initial consultation with our Lake of the Ozarks law firm is free!

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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Top Benefits of a Will

Some may argue that a will is one of the most important things you can do for your family. A will provides legal protection for your assets and your family. You can have a say in who receives what assets when you are gone by putting a will together now. Our Lake of the Ozarks law firm knows how important it is to have your wishes lined out. Take a look below to find some of the top benefits of having a will in place.

1. Have Your Wishes Known

It's important that everyone involved knows exactly what your wishes for your estate are. This can help to avoid arguments amongst family members. It will offer comfort for your family to know exactly what your wishes are and to help carry them out. A will is an ideal place to document any of your wishes for when you pass.

2. Distribute Your Estate

When planning your will, you can designate who you want to take over specific assets. Whether it's your home, car, accounts, or family heirlooms, it's a great opportunity to distribute your belongings to your friends and family. A will can help ensure your wishes are being carried out and that your estate is going where you want and not just divied up.

3. Establish Care for Your Children

If you have children under the age of 18, you can designate guardianship to an individual or couple. This can help make sure your kids are being cared for by exactly who you wish to care for them. You can also leave specific instructions for any financial help you want to go along with the person who will care for your kids.

4. Appoint Executors of Your Will

While it may be a difficult choice, you can appoint someone to be in charge of distributing your assets. This is known as an executor or personal representative, and this individual will ensure that your will is known and that all items are distributed as you have wished. This person will also be in charge of paying off debt, bills, and other financial items that will need to take place.

5. Flexibility of Change

The beauty of a will is that it is a flexible document. Changes can be made over time as your wishes change. Whether you've had a major life change or you simply think someone else would be a better fit for a certain asset, you can make changes to your will, as you see fit.

Now that you know some of the benefits of a will, you are ready to take action. Give your family the gift of knowing what your wishes are when the time comes. It's a thoughtful way to take some of the burdens off of those closest to you. Contact Gibbons Law Firm today to establish a will so your wishes are known. We look forward to helping you put together your will at the Lake of the Ozarks!

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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What You Need to Prepare for Your Estate Plan

A plan made in advance naming whom you want to receive the things you own after you die is known as an estate plan. This type of document can relieve a lot of stress on your family and help to avoid your assets from going to someone you do not wish to have them. A legal professional can help solidify your estate plan to ensure your assets are squared away. Our Lake of the Ozarks law firm has provided a list of some information you should have on hand, before preparing your estate plan.

Financial Statements

Any financial statements from your investments and bank accounts should be brought with you to plan your estate. These documents can help show where your financial assets are located. It's also a good idea to have an idea of who you intend to take over ownership of these financial accounts in mind.

List of Assets & Liabilities

Like your financial statements, assets and liability information should be brought to the meeting, as well. You can also decide who will take over these responsibilities upon your passing. This list can be helpful when dividing up assets and liabilities to pass on.

Life Insurance Policies

As you are planning your estate, any life insurance policy information is helpful. Bring your policies along with you in order to accurately assign someone to take ownership.

Who You Intend to Leave Estate With

Updated addresses and other contact information for the individual(s) you intend to leave your estate is needed. This can make the transfer of your assets much easier after you pass. The exact name and addresses for individuals or institutions that you plan to name in your will are necessary.

Information for Guardianship

If you have children under the age of 18, it's important to have specific individuals named to take over guardianship of your children. If you can, it's also a good idea to select an alternative guardian. When children are involved, it's best to have someone named as the guardian to avoid a child going into government care.

Inheritance Disbursement

For beneficiaries who are minors or young adults, it can be helpful to line out the distribution of the trust. This can reduce the chance of a younger heir getting carried away with an excess of money or assets. You can set up your estate to pay out in smaller amounts over time versus a large lump sum or you can put off the disbursement until your child has reached a more mature age of your choosing.

No matter what your age, it's important to have an estate plan in place. This document can help show exactly who you intend to take over ownership of each of your assets. It's a nice gesture for your friends and family to have this documentation in place before you pass. Here at Gibbons Law Firm, we can help handle all of your needs for an estate plan. Contact our law office at the Lake of the Ozarks to schedule your consultation today!


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