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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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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Legal Questions: How Do I Prepare My Estate Plan?

An estate plan is a plan that is made in advance of naming whom you want to receive your belongings after you die. This document can help ease the stress on your family and also provide greater assurance that your assets will not go to someone you do not wish to have them. Because there are many ins and outs to constructing this type of document, you can hire a legal professional at the Lake of the Ozarks to help you solidify your estate plan and be sure that your assets are squared away properly. Here are a few things you will need to prepare your estate plan.

Financial Statements

Gather the financial statements from your investments and bank accounts to your meeting when planning your estate. These documents will help show where your financial assets are located. You can also start thinking about who you intend to take over ownership of these financial accounts in the time leading up to your meeting.

List of Assets & Liabilities

Similar to your financial statements, assets and liability information should be brought to the meeting as well. The list will be helpful when dividing up assets and liabilities to pass on to the person of your choosing.

Life Insurance Policies

Any life insurance information is helpful as you are planning your estate. Bring your policies along with you so that we can accurately assign someone to take ownership.

Who Your Intend to Leave the Estate With

As you decide who to leave your estate with, gather their updated address and other contact information. This can make the transfer of your assets much easier after you pass. The exact name and address of the individuals or institutions that you plan to name in your will are necessary.

Guardianship Information

If you have children who are under the age of 18, it is important to have specific individuals named to take over the guardianship of your children. You may also want to have an alternative guardian in mind as well. When children are involved, it’s best to have someone named as the guardian to avoid a child going into government care.

Inheritance Disbursement

If you will be naming beneficiaries who are minors or young adults, it is helpful to line out the distribution of the trust. This can help 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, instead of a large lump sum, or you can put off the disbursement until your child is an age of your choosing.

Creating an Estate Plan at the Lake of the Ozarks

No matter what your age, station in life, or financial situation, having a will and estate plan is important. This document will help to show exactly who you intend to take over ownership of each of your assets. This can also be a nice gesture towards your friends and family to have this documentation in place before you have passed on. At Gibbons Law Firm, we can help you handle all of your needs for an estate plan. You can contact our law office at the Lake of the Ozarks to schedule your free 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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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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