The Dos and Don'ts of Estate Planning for Parents

Estate planning is essential in life, it's as simple as that. No one ever knows what's going to happen in life and there is no way of predicting the future. That being said, many don't have estate plans or wills for that matter. Our attorneys at the Lake of the Ozarks are here to give parents the dos and don'ts of estate planning in this week's blog. If you're a parent, it is so important that you have an estate plan put together for the sake of your children. If you have questions on how to put an effective estate plan together, please call our estate planning attorneys in Lake Ozark today. Gibbons Law Firm can be reached at (573) 348-2211.

The Dos and Don'ts of Estate Planning for Parents

DO...

Name a guardian you trust completely to care for your minor children in the unexpected event you pass away before they are of age.
The guardian you pick should be someone you feel the children are comfortable with and that is incredibly responsible. Understand that the guardian you name is the person who will care for your children and provide for them in the event you aren't physically able to anymore. This is an extremely important role and should not be taken lightly.

Consider purchasing a life insurance policy.
Many people may not consider life insurance because they don't understand it's true purpose. Keep in mind that life insurance can give you peace of mind, knowing your loved ones will be provided for financially in the event that you pass away. When searching for a life insurance policy be sure that it is for the proper amount your family would need. It needs to be a policy that works for YOUR needs and not the other way around.

DON'T...

Forget to update your beneficiaries as you experience life changes.
A good example of a life change that may give you a reason to change your beneficiary is you got remarried and still have your ex listed as a beneficiary. You may want to change that from your ex to your children or your current spouse, depending on what you feel. The point here is to just pay attention to what you put in your estate plan as times change because you never know what can happen.

Forget to store your important documents in a safe place.
If you pass away in an untimely fashion, your loved ones will likely be consumed with grief. Keeping that in mind, you could make things easier on them by storing your important documents, such as your will, funeral instructions, special requests, etc. - in a safe place that they can access if they need to.

Gibbons Law Firm is Here For Your Estate Planning Needs!

We hope you found these tips enlightening. Having an estate plan in place is so vital. It gives you the opportunity to make your wishes known at a time where you physically aren't able to. If you don't have an estate plan in place, we strongly urge you to call an experienced estate planning attorney at the Lake of the Ozarks today. Gibbons Law Firm can be reached at (573) 348-2211 and your first consultation is free. We are committed to prompt communications with clients during engagements, consistently providing sound legal advice, answering questions, and guiding clients through difficult legal situations. Call today for more 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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Items To Keep Out Of Your Will

As we all know, you can't predict the future. There is no debating that. With that in mind, if you don't already have an estate plan in place, our Lake of the Ozarks Law Firm strongly encourages you to do so as soon as possible. An estate plan allows you to have your wishes met at a time where you can't speak for yourself. For help getting your estate plan put together, call our attorneys in Lake Ozark today. Gibbons Law Firm can be reached at (573) 348-2211. In the meantime, keep reading this week's blog for items to keep out of your will.

Items To Keep Out Of Your Will 

You can't leave money to your pets.
Many people consider their pets their family. That's completely understandable. While you can't legally leave money to your pets, you CAN name someone to care for your pets upon your passing and leave the money to them to use on your pets.

You can't leave retirement money in your will.
The funds you save in your retirement accounts, such as your IRA or 401K, must go to the designated beneficiary. Therefore, you can't try and split the funds between the beneficiary and someone else in your will.

You can't leave money for illegal reasons.
For example, if you're only leaving your cousin money with the condition that they must use it to buy drugs for themself, that can't be done.

Don't put funeral instructions in your will.
Upon your death, your family is likely going through all kinds of grief and thinking to look in your will for funeral instructions is probably the last thing on their minds. Make it known before you pass away, if possible, where you are leaving your funeral instructions and do so in a safe place, such as a home vault or a safe deposit box. Proper organization can help your loved ones in this time of great tragedy.

If you have a disabled loved one that you care for, don't arrange for someone to care for them in your will.
There are right ways of leaving care for a disabled person upon your passing and a will is not the correct place to do that. Ask your estate planning attorney at the Lake of the Ozarks about trusts or other options that may be more appropriate.

Estate Planning Lawyers at the Lake of the Ozarks

All of us here at Gibbons Law Firm hope you are as safe as you can be during this insane time in history. Take the proper precautions and protect yourself and your family. We are available via phone calls if you have any questions related to legal matters. If you would like to get your estate plan put together or if you just have questions about your current estate plan, please do not hesitate to give us a call. Gibbons Law Firm can be reached at (573) 348-2211. Follow us on our social media channels listed below to stay up to date on all of our latest announcements. Stay safe everyone!


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's the Difference Between a Will and a Revocable Living Trust?

No matter your income, family size, or lifestyle, estate planning is an important process that will require your attention at several different points throughout your life. In layman's terms, estate planning is the act of organizing your affairs so that your assets and liabilities will be properly attended to upon your passing. 

An estate planning attorney will be able to walk you through the process of establishing your initial estate plan and revising it periodically to ensure that it reflects your current wishes. Gibbons Law Firm has experiencing helping people with estate planning at the Lake of the Ozarks, and would be happy to assist you as prepare to move forward with this process. This week, we're here to familiarize you with the process by helping you understand the difference between two common types of estate planning documents.

Wills & Revocable Living Trusts

Wills and trusts are important documents that are commonly used in the estate planning process. They can (and should) both be updated periodically so that they meet your needs as your financial and familial 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.

Will

A will is an estate planning tool that allows you identify whom 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 whom 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.

Contact Gibbons Law Firm For Help Planning Your Estate

While these examples provide a general explanation of the different advantages offered by these estate planning tools, a complete discussion of the different advantages offered by each of these documents is beyond the scope of this blog. If you would like to learn more about the specific features of these documents, contact our Lake of the Ozarks estate planning attorney by calling 573-348-2211.

Because wills and revocable living trusts serve slightly different purposes, most people build estate plans with both of these (and sometimes additional) documents to ensure that all of their needs will be met. Gibbons Law Firm can help you evaluate your situation and build an estate plan that will meet your specific needs. For more information about our estate planning services in Osage Beach MO, visit our website at www.RGibbonsLawFirm.com. 

Remember, your initial consultation with Gibbons 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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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.