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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2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

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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.

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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.

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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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5 Legal Documents You Want In Your Home

If you have never spoken with a lawyer about the details needed for family law and estate planning, it may feel a bit overwhelming. In fact, a majority of households in the United States are missing some vital pieces of paper in their home because it seems like it would take too much time, cost too much money, or don’t know where to start. A study by caring.com showed that 57% of U.S. adults do not currently have estate planning documents. Another study by the same group showed that more than 50% of Americans have talked about estate planning, but fewer than half have done anything about it. However, more and more millennials are putting importance on creating a will or a living trust.

A will seems like the most popular types, but several other documents could be important to have in your home, depending on your place in life. Here are a few documents that may be important to have in your home.

Will

This is generally going to be at the top of the list, no matter your age, position, job, marital status, or how many kids you have. If you have real estate, other property, minor children, or assets, you will need a will. If you think this covers pretty much everyone, you are right.

Living Will or Healthcare Directive

A living will or healthcare directive allows you to dictate in advance what type of medical care you do (or do not) wish to receive if something happens to you. This is becoming an increasingly popular and important document for individuals.

Power of Attorney

This is a document that will give the person that you choose the authority to represent you. They can use this in legal, financial, or personal matters.

Babysitter Authorization

Do you leave your children somewhat regularly with a caretaker? Have a lawyer prepare an authorization form which you can give your caretaker. This provides them with the power to authorize emergency care for the child in the parent’s absence. HIPPA and medical malpractice suits have made hospitals reluctant to treat children in the absence of their parents.

Prenuptial Agreement

In Missouri, studies have shown that men marry by 28.3 and women marry by 26.9 on average. This means that the individuals have most likely accumulated assets before marriage. If so, you may want to consider having your Lake of the Ozarks lawyer prepare a prenup to help minimize acrimony in case of divorce. Other studies show there were 3.1 divorces for every 1,000 people in 2017 in Missouri.

Being Prepared

You can’t know what is going to happen over your lifetime, and while you can’t necessarily prepare for it, you can do your best. Having a family lawyer at the Lake of the Ozarks can help you prepare your estate, make plans for your family, and make it easier on those you love in hard moments. If you are ready to take the plunge and get your affairs in order, Gibbons Law Firm is here for you. We can help you draw up documents to keep in your home, and in other safe locations so that your desires are known in those unexpected situations.

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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FAQs About Writing A Will

Did you know that 55% of American adults do NOT have a will or other estate plan in place? These statistics are even higher among minorities, with 68% of black adults and 74% of Hispanic adults not having a Will. While many assume that this is something for the Baby Boomers to worry about, Millennials need to get serious about wills and estate planning as well. You don’t have to have a lot of assets, or even own a home to make this a valuable step. If you are ready to create a Will at the Lake of the Ozarks, here are a few frequently asked questions to show you both the value of having one, as well as the ease in creating one.

What is a Will?

A will is a written legal document that states what you want to be done after you die. This can cover various topics, from what will happen to your belongings (your estate), to who will care for any minor children.

A will only become effective when it has been signed by both you and two witnesses, in the state of Missouri.

What Happens If I Die Without a Will?

If you die without a Will, (aka intestate), your property will be distributed according to state laws. It will not go to the government as long as you have a living relative who can claim your state. However, if you die intestate, it can make the process much harder and longer. Your estate will go to your relatives in this order:

(1) The surviving spouse receives:

  (a) The entire intestate estate if there is no surviving issue of the decedent;

  (b) The first twenty thousand dollars in value of the intestate estate, plus one-half of the balance of the intestate estate, if there are surviving issue, all of whom are also issue of the surviving spouse;

  (c) One-half of the intestate estate if there are surviving issue, one or more of whom are not issue of the surviving spouse;  

(2) The part not distributable to the surviving spouse, or the entire intestate property, if there is no surviving spouse, shall descend and be distributed as follows:

  (a) To the decedent's children, or their descendants, in equal parts;

  (b) If there are no children, or their descendants, then to the decedent's father, mother, brothers and sisters or their descendants in equal parts;

  (c) If there are no children, or their descendants, father, mother, brother or sister, or their descendants, then to the grandfathers, grandmothers, uncles and aunts or their descendants in equal parts;

  (d) If there are no children or their descendants, father, mother, brother, sister, or their descendants, grandfather, grandmother, uncles, aunts, nor their descendants, then to the great-grandfathers, great-grandmothers, or their descendants, in equal parts; and so on, in other cases without end, passing to the nearest lineal ancestors and their children, or their descendants, in equal parts; provided, however, that collateral relatives, that is, relatives who are neither ancestors nor descendants of the decedent, may not inherit unless they are related to the decedent at least as closely as the ninth degree, the degree of kinship being computed according to the rules of the civil law; that is, by counting upward from the decedent to the nearest common ancestor, and then downward to the relative, the degree of kinship being the sum of these two counts, so that brothers are related in the second degree;

(3) If there is no surviving spouse or kindred of the decedent entitled to inherit, the whole shall go to the kindred of the predeceased spouse who, at the time of the spouse's death, was married to the decedent, in like course as if such predeceased spouse had survived the decedent and then died entitled to the property, and if there is more than one such predeceased spouse, then to go in equal shares to the kindred of each predeceased spouse;

(4) If no person is entitled to inherit as provided in this section the property shall escheat as provided by law.

Who Can Witness My Will?

Your signature to the Will must be witnessed by two people over the age of 18. They must both be present when you sign your will, and the witnesses must also sign the Will in your presence.

Where Should I Keep My Will?

You should keep your Will safely at home or lodged with a solicitor or a bank.

When Should You Modify Your Current Will?

You should review your will once a year. There are other occasions to review your will and these include:

• If your marital status changes
• If the property you own changes significantly and you made specific gifts of that property
• If you adopt or have additional children
• If your child dies, leaving children
• If you move to a different state
• If any of your beneficiaries die
• If the person you name as personal guardian for your minor children or manager for their property is no longer able to serve
• If the person named as your personal representative (executor) is no longer able to serve
• If you change your mind about the provisions in your prior will
• If your witnesses move away, die or are no longer competent
• Your will is valid until revoked. You can revoke a will by making a new will. Your will can also be revoked if it is destroyed

What are Guardianships and Trusts for Minor Children?

A minor child MUST have an adult guardian unless a court has declared he is legally “emancipated.” Normally, the surviving spouse becomes the personal guardian of your minor child. However, parents should agree on who they want to be appointed as the personal guardian of their children in case both parents die simultaneously.

In the case of divorced or separated parents, the surviving parent will generally have the best claim to be the guardian of their child, although anyone may challenge a person’s petition to be the guardian of a child. If the surviving parent is unavailable, the courts will give great weight to the preference contained in the deceased parent’s will.

The Truth About Wills

The fact is, everyone dies eventually, but not everyone leaves a last will and testament. Many don’t even know how to go about making one. If you are confused about you will, you are not alone, but talking with an attorney at the Lake of the Ozarks who is experienced in this area is a perfect first step.

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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