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

Follow us on...

• Facebook
• LinkedIn
• Twitter
• Google+

SaveSave

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

Follow us on...

• Facebook
• LinkedIn
• Twitter
• Google+

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