Estate Planning Law Firm O’Fallon, Missouri
If you have yet to consider developing your final wishes, you may consider contacting an estate planning law firm O’Fallon, Missouri families rely on to get the job done. Planning an estate doesn’t need to be as cumbersome as it’s often made out to be. In fact, at Legacy Law Center, our team can assist you by developing a clear and straightforward estate plan that leaves nothing out. We know that it can be easy to put off creating your estate plan for another day; however, we can help you endure the process with ease. Please don’t wait another day to get started with Legacy Law Center!
Reasons People Delay Their Estate Plan
Developing an estate plan is critical for a variety of reasons. Unfortunately, many people continue to put their wills off for another day. While we all like to believe that we have the luxury of time on our side, the unexpected can occur. Having a clear plan for how you would like your assets divided and your final wishes carried out is critical to ensuring that your loved ones have a plan to refer to. Without one, you lose the ability to make decisions for not only your assets but your minor children and yourself. The following are common reasons that many delay in developing their estate plan:
They Don’t Have Time
Procrastination is one of the key reasons people fail to execute a proper estate plan. Most people have the best intentions, believing that they will surely have time to put together an estate plan long before the time comes. While it may seem like an overwhelming and time-consuming process, creating an estate plan doesn’t have to be this way. This is especially true when you contact our team for help.
The Cost of Hiring an Estate Planning Lawyer
Many associate the assistance of a lawyer with a hefty price tag. However, it’s essential to know that developing your estate plan with a law firm isn’t as expensive as you may have been led to believe. Creating your estate plan with a legal professional is relatively cost-effective and can even save you money in the long run.
They Don’t Believe They Need an Estate Plan
Many believe they don’t have enough assets or resources to develop an estate plan. It’s a common fallacy that estate plans should only be accessed by the wealthy. This is far from true. There will be several decisions that will be incorporated into an estate plan, including:
- Beneficiary Designations
- A Plan for Minor Children
- Power of Attorney
- Medical Directives
- Distribution of Property
We all want to believe that time is on our side. It’s common to think that developing an estate plan doesn’t have to occur until one has reached a certain age. We want you to know that it’s never too early to plan for the unexpected.
The Prospect is Overwhelming
Just the thought of making critical decisions for the future can seem overwhelming. Many are unsure of how to get started. Your estate planning lawyer can simplify the process as they will review your situation and help outline all of your wishes within your estate plan. This can not only make the process much more straightforward than you might have thought but take a huge weight off of your shoulders.
Legacy Law Center
When making plans for the future, it can be challenging to plan for the unexpected. While we hope that you and your family will never be left to contend with your estate plan before the time comes, this may occur in some unfortunate circumstances. Don’t wait before it’s too late to map out your plan if you cannot make decisions on your own or pass away. Contact our estate planning law firm serving O’Fallon, Missouri, at Legacy Law Center to get started.
Estate Planning Questions Answered
Our estate planning law firm O’Fallon Missouri families recommend will tell you that now is the time to develop an estate plan. While many people may put off estate planning, it’s critical to know that this can be incredibly damaging in the long run. All people deserve to have the opportunity to outline their wishes, determine how their assets will be distributed, and create a plan. For many, this can seem intangible and make the process of developing an estate plan challenging to grasp. However, developing an estate plan can pay off for both you and your family in the long run. When considering the process for creating an estate plan, Legacy Law Center is aware that there will be many questions you will need the answers to:
What is an estate plan?
Developing an estate plan is the process of putting a person’s affairs in order. Estate planning ensures there is a plan for their final wishes, such as assets, guardianships, beneficiary designations, and more when a person becomes incapacitated or passes away. This allows a person to name their wishes and who they would like to inherit their assets and manage their estate upon death.
What is the difference between a will and an estate plan?
While the terms for estate plans and wills are often used interchangeably, it’s essential to know that these are two different things. While they often go hand in hand, they are not the same. A will is a document that outlines the distribution of assets after a person passes away. Our O’Fallon, Missouri estate planning law firm shares that, in addition to allowing you the ability to outline the distribution of wealth, a person can also identify the executor and guardianship over children. An estate plan is much more comprehensive and incorporates several key documents, including the will. The estate plan allows a person to clearly outline their wishes while also working to ensure beneficiaries retain as much of their wealth as possible.
What are the elements incorporated within an estate plan?
Several key elements make up an estate plan, including:
- The Will
- Power of Attorney
- Medical Directive
- Beneficiary Designations
How long does it take to create an estate plan?
The length of time it takes to create an estate plan can vary depending upon the extent of a person’s estate. However, with the guidance of a lawyer, the process can be reasonably straightforward. Once you have compiled all relevant documentation and submitted it to your lawyer, an estate plan can typically be developed in a few days or even a few weeks. It’s essential to be aware that it may take months to complete an estate plan in more complex situations.
How often does an estate plan need to be updated?
Once you have developed an estate plan, it’s not something that can be tucked away, never to revisit again. An estate plan will need to be updated on a fairly regular basis, at least every 3-5 years, or when a person experiences a significant life change such as a change in marital status, birth of children, beneficiary changes, and more.
Can I develop an estate plan without the assistance of a lawyer?
While in many cases, you may have the ability to develop an estate plan without the assistance of a lawyer, it may not be in your best interest. DIY estate planning tools may not take into account specific tax implications. Additionally, they may not consider tax laws, and as a result, an estate plan can be rendered invalid.
Legacy Law Center can help develop an estate plan in a simple, efficient, and straightforward way. Learn more about the services and support we can provide by scheduling an appointment with our estate planning law firm in O’Fallon, Missouri, before it’s too late.