4 Steps of Estate Planning
An estate planning law firm O’Fallon, Missouri offers can help you designate who should receive your belongings and financial assets after your passing. Those who wish to create a last will and testament can benefit from seeking counsel from Lorona Mead, an O’Fallon estate planning law firm. We have represented many clients who want to feel confident about what will happen to their estate after their passing.
The task of writing an estate plan can seem daunting, but is quite manageable with the help of an estate planning law firm in O’Fallon, Missouri such as Lorona Mead. There are four aspects of estate planning that you can think about before meeting with an attorney so as to make the process even easier.
#1 – Write a Will or Create a Trust
An estate plan can be unique from one person to the next, as there are many options. It can be easier to determine whether a will or a trust might best meet your needs. When you work with an estate planning law firm O’Fallon, Missouri families trust, they can review your circumstances. With a fuller understanding of your situation, you will have a better sense of whether a will or a trust is most suitable for you.
You can name an executor of your estate whose responsibility will be to pay off your debts and distribute the remainder of your assets based on your wishes. The person you appoint should be someone capable of handling your belongings and finances with care and respect. Without a will or trust, then your estate will likely fall into the hands of the court system and be handled based on your state’s laws of intestacy. An estate planning law firm O’Fallon, Missouri residents choose can help your family avoid that.
In your will or trust, you will name the people who you wish to receive some or all of your assets. This information should be updated after you experience major life changes such as a marriage or divorce. If a person was named as your beneficiary more than three decades ago and you no longer have a relationship with him or her, you will probably want to make that change as soon as possible.
#3 Write a Letter
If there are things you want to tell your surviving loved ones, you can write a separate letter to them. Some people include what kind of funeral arrangements they wish and anything else that is important for them to share with their loved ones. You can give this letter to your estate planning attorney at Lorona Mead who can include it with your will or trust. Some states do not legally recognize these letters as official documents, however, your loved ones are likely to do everything possible to respect your wishes.
#4 Power of Attorney
A more complete estate plan includes wishes regarding health care and money in the event you become disabled or too sick to make decisions. An estate planning law firm O’Fallon, Missouri community members rely on such as Lorona Mead can help you complete a durable power of attorney document. This document differs from a regular power of attorney in that it is still effective after you cannot manage your own affairs.
Contact Us for a Free Consultation
An estate plan can be a great way to build a strong foundation for your family and loved one’s futures after your passing. An estate planning attorney at Lorona Mead recommends you review the estate plan around five years, as life changes and relationships progress. Give us a call today to schedule a free consultation with an estate planning law firm O’Fallon, Missouri locals recommend.