Estate Planning Lawyer St. Charles, MO
No person should put off contacting an estate planning lawyer St. Charles, MO residents recommend. Many often believe that estate planning is a cumbersome process. While this may be the case when managing the estate planning process on your own, with the assistance of a lawyer from the Legacy Law Center, estate planning can be much more straightforward than many might realize. Making sure that all the basics have been covered will be critical. The last thing you want is to develop an estate plan that may include all of the necessary aspects. The following are a few components needed when developing an estate plan:
- The Last Will and Testament. The last will and testament is one of the most critical components of an estate plan. Your will outlines your wishes in the event of your passing. A will incorporates information regarding how you would like your assets distributed in the event of your passing. Without a will in place, there is no guidance for how assets should be distributed to beneficiaries. In some cases, with strategic planning, when a will passes through probate, fewer assets may be subject to the process. Be aware that a will must be updated when significant life changes occur, such as the birth of a child, divorce, changes in assets, and more.
- Power of Attorney. There are two different types of attorney, medical power of attorney, and financial power of attorney. Both of these are available should a person need another to step into making decisions for them. An estate planning lawyer in St. Charles, MO, will share that medical power of attorney allows the appointed party to make medical decisions when a person is no longer able to do so themselves. A financial power of attorney allows another to step in when necessary. In some cases, this may be available when someone is unavailable to make critical financial decisions. Such financial decisions may be required when a person is either incapacitated or unavailable to make such decisions.
- Developing a Trust. A trust is a way for a person to avoid probate and dictate how assets are distributed when they are unable to do so. A trust ensures that assets are protected and distributed in the way that you wish. When a trust is established, there are two primary trusts to consider, an irrevocable living trust and a revocable living trust. An irrevocable living trust is something that cannot be modified once it has been created. A revocable living trust is something that can be managed and revised by a grantor throughout their lifetime. When a person passes away, assets can be distributed based on the grantor’s wishes.
The attorneys of Legacy Law Center know that you have worked hard for what you have and, because of this, you have a right to dictate how your assets are distributed. It is your responsibility to make sure that you have engaged in the estate planning process. This is best suited with a legal professional’s assistance who can ensure that your estate plan keeps your best interests at the forefront. It will be critical to get started today with your St. Charles, Missouri, estate planning lawyer as soon as possible.