Missouri Estate Planning Law Firm
Legacy Law Center, a Missouri estate planning law firm will tell you that having an estate plan in place for your parents is almost as important as having your own estate plan done. Why is this? If they do not have a plan in place, you will likely be the one who has to clean up the mess when they are gone.
If you have talked to anyone who has had to manage their parents’ estate who died without having an estate plan in place, they will tell you about the nightmare that it likely was. They may have spent hours cleaning up financial records, mediating fights between siblings that argued over heirlooms, and dividing up property. Our Missouri estate planning law firm knows that your parents’ choice not to plan their future can end up costing you time, money, and a lot of heartache.
How to Bring Up the Subject
No one really wants to talk to their parents about estate planning. It is not the easiest thing to do because none of us like to think about a day when we are no longer here. One of the easiest approaches might be to broach the topic of your own estate plan. For example, you could explain how you and your spouse have met with an attorney about making a will. Then ask if they have talked to a probate law firm in Missouri about their will.
An experienced lawyer will often ask about any inheritance you expect and how it will be structured. Your inheritance can affect your taxes. Also, if your parents need long-term care, the expense of it could fall on you if they run out of money. These are factors that must be considered when looking towards the future.
What You Need to Know About Your Parents’ Plan
The more information you can find out about what to expect when your parents are gone the better, but some parents may be reluctant to share this information. If that happens, ask them if they have discussed their wishes with an estate planning lawyer O’Fallon MO recommends in the past five years. If not, suggest to them that they make an appointment and follow up with them to make sure that they have done so.
You might also suggest that they contact a financial advisor to review their finances and ensure that they have sufficient funds to cover any potential long-term care costs. You may not need to know the exact details of these plans, but knowing that they have a plan in place or are working on one can put your mind at ease.
What Your Parents Need to Have
When it comes to your parents’ estate plan, there are certain things that our Missouri probate law firm recommends everyone has. At minimum, they should have a power of attorney, will, and healthcare proxy. The will may take out the guesswork of how they want their final care managed, such as cremation or burial. It will also direct who receives what assets and names an executor to handle the estate.
The power of attorney will name a person to manage the finances of your parents in the event they are not able to do so themselves. Without this document, if they become incapacitated, you will have to petition the court to obtain guardianship.
A healthcare proxy names someone to make end-of-life and medical decisions on behalf of your parents. Your probate law firm in Missouri stresses the importance of healthcare proxies as this will prevent any disputes by family members on what course of action to take if your parent is unable to make their own decision regarding their care.
Contact an Experienced Legacy Law Center Today
Our estate planning lawyer has years of legal experience helping clients make end-of-life plans and can help you and/or your parents too. Contact our Missouri probate law firm today to schedule a consultation so you can put your mind at ease that your future and that of your parents are taken care of the way it needs to be.