Estate Planning Part 2: What Should Be Included In Your Estate Plan
Last week, we discussed the probate process in Missouri and how your assets will be distributed to your survivors if you do not have a valid will in place. Now that you know the consequences of not having a proper estate plan established, the attorneys at the Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C. are here to help you identify the key components of a solid estate plan.
Power Of Attorney
Your power of attorney is not necessarily an attorney at the Lake of the Ozarks - the power of attorney is an individual selected by you to act on your behalf in the event that you are unable to represent yourself. There are two main forms of power of attorney: Durable Power Of Attorney and Health Care Power of Attorney.
- Durable Power Of Attorney - This individual is responsible for handling your financial affairs. These powers include (but are not limited to) transferring funds, paying bills, buying/selling assets, and creating a trust. The power of attorney can be effective immediately upon its execution or only in the event of your incapacity depending on your situation.
- Health Care Power Of Attorney - This individual is responsible for making important healthcare decisions on your behalf if you are unable to do so for yourself. The document outlining your healthcare power of attorney should also include your wishes regarding life-sustaining measures in a terminal situation.
Both powers of attorney are important individuals with crucial roles to play. Due to life's unpredictable nature, it is important be prepared by securing your powers of attorney before you need them.
Last Will And Testament
The last will and testament serves as the catch-all that will identify who should receive which of your assets, such as your home, your car(s), and your savings. If you have children under the age of eighteen, you can also use your will to designate who your children's guardian should be in the event that something happens to you and your spouse.
Revocable Living Trust
For individuals in need of advanced estate planning services at the Lake of the Ozarks, a revocable living trust usually provides a good solution. Revocable living trusts allow for individuals to handle their own transactions without the constant assistance of attorney, and they provide valuable services such as asset protection and tax avoidance. Revocable living trusts are especially valuable for couples wherein at least one spouse has a career with high liability, such as insurance, real estate, or the medical field. Revocable living trusts also allow for advanced estate planning measures, such as distributing assets at incremental time periods or even skipping generations.
Contact PMCW Law For All Your Estate Planning Needs
Estate plans encompass a lot of things, and they are certainly not "one size fits all" products. If you are ready to plan your estate, we encourage you to set up a consultation with one of our Camden County estate planning attorneys. We look forward to helping you design a custom estate plan that will perfectly meet your family's specific needs and desires.
The choice of a lawyer is an important decision and should not be based solely on advertising. When you need a knowledgeable attorney, we invite you to contact us to set up a consultation. Evening and weekend appointments are available. We have access to interpreters.
Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C.
The choice of a lawyer is an important decision and should not be based solely on advertising. When you need a knowledgeable attorney, we invite you to contact us to set up a consultation. Evening and weekend appointments are available. We have access to interpreters.
We accept Visa, MasterCard, and Discover.
85 Court Circle N.W., P.O. Box 559
Camdenton, MO 65020 GET A MAP
(573) 346-7231 - Telephone
(888) 236-2485 - Toll Free
(573) 346-4411 - Fax
Comments
Post a Comment