Planning Your Estate: 5 Moves To Avoid
Planning your estate is an important step in anyone's life. Among other things, it's a chance to get all of your affairs in order, to assign who you would like to inherit your assets, to dictate who will be in charge of your debts, and to designate legal guardians for your children under the age of eighteen (if any). However (like with all things), there is a right and a wrong way to approach estate planning at the Lake of the Ozarks. Here is a quick look at some common estate planning mistakes and how to avoid them.
5 Common Estate Planning Mistakes
1. Not Having An Estate Plan.
The first (and often most serious) estate planning mistake anyone will ever make is simply not having an estate plan in place. Without an estate plan to guide the process, all of your assets will be forced to go through a lengthy probate process by the state before it can be passed on to your surviving family members.
2. Forgetting To Update Your Will.
Contrary to what some people may believe, wills, trusts, and testaments are not passive documents that can be created and then ignored. There are several common life events that should spur you to update your will, such as getting married, buying a house, or having a baby. For more information on this particular topic, see our earlier blog about when you should update your will.
3. Designating The Wrong Person As Your Power Of Attorney.
The person(s) you give your power of attorney will be largely responsible for handling your affairs after you pass away. Among other things, this individual will most likely be shouldered with making sure all of your outstanding debts are paid off and that any involved professionals are paid for their services before the remaining assets are passed on to your heirs. Make sure you choose someone who will be fully capable of handling these important tasks - don't automatically assign your spouse or your oldest child without giving it some thought.
4. Procrastinating Planning Your Estate.
For many of us, planning our estates seems like a grim prospect. We don't want to think about our deaths, even though we are fully aware that we won't live forever. However, knowing that you do not have a proper estate plan in place can be stressful - life is unpredictable, and you never know when you are going to need an estate plan. Setting one up is easier than you may think, so do yourself a favor and contact a local estate planning attorney at the Lake of the Ozarks to get the process started.
5. Planning Your Estate Yourself.
DIY estate plans may seem like an enticing option for anyone wanting to save a few bucks, but the costs of not having professional legal help can far outweigh the upfront cost of these legal services.
Estate planning is complicated, and it can be easy to overlook something. If you want to enjoy the peace of mind that comes from knowing your estate plan at the Lake of the Ozarks has been properly and professionally prepared, contact the 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.
5 Common Estate Planning Mistakes
1. Not Having An Estate Plan.
The first (and often most serious) estate planning mistake anyone will ever make is simply not having an estate plan in place. Without an estate plan to guide the process, all of your assets will be forced to go through a lengthy probate process by the state before it can be passed on to your surviving family members.
2. Forgetting To Update Your Will.
Contrary to what some people may believe, wills, trusts, and testaments are not passive documents that can be created and then ignored. There are several common life events that should spur you to update your will, such as getting married, buying a house, or having a baby. For more information on this particular topic, see our earlier blog about when you should update your will.
The person(s) you give your power of attorney will be largely responsible for handling your affairs after you pass away. Among other things, this individual will most likely be shouldered with making sure all of your outstanding debts are paid off and that any involved professionals are paid for their services before the remaining assets are passed on to your heirs. Make sure you choose someone who will be fully capable of handling these important tasks - don't automatically assign your spouse or your oldest child without giving it some thought.
4. Procrastinating Planning Your Estate.
For many of us, planning our estates seems like a grim prospect. We don't want to think about our deaths, even though we are fully aware that we won't live forever. However, knowing that you do not have a proper estate plan in place can be stressful - life is unpredictable, and you never know when you are going to need an estate plan. Setting one up is easier than you may think, so do yourself a favor and contact a local estate planning attorney at the Lake of the Ozarks to get the process started.
5. Planning Your Estate Yourself.
DIY estate plans may seem like an enticing option for anyone wanting to save a few bucks, but the costs of not having professional legal help can far outweigh the upfront cost of these legal services.
Estate planning is complicated, and it can be easy to overlook something. If you want to enjoy the peace of mind that comes from knowing your estate plan at the Lake of the Ozarks has been properly and professionally prepared, contact the Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C.
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.
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Camdenton, MO 65020 GET A MAP
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